212-544-9500
, Brooklyn, NY for Sale
Multi-Family - FOR SALE
1/11
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Park Affordable Portfolio
Brooklyn, NY
Sunset Park


HIGHLIGHTS

  • Six-building portfolio with 229 units concentrated in Borough Park.
  • Protected with a 40-year Article XI tax exemption for ultra-low taxes.
  • $19M invested in upgrades, reducing near-term capital expense needs.
  • Immediate rental upside via 610 Amendment rent mark-up provisions.
  • Excellent transit access with 30-minute commute to Manhattan via D train.
  • Diverse unit mix including Project-Based Voucher and free market units.

OVERVIEW

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

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Victor SozioAriel Property AdvisorsMore Info
212-544-9500

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Victor SozioAriel Property AdvisorsMore Info
212-544-9500

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.