NEW YORK—A local investor has paid approximately $2.6 million to acquire 3506 Newkirk Ave. in the East Flatbush section of Brooklyn. The four-story walk-up apartment building contains 29 units and totals approximately 26,126 sq. ft. Joseph Landau, an associate broker at GFI Realty Services Inc., represented the seller, a local investor, while Joshua Orlander, an associate at GFI Realty Services represented the buyer.

“Currently, rents in the building are 30 percent below market value,” said Orlander. “The buyer intends to upgrade the building and bring the rents up to market over time.”

Constructed in 1931, 3506 Newkirk Ave. is in close proximity to Flatbush and Nostrand avenues and public transportation.