Listed by Ariel Property Advisors
Unpriced
Prospect Park South Portfolio
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 411,892
Units 387
Buildings 8
Stories 40
Lot Size (SqFt) 117,409
Zoning R7A & R7-1
Investment Type Value Add
Multifamily | 387 Units
Marketing description
Properties concentrated within a 1/2 mile radius near Prospect Park South with abundant transit options simplify management.
Investment highlights
- Approximately 411,892 gross square feet with 387 residential units
- Beneficiary of an Article XI tax abatement with 1% GRT until 3/31/2050
- Recent 610 amendment to existing regulatory agreement allows for significant revenue growth
- Located in a prime location throughout Prospect Park South
- Convenient access to transportation - multiple subway and bus routes throughout (B&Q lines & B35 bus stop)
- Apartment unit mix consists of 33 studios, 154 one-bedrooms, 121 two-bedrooms, 56 three-bedrooms, 14 four bedrooms and 9 five-bedrooms
- Accretive assumable long-term debt with a senior mortgage of $66M at an interest rate of 4.20% and a subordinate mortgage of $7.3M at a 3.49% interest rate maturing in 2041
Listing Contacts
Listed by Ariel Property Advisors
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