Seven Building 44-Unit Portfolio-Park Slope
409-421 14th Street
Closed 10/01/2015 at
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TerraCRG has been retained to exclusively represent ownership in the sale of 409-421 14th Street. The 44 Unit portfolio is comprised of seven contiguous buildings in Park Slope on 14th Street between 7th Avenue and 8th Avenue. The seven-building package is comprised of six six-unit buildings and one eight-unit building, totaling 44 units and ~26,265 SF.
The portfolio is presented with an asking price of $16,500,000.
Twenty-five of the 44 units are free market, eighteen are rent stabilized and one is rent controlled. There is significant upside in the portfolio as the average rent across the package is $40/SF. Renovated units in this portion of prime Park Slope, a block from Prospect Park, are achieving over $60/SF.
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 high-end rental units. As a result of tight inventory for housing this close to Prospect Park, condo pricing in this location on the southern edge of Park Slope is approaching the $1,500/SF level and the rental market for renovated units is edging into the $60/SF range.
These properties offer a rare opportunity to acquire an institutional grade asset one block from Prospect Park, half a block from the 7th Avenue retail corridor and two blocks from the F & G trains at 15th Street. It is also across the street from the 15th Street Park Slope Armory YMCA, offering state-of-the-art cardio fitness centers, free exercise classes and an indoor running track. The Seventh Avenue retail corridor is also one of the premier retail corridors in Brooklyn, providing access to some of the boroughs best boutique stores, restaurants and coffee shops.
Park Slope is a neighborhood in the western section of Brooklyn, New York City’s most populous borough. Park Slope is characterized by its iconic brownstones, human scale, and popular retail corridors on Seventh and Fifth Avenues. It boasts Michelin-starred restaurants, a lively bar and nightlife scene and boutique stores. In 2011, New York Magazine ranked Park Slope as the No. 1 “Most Livable Neighborhood in New York”, surpassing every other neighborhood in the city for retail amenities, restaurants and nightlife, schools, safety and green space.