Closed 03/15/2016

Twenty Unit Multifamily Building

310 12th Street

Park Slope

Closed 03/15/2016 at
$9,200,000

Residential Units 20
Gross SF 14,644
Stories 5
Cross Streets 5th Avenue & 6th Avenue
Subways
b
d
f
g
n
q
r
3
4
5
Other Transportation
Long Island Rail Road
Request More Info
Would you like to know more?

I would like to be contacted:

Are you in a 1031 Exchange?

Multifamily 310 12th Street, Park Slope
Twenty Unit Multifamily Building
Have Twenty contact you

Want Twenty to contact you?

I would like to be contacted:

Are you in a 1031 Exchange?

Details

Total Buildable SF 10,000
Available Air Rights 4,644
Lot SF 5,000
FAR 2.00
Block 1029
Lot 20
Lot Size 50 ft x 100 ft
Building Size 50 ft x 89 ft
Building Class C1
Tax Class 2
Zoning R6B

Overview

The property is located on 12th Street between 5th Avenue and 6th Avenue – just three blocks from Prospect Park – in the Park Slope neighborhood of Brooklyn.

The property is compromised of one 4-bedroom apartment with side yard access, six 3-bedroom apartments and thirteen 2-bedroom apartments. The property consists of 8 free-market apartments and 12 rent stabilized apartments. All of the free-market units have been fully renovated with high end finishes.

The building is 50 feet wide and totals 14,644 SF. The gross annual income on the property is around $529,293 and the NOI is around $390,868. There is significant upside in the rents as the average price/SF from the rent stabilized units is around $23/SF in a market where renovated units achieving $65/SF. The rent stabilized units are all large 2 bedroom units that can easily be converted to three bedroom apartments.

Park Slope continues to be one of the strongest and most established sub-markets in the New York City area, yet there is still a shortage of supply to satisfy the demand for high-end rental units as well as co-ops and condos. As a result of this tight inventory for housing, condo and co-op pricing in the heart of Park Slope is $1,500/SF and the rental market is around the $65/SF range.

The building is within easy walking distance of the F and G trains at the 7th Avenue subway station and just two stops from the Atlantic terminal and Barclays Center, providing access to the D,B,N,Q,R,2,3,4,5 trains and the LIRR.

Attractions

By the 1990’s, New Yorkers flocked to Park Slope transforming the neighborhood into a haven for families, young professionals and hip locally-owned businesses that would eventually be replicated in Fort Greene and Carroll Gardens. 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, nightlife, schools, safety and green space.

Washington Park
JJ Byrne Dog Park
Prospect Park
Park Slope Armory
Grand Army Plaza
Whole Foods Supermarket
Prospect Park Zoo

Similar Listings

Brooklyn Neighborhood Guides

Our neighborhood guides tell you everything you need to know about Brooklyn, from comprehensive market data to the best places to eat, shop and play.

Learn More >