Edward Setton - Commercial Real Estate Showcase

Edward Setton Property Listings
TerraCRG | Commercial Realty Group
634 Dean St
Brooklyn, NY 11238

585 6th Avenue

Brooklyn, NY 11215-6197 - Park Slope MF Submarket

Property Type:Multi-Family Number of Units:27 Status:Existing Year Built:2011
Stories:5 Building Size:32,719 SF Land Area:.25 AC (10,742 SF)
For Sale Price:$24,000,000 Price/Unit:$888,888.89 Cap Rate:4.20 % GRM:-

Parking:.51 Parking Spaces / 1,000 SF

In 2009, this building was awarded LEED certification at the Platinum level by the U.S. Green Building Council.

In 2011, this building was awarded LEED certification at the Platinum level by the U.S. Green Building Council.

This property is receiving a 421-a tax abatement.

Sale Notes:
TerraCRG has been retained to exclusively represent ownership in the sale of 585 Sixth Avenue, a 27-unit elevator building in Park Slope, with parking and LEED Platinum certification.

The building was built in 2011 and features high-end amenities for tenants, including 17 parking spots, ready-wired electric car charging stations, private outdoor space for 25 units, rooftop green space and large rear courtyard. This property is the only LEED Platinum Certified building in Park Slope, and one of very few elevator buildings ever to be offered for sale in close proximity to Prospect Park.

The five-story building is on Sixth Avenue, between 16th Street and Prospect Avenue, three blocks from Prospect Park and two blocks from the subway. The property features a mix of large ~700 SF 1-BR apartments and ~1,00 SF 2-BR apartments. The building is fully-leased with a gross revenue of over $1.1M and an NOI of ~$1M. The building benefits from extremely low operating expenses as it has a 421-A tax abatement with nine years remaining, tenants are responsible for utilities and LEED platinum construction ensures minimal common area expenses and deferred maintenance cost.

TerraCRG | Commercial Realty Group
Adam J Hess
(718) 768-6888

Peter Matheos
(718) 768-6888

Edward Setton
(718) 310-3296

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