58 Units-51,000 SF Building
15-25 Crown Street
Closed 02/04/2016 at
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This offering provides a rare opportunity to acquire an elevatored building one block from the Brooklyn Botanical Garden and Prospect Park with significant upside in the rents. There are 48 rent stabilized units with rents averaging just $21/SF. The 11 free-market units also have below market rents, averaging just $43/SF in a market where renovated units this close to Prospect Park are achieving $60/SF. Thus, the average rent per square foot currently being achieved across the asset is approximately 100% below the market. The current gross annual rent is $1,166,207 and the NOI is $843,818. The asking price of $23,000,000 equates to just $450/SF.
All of the 58 units are large apartments compared to similar product on the market and are broken down into 1 four-bedroom apartment, 9 three-bedroom apartments, 19 two-bedroom apartments, 27 one-bedroom apartments and 2 studio apartments. The asset also has 27,600 SF of air rights, allowing for the addition of multiple units to the asset.
This portion of the Prospect Park North neighborhood has become the center of cultural activity in Brooklyn and a sought after location by investors, residential and commercial tenants alike. The area has seen a tremendous transformation over the last decade with many condo developments, strong retail and a robust brownstone sales market. In just a few years, rents have risen from $25/SF to $50/SF and are posited to exceed $60/SF within the next couple of years. The property is located less than a block away from Franklin Avenue, which has quickly transformed into one of the strongest retail markets in Brooklyn. The emergence of Franklin Avenue, as well as Bedford, Rogers and Nostrand Avenues, have provided the influx of younger tenants seeking housing in the area with shopping, dining and nightlife on par with more mature neighborhoods like Park Slope and Williamsburg.
15 Crown Street is situated in the heart of Brooklyn, surrounded by cultural landmarks and world-famous attractions. The property is located one half-block from the Brooklyn Botanical Garden and Prospect Park and is walking distance to the Brooklyn Museum, Grand Army Plaza and the Brooklyn Public Library. The offering is also close to various public transportation options and is only one stop from Barclays Center and Atlantic Terminal. It is just a short walk to Eastern Parkway and the 2,3,4,5 & S subway lines, providing access to Manhattan in just 20 minutes.
The Prospect Park North neighborhood is embedded within the Prospect Park Cultural District and is home to a majority of Brooklyn’s most recognized attractions such as Prospect Park, the Brooklyn Museum and a main branch of the Brooklyn Public Library. The changing landscape along thriving commercial thoroughfares like Franklin Avenue has given rise to a new set of restaurants, bars, and coffee shops sure to suit any palate. With the neighborhoods numerous subways and ease of accessibility, it’s no surprise that the neighborhood is experiencing something of a renaissance.