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Deals & Dealmakers

Record pricing for Brooklyn portfolio

GFI Realty Services has sold a 260-unit Brooklyn  portfolio for $60.3 million.

At $232,000 an apartment, the sale represents a record price for the area, according brokers Daniel Shragaei and Yosef Katz, who represented both the buyer and the seller in the transaction.

The portfolio of four, six-story elevator multifamily properties in the Bay Ridge and Midwood neighborhoods was sold in an off-market transaction by a seller eager to take advantage of the continuing strong demand for Brooklyn multifamily properties, as well as a favorable tax environment for a year-end closing.

Yosef Katz
Yosef Katz

According to Shragaei, “The buildings within the portfolio range in vintage from pre-war to 1962 and were originally constructed by the seller, making this the first change in ownership for the properties in as many as 75 years.”
Added Katz, “The purchaser, a local investor, recognized the once-in-a-lifetime opportunity to acquire this portfolio of well located, historically well-maintained elevator buildings, with stable cash flow and tremendous long-term upside potential.”

The sale is the latest in a series of record-breaking transactions for GFI.

In September, the company sold 147 Ocean Avenue, which set a record price in Prospect Lefferts Garden of $240,000 per unit; 2036 Cruger Avenue in the Pelham Parkway section of the Bronx, set a record of $152,380 per unit; and the sale of a portfolio on Bronx Park South for $24 million achieved near-record $117,000 per unit.

The four properties in the Brooklyn portfolio include 465-476 84th Street in Bay Ridge, and 2566 Ocean Avenue, 1745 East 12th Street, and 1811 Quentin Road in Midwood.

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