GFI Realty Services closed the $2.28-million sale and $1.69-million acquisition financing of 240 New Jersey Ave., a 16-unit walk-up building in Brooklyn’s East New York section.
Director Zachary Fuchs represented the seller, Simon Mirom and the buyer, the Garib Family. Fuchs and William Watkins, GFI’s senior director of finance, placed the acquisition financing with New York Community Bank.
Constructed in 1920, the four-story building totals approximately 11,712 square feet, and is composed of eight two-bedroom apartments and eight three-bedroom apartments.
“The buyer immediately recognized the value of this cash producing asset which recently underwent numerous capital improvements and has several renovated apartments,” said Fuchs.
Watkins added, “The excellent market timing of this transaction, along with the client’s ability to move quickly, secured an accretive five-year fixed rate loan with a rate in the low 3’s further enhancing returns.”
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).