
GFI Seals Deal for East New York Walk-Up
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.”
- ◦Sale/Acquisition