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BROOKLYN, NY-GFI Realty Services, one of the top providers of commercial real estate services nationwide, has sold of 700 Ocean Ave. in Brooklyn for $7.5 million. The six-story elevator apartment building consists of 66 residential units and is situated in the Prospect Park vicinity of Brooklyn. GFI also recently sold 42-43 Ithaca St. in Elmhurst, NY for $8.5 million.

The 700 Ocean Ave. building offered the buyer, a local aggressive investor who also owns a nearby property, tremendous upside potential, according to a prepared statement. Michael Kerwin, senior broker at GFI Realty Services, represented both the buyer and the seller in this transaction. Kerwin tells GlobeSt.com that he cannot disclose the buyer or seller at this time; however he did note that the reason for selling was because the buyer made an offer the seller could not refuse. “The price we got was the asking price,” he says. “He outbid three other buyers for the property.”

Kerwin says that “this transaction is a perfect example of deals still happening in this volatile market. The opportunities like 700 Ocean are out there, they just need to be executed in a different way.” The buyer purchased 700 Ocean Ave. at 11.2 times the rent roll, $113,000 dollars per unit and plans to add significant renovations to help increase the overall value, Kerwin explains.

The property in Elmhurst was sold to a long-time Queens investor who was looking to add to his portfolio. Yosef Katz, a senior broker at GFI who represented both the buyer and seller, tells GlobeSt.com that although he cannot disclose the buyer or seller, the reasoning behind selling was part of a reverse 1031 exchange.

The investor recognized the six-story, 67-unit residential property as an opportunistic purchase, according to Katz. “This deal was on the market for a while,” he says, adding that it was on the market for three months. “After we presented it to our buyer in a different light we were able to achieve the purchase price,” he says. “He intends to keep the property as a rental and use his market knowledge to increase the income.” Katz says that the paid price was 10% above market value. The property features an indoor parking garage available for rental to building tenants.

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