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Listing Courtesy of Compass
$15,250,000
Est. payment /mo
20 Beds
24 Baths
34,277 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 34,277 sqft
Price per Sqft $444
Subdivision Flatbush
MLS Listing ID RLS20042032
Bedrooms 20
HOA Y/N Yes
Year Built 1899
Annual Tax Amount $15,708
Property Sub-Type Multi Family
Property Description
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 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.
Each elevator building includes 18 units across roughly 17,000 square 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.
Location
State NY
County Kings
Rooms
Basement Full
Interior
Furnishings Unfurnished
Fireplace No
Laundry See Remarks
Exterior
Parking Features Private
View Y/N Yes
View City
Private Pool No
Building
Dwelling Type Multi Family,Mixed Use
Story 2
New Construction No
Others
Ownership None
Monthly Total Fees $1, 309
Pets Allowed Building No, No
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