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New York & Tri-State   /   December 5, 2018

Paul Bubny
By: Paul Bubny

Seller Times the Market, Garners $27M in Prospect Park South

GFI Realty Services has arranged the $26.7-million sale of a two-building, multifamily portfolio in the Prospect Park South section of Brooklyn. Located at 111 Woodruff Ave. (pictured) and 11 Crooke Ave., the portfolio features a mix of 89 studio, one, two and three-bedroom apartments, nearly 20% of which are vacant.

The sale was about a decade in the making. “With the recent revitalization of this section of Brooklyn, we had numerous discussions with the seller about selling the property over the last 10-plus years,” said GFI’s Erik Yankelovich. “By waiting out the market and creating a substantial amount of vacancy, he was able to increase the upside of these assets and enable us to arrange this transaction with a very strong in-place cap rate of approximately 4%.”

A team led by Yankelovich represented both the seller and the buyer, Greenroad Capital. The portfolio also includes about 20,000 square feet of air rights.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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