Two Multifamily Buildings – 34 Total Units
427 & 433 Dean Street
Closed 01/24/2017 at
Long Island Rail Road
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TerraCRG has been retained to exclusively represent ownership in the sale of 427 and 433 Dean Street, two pre-war multifamily assets in the heart of Park Slope, just one block from Barclays Center and Atlantic Mall. The two buildings consists of 34 large rental units on Dean Street, between Fourth and Fifth Avenue, at the intersection of three of Brooklyn’s premier retail corridors, Flatbush Avenue, Fourth Avenue and Fifth Avenue.
The assets total ~31,185 SF and 34 residential units. The properties are 91% leased with total gross annual revenue of $842,556 and a net operating income of $628,407.
The assets offer significant upside as 50% of the units are rent regulated and the rents for these units are well below market at just ~$13/SF. The free-market units also provide significant upside as the units are averaging $48/SF in a market where renovated units typically achieve in the $60/SF range.
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. Across both buildings there are 19 large two-bedroom apartments, 9 large three-bedroom apartments, 1 four-bedroom apartment and 5 one-bedroom apartments.
The property is also just 210 feet away from the Atlantic Terminal with access to D, N, R, B, Q, 2, 3, 4, 5 subway lines and the LIRR, making the commute in and out of Manhattan just 10 minutes.
Park Slope continues to be one of the strongest and most established sub-markets in New York City. There are very few large multifamily buildings in close proximity to Barclays Center, Atlantic Terminal and Flatbush Avenue. The proximity of the buildings to these major retail corridors provide tenants with easy access to a variety of retail shops, bars and restaurants rivaling any Manhattan neighborhood, including Shake Shack and Patsy’s Pizzeria.