704, 719-723 Eighth Avenue
Closed 07/15/2015 at
I would like to be contacted:
TerraCRG has been retained to exclusively represent ownership in the sale of the two corner multifamily assets at 719-723 & 704 Eighth Avenue in Park Slope.
There are very few large multifamily buildings in Park Slope and even fewer are ever offered for sale, particularly in close proximity to Prospect Park, as the majority of the housing stock surrounding Prospect Park is either single-family brownstones or has been converted to coops or condos. This offering therefore presents an extremely rare opportunity to acquire institutional grade assets, with a majority of the apartments destabilized and renovated, in one of the most sought after neighborhoods in New York City.
The asset totals ~45,000 SF, 45 residential units, 2 office spaces and a cell tower. Condo pricing at this location is expected to reach the $1,600/SF level and the rental market for new construction and/or high-end renovated units will edge into $65/SF.
The assets offer significant upside as 22% of the residential units are rent regulated and the rents for these units are 70% below market. Most free-market units have been gut renovated. Park Slope continues to be one of the strongest and most established sub-markets in New York City, yet there is still a shortage of supply to satisfy the demand for large 2BR and 3BR rental units. There is also a shortage of quality for-sale housing options, particularly in locations a block from Prospect Park.
Park Slope is one of Brooklyn’s largest neighborhoods, characterized by brownstone lined streets, vibrant retail corridors and access to Prospect Park. Prospect Park, designed by the same landscapers as Central Park, contains a sixty-acre lake, Children’s zoo, skating rink, tennis courts and hosts the second largest green-market in NYC.