Record-Breaking Dyker Heights Building Sale Signals Growing Interest In Neighborhood
A record-breaking Dyker Heights real estate sale this month is one more indicator of growing investor interest in the neighborhood.
The mixed-use building located at 910 81st Street – a four-story walk-up with 43 residential units and two store fronts – was sold for a whopping $8.9 million to a local family investor, reports the Commercial Observer.
Erik Yankelovich, the senior director of investment sales at GFI Realty – which represented both the buyer and the seller – told us that demand in the neighborhood has spiked in recent years.
“You see a lot more investors coming into Dyker and Bay Ridge where they haven’t looked before, because they see that it’s a good neighborhood with good, steady rent,” he said. “It’s a safe investment.”
GFI sales associate Ben Katz, who represented the seller, told the Commercial Observer that large demand and shrinking supply have made it increasingly difficult to get in on the market.
“There is simply no product in Dyker Heights, let alone a corner mixed-use building. The market is drier than the Sahara!” Katz said. “It’s about who you know and we knew those investors.”
Yankelovich did not reveal the identity of the investor but told us that he plans to “keep it as a rental and just deliver nice quality apartments to the people.”
