16 Unit Multifamily Building
82 16th Street
Closed 03/31/2016 at
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This offering presents the opportunity to acquire a 16-unit building between Third Avenue and Fourth Avenue in the South Slope/Gowanus neighborhood of Brooklyn. The 16-unit building has been well maintained and upgraded by current ownership, which has owned the building for over a decade.
The 16 units in the building are all rent-stabilized and offer significant upside as the average rental price per/SF is around $40/SF. The rental market in the South Slope/Gowanus area is generally well above $50/SF and offers tremendous potential for growth in the rental market as residents from the surrounding neighborhoods like Park Slope and Carroll Gardens seeks more affordable rents with the access to the same high-end amenities.
Gowanus and South Slope are surrounded by several of Brooklyn’s most desirable residential neighborhoods, including Park Slope, Carroll Gardens and Boerum Hill. Over the past few years, Gowanus itself has become one of the fastest growing areas in Brooklyn as residents have sought more affordable rents and the area has been transformed from an industrial neighborhood into a hub for residential, office and retail spaces. One of Brooklyn’s largest residential development projects, a 700-unit complex, is in the middle of Gowanus at 363 & 365 Bond Street. Projected residential rents in this project and neighboring Fourth Avenue corridor new-construction projects have soared over the past few years up to $65/SF and condo sales in the vicinity are well above $1,400/SF.
The property is located only one block from the R train at the Prospect Park Avenue subway stop and within walking distance of the F and G lines at Fourth Avenue, with access to lower Manhattan in just 15 minutes.
The industrial business community has reinvested in the Gowanus area significantly in the past ten years. The Gowanus Canal corridor is an area that has grown and continues to grow as a productive, jobs-generating center of economic activity. Overall, Gowanus has seen a tremendous transformation over the last few years with many condo developments and a robust brownstone sales market.