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Mostly Vacant Crown Heights Portfolio Comes to Market

GFI Realty Services is marketing 1432 (pictured), 1436 and 1440 Pacific St., a portfolio of three contiguous multifamily properties in Brooklyn’s Crown Heights section. GFI senior director Shlomo Antebi will market the 28-unit portfolio, with pricing targeted at $15 million.

Constructed in 1906, the buildings total approximately 26,300 square feet, and will be delivered with 26 of the 28 units vacant. Most of the apartments need significant renovations, but GFI says that once building upgrades have been made, new ownership will benefit from the area’s rising rents and the properties’ advantageous 2B tax class.

“With Crown Heights establishing itself as one of the borough’s most dynamic neighborhoods, the long-term owner decided to sell the three buildings to a developer who could reinvigorate the properties,” said Antebi. He predicted that the portfolio would experience “a lot of demand from buyers looking to enter Crown Heights at a fairly low basis.”

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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 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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