March 6, 2019
A four-story, 37-unit apartment building at 1865 77th St. in Brooklyn’s Bensonhurst neighborhood has sold for $8 million. GFI Realty Services’ Erik Yankelovich represented the seller, while colleagues Yosef Katz and Natan Safdieh advised the buyer.
Constructed in 1927, the 32,000-square-foot property includes 30 one-bedroom units and seven two-bedroom units, all rent-stabilized. For the buyer, the asset presented strong upside due to the significant amount of preferential rents within the building.
“This building’s prime corner location and its proximity to the commercial hubs of New Utrecht Avenue and 18th Avenue made it highly desirable to investors looking for large assets in South Brooklyn,” said Yankelovich. “Bensonhurst’s intimate, suburban feel coupled with the local retail scene to create a unique atmosphere that most locales in New York City can’t offer.”
Safdieh noted that the buyer “recognized the value of this well-maintained asset, which offers steady cash flow and numerous neighborhood amenities.”
For comments, questions or concerns, please contact Paul Bubny