Listed by Ariel Property Advisors
Unpriced
Park Affordable Portfolio
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 209,380
Units 229
Buildings 6
Lot Size (SqFt) 58,596
Multifamily | 229 Units
Marketing description
Borough Park is a neighborhood in Brooklyn known for its busy shopping streets, and strong cultural traditions. It is one of the most densely populated areas in New York City and is famous for its kosher restaurants, schools, and family-oriented atmosphere.
Investment highlights
- Concentrated Brooklyn Footprint : A portfolio consisting of 6 walk-up apartment buildings located exclusively in the Borough Park neighborhood of Brooklyn
- Accretive Article XI Tax Shield : Benefits from a 0.01% Gross Rent Tax for a period of 40 years, effectively reducing real estate taxes to a nominal amount.
- Strong Unit Mix Variety : 32 units backed by a Project-Based Voucher contract
- 7 free market units
- 64% voucher-based tenancy with diverse contract administrations
- Location & Neighborhood Connectivity : Immediate access to major commercial corridors like 13th Avenue and 18th Avenue — supermarkets, specialty markets, pharmacies, and diverse dining options. Residents enjoy a "walker's paradise" with proximity to local essentials, schools, and recreational spaces like Dome Playground and Gravesend Park.
- Scale & Composition 209, 380 SF : Comprises 229 total residential units spanning approximately 209,380 gross square feet.
- Immediate Rental Upside 610 Amendment Regulatory agreement includes the crucial 610 Amendment, which allows for rent mark-ups on subsidized voucher units.
- Recent Improvements $ 19M Invested $19M in comprehensive upgrades including high-end unit renovations, envelope/facade improvements and modernized boiler systems, significantly reducing near-term capex requirements.
- Premier Transit Access : Exceptional connectivity via the D train at the 50th Street and Fort Hamilton Parkway stations, providing a direct ~30-minute commute to Manhattan. Further served by an extensive MTA bus network, including the B9, B11, and B16 routes, as well as easy vehicular access to the Prospect Expressway and McDonald Avenue.
Listing Contacts
Listed by Ariel Property Advisors
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