GFI Realty Services announced the $4.8-million sale of 826 Crown Street, a multifamily building located in the Crown Heights section of Brooklyn. GFI Senior Managing Director, Matthew Sparks, represented the seller, STF 826 Crown Street Holding LLC, and Josh Orlander, Associate Director of GFI Realty, represented the buyer, a local investor.
Constructed in 1930, the six-story elevator building totals approximately 52,764 square feet and is composed of 48 apartments. The apartments are configured as 20 one-bedroom units, 22 two-bedroom units, 5 three-bedroom units, and one four-bedroom unit. Select units have been renovated and completed with modern finishes, hardwood flooring throughout, and stainless-steel appliances.
“826 Crown Street is well well-maintained large elevator building on a great block in central Brooklyn,” said Sparks. “The sellers maintained the asset and invested in capital improvements substantially increasing its marketability.”
“The buyer jumped on the opportunity to acquire a cash-flowing asset at pricing not seen since the early 2000’s. The new owners intend to keep the asset for the long term,” said Orlander.
GFI Realty Services is a full service commercial real estate firm with over thirty years of experience successfully transacting real estate nationwide. Their mission is to seamlessly deliver solutions to our clients, from day one of origination until the close. Their high level of dedication is the same for a single property as it is for a multi-asset portfolio. They deliver results utilizing our collective knowledge base, extensive database of investors and state-of-the-art proprietary customer relationship management system (CRM).
