Jeremias family divests of three rent-stabilized multifamily properties
GFI Realty Services, LLC today announced the $46-million sale of a portfolio of three Brooklyn multifamily properties, comprising a total of 145 rent-stabilized units. Located at 320-328 Ocean Parkway, 420 Avenue F in Kensington and 2302 85th Street in Gravesend, the buildings were owned by Jeremias Family Partnership (JFP) and had been controlled by the Jeremias family for several decades.
The properties were purchased by the Hertz family, who recognized the strong location each property had within its submarket, and paid an aggressive $317,000 per unit for the portfolio. The deal was co-brokered by GFI Realty’s Erik Yankelovich and Aron Taub and Meridian Capital Group’s Lipa Lieberman, Adam Sprung and Mark Steinmetz, with both firms advising the buyer as well as the seller.
“There were a number of moving parts in this deal, and it took a fairly long time for all of the pieces to fall into place,” said Yankelovich. “There were several other buyers who came very close to buying the properties, but each of those deals ultimately unraveled. We knew that the Hertz family was looking to acquire institutional-quality assets in Brooklyn, and we were able to convince them that this was the right deal for them to expand their portfolio.”
Added Taub: “Arranging the sale of inheritance holdings is often complicated; therefore we had to be of assistance in ensuring all different inheritors were comfortable with the same disposition strategy. Despite the fact that there were several family members with ownership stakes in this portfolio, we were able to get all the stakeholders to agree to this aggressive offer with a sub-four cap rate.”
About GFI Realty Services, LLC
GFI Realty Services, LLC imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, LLC utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.
The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions. For more information, visit GFIRealty.com.
