Pre-War Elevator Multifamily Fetches 3.3% Cap in Brooklyn
GFI Realty Services has finalized the $15.5-million sale of 2261 Ocean Ave., a six-story apartment building in Brooklyn’s Madison section. Senior director Erik Yankelovich represented the unidentified seller, while associate director Josh Orlander procured the buyer, also undisclosed.
A pre-war elevator building, the 52,812-square-foot corner property contains 54 rent-stabilized apartments. The new buyer plans to implement modest renovations and lease up the vacant units.
“The property has been owned for decades by a group of local investors, and they decided to liquidate this jointly-held property and capitalize on the current strength of the market,” said Yankelovich. “We received interest from several potential buyers, and we were able to negotiate a very strong deal for the seller, with the $15.5-millon sales price representing a cap rate of approximately 3.3%.”
The buyer sought “to expand his significant local portfolio, and he was very intrigued by this elevator building,” said Orlander.
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).