Central Brooklyn Portfolio

Description

Portfolio of walk-up apartment

buildings in a few of Brooklyn’s most transformed neighborhoods, including Williamsburg, Bedford-Stuyvesant, Bushwick & Greenwood Heights.

The portfolio consists of 13 buildings totaling 40 apartments and 1 commercial unit, spanning 34,483 SF, with over 19,000 SF of air rights. The properties benefit from some operating efficiencies that include but are not limited to free market rents & favorable tax classes that result in very strong operating ratios. They are located in desirable Brooklyn residential neighborhoods that are in strong demand and as such command high rental rates. Further, there is a bundle of five buildings within the portfolio that are contiguous, allowing for managerial efficiencies.

The North Brooklyn market has been experiencing population growth in recent years as development has continued and the work & play lifestyle has taken a foothold. There has been a spike in deliveries of office space in the market in recent years with more in the pipeline, resulting in growth in rental demand from such workers. When such a trend is coupled with the already dominant characteristics that have led to the market’s prominence, the future trend remains positive.