Our team has been retained on an exclusive basis to facilitate the sale of 485 E. 28th Street and 1463 New York Avenue, a pair of new developments with 33+ years remaining on their 421a Tax Abatements in thriving Flatbush. Each elevator building includes 18 units across roughly 17,000 square… Read More feet and is located just two blocks from the 2/5 subway line. Featuring condo-quality finishes and multiple private balconies, both properties are fully electric, clean, efficient, and easy to manage. There’s additional upside through activation of the basement and roof areas for amenities, and the community facility spaces may allow for future residential conversion under recent City of Yes/UAP changes. Rents in Flatbush have risen approximately 22% over the past three years, with current market levels for new development averaging around $62/SF. These 95% occupied buildings offer strong in-place income with clear potential to bring under-market units to full rent. Asking a 6-cap with a lender in place willing to finance closer to 5.5%, they present a rare opportunity to acquire low-maintenance, long-term assets with stable cash flow and meaningful upside. Available individually or as a portfolio. Read Less
Listing Courtesy of: Nathan M Horne, Compass
Listing Snapshot
Days Online
19
Last Updated
Property Type
MultiFamily
Beds
20
Full Baths
20
Square Ft.
34,277
Year Built
1899
MLS Number
RLS20042032
30 Days Snapshot Of 11226
$860k
-4%
(avg) sold price
5
-50%
homes sold
57
-38%
(avg) days on market
Snapshot
Area Map
Additional Details
Basement
Basement YN: t
Building
Entry Level: 1, Living Area Units: SquareFeet, Rooms Total: 40, Structure Type: MultiFamily, MixedUse
Parking
Parking Features: Private
Property
Property Sub Type: MultiFamily, View YN: t, View: City
Information herein is deemed reliable but not guaranteed and is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. RLS Data display by Coldwell Banker Warburg. If you have any questions regarding the accuracy of this data, please contact us at [email protected]. Data updated:
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