New York & Tri-State + Outer | September 12, 2018

Clinton Hill Parcel Sold for Multifamily Development

GFI Realty Services has arranged the $2.15-million sale of 508 Waverly Ave., an 1,875-square-foot development site in Brooklyn’s Clinton Hill neighborhood. Currently occupied by a two-story commercial building, the property has approved plans for constructing a six-story, 6,500-square-foot apartment building with six full-floor units.

Yisroel Pershin and Sasha Berg of GFI represented the seller. GFI’s Ohad Babo represented the buyer. Buyer and seller are both local investors.

“The Clinton Hill submarket is highly desirable to prospective residents due to its countless neighborhood amenities and central location,” said Babo. “Conveniently situated less than 30 minutes from Manhattan, the property will be particularly attractive to young couples and professionals. The buyers anticipate considerable demand for the units once construction has completed.”

The property is adjacent to a newly-constructed luxury apartment building, and across the street from 555 Waverly Ave., a luxury eight-story apartment building with 122 units.

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About Paul Bubny

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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