New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

New York & Tri-State  + Outer  + Apartments  | 

GFI Brings Crown Heights Multifamily to Market

GFI Realty Services has been named the exclusive sales agent for 1115 Union St., a 24-unit multifamily building in the Crown Heights section of Brooklyn. Senior director Erik Yankelovich will oversee the marketing of the property. Pricing has been targeted at $8.8 million.

Constructed in 1925, the four-story, 19,300-square-foot building is composed of one studio apartment, 14 one-bedroom units, seven two-bedroom units and two three-bedroom units. Thirteen of the apartments are rent-stabilized, while the other 11 are free-market. Many of the units recently received significant renovations.

“With average rents well below market rates, the property provides an excellent opportunity for investors seeking to acquire a well-maintained, stable asset that offers significant upside,” said Yankelovich.

In the short term, based on market conditions, “the buyers should be able to increase in-place rents on free-market units by approximately 8%,” he added. Longer-term, “the asset has a great deal of value-add potential.”


Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With GFI's Yankelovich

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).

Step 1: Select Education
  • ◦Sale/Acquisition
AshcroftCapital-07-cube
New call-to-action
CRETech-01-cube
NewPoint-07-cube