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24421133
24924409

1079 Fulton St, Brooklyn, NY 11238

LM
NY NY 10351208812
Alpha Realty NY
Alpha Realty NY
Listed by Alpha Realty NY
$18,000,000
224 days on market
Updated 24 days ago

Clinton Hill — 100% Free-Market Multifamily

Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 28,540
Units 30
Cap Rate 6.90%
NOI $1,284,618
Price per SqFt $648
Year Built 2005
Stories 7
Zoning R7A, C2-4
Parking Spaces 4 spaces
Parking Per SqFt 0.14

Multifamily | 6.90% CAP | 30 Units

Marketing description

Construction is complete on The Fulton Residence, a seven-story residential building at 1079 Fulton Street in Clinton Hill, Brooklyn. Developed by New Start Development, which purchased the property for $10.25 million, the project involved the conversion of a vacant homeless shelter into a rental apartment building spanning 26,000 square feet and yielding 30 units in studio- to two-bedroom layouts with an average scope of 867 square feet. Mabe Group, Inc. served as the general contractor for the development, which is located at the corner of Fulton Street and Classon Avenue.
Recent photographs show the finished look of the exterior, which is composed of a staggered grid of protruding charcoal-hued window frames surrounded by white cementitious paneling. The most distinctive feature is the colorful saxophone mural, which covers five stories of an angled wall near the southeastern corner of the building. Crews were seen putting in the final touches on the new perimeter fencing along the sidewalks.

Investment highlights

  • Fully renovated turn-key 7-story elevator building consisting of 30 apartments and 1 commercial space (2,525 SF for the retail space)
  • 100% Free-Market
  • All units equipped with washer & dryer, and dishwashers
  • Building amenities include: roof deck, bike room, package room, virtual doorman, common area lounge & parking spots w/electric car charger.
  • 110’ ft of frontage on Fulton Street
  • Prime location in Clinton Hill near Atlantic Avenue, steps away from Barclay’s Center
  • Within walking distance to the Franklin Avenue Station ( trains)

Listing Contacts

LM
NY NY 10351208812
Alpha Realty NY
Alpha Realty NY
Listed by Alpha Realty NY

Valuation Calculator

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$1,284,618.00
$107,051.50/mo

Valuation Metrics

0
DSCR
7.14%
Cap Rate
7.14%
ROI

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Additional Information

Name
Lev Mavashev
License
NY 10351208812
Brokerage Phone
2126580955
Brokerage Address
164 20th Street
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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