Buyer and Seller of Prospect Heights Mixed-Use Capitalize on Demand
GFI Realty Services arranged the $2.825-million sale of 560 Vanderbilt Ave., a walk-up building comprised of six residential units and a ground floor retail space located in the Prospect Heights section of Brooklyn. President Michael D. Weiser represented buyer Leon Goldenberg, while director Zachary Fuchs represented the seller, Glen Yurgel.
Constructed in 1930, the four-story building totals approximately 8,008 square feet, and is composed of six one-bedroom apartments.
“Current market conditions are allowing buyers with capital to pick up quality assets at a significant discount,” said Weiser. “The buyer recognized the current and long-term value of a mixed-use asset on a prime section of Vanderbilt Avenue and was able to pick up a prime piece of real estate well below previous pricing.”
Fuchs added, “The seller realized the value of the asset and decided to capitalize on the demand for a property on this strip.”
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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