1115 Union St. Brooklyn, NY 11225 Crown Heights, Brooklyn, NY

$8,800,000
Property type: Multi-Unit
Gross (Sq Ft)
19300
Units
24

Summary

  • Lot Size: 5900 Sq Ft
  • Year Built: 1925
  • # of Buildings: 1
  • # of Stories: 4
  • Zoning: R6
  • Residential Units: 24
  • Gross SqFt: 19,300 sqft
  • Structure Type: Walkup
  • Block & Lot: 1266/47
  • Year Built: 1925
  • Lot Size: 100 x 59
  • Building Size: 100 x 48
  • FAR: 2.3
  • FAR as Built: 3.27

Highlights

  • Renovated with High-End Finishes

Description

1115 Union Street is a 4-story prewar walk-up apartment building comprised of 24 units located in the Crown Heights section of Brooklyn. This asset is ideally situated on a tree-lined block between Franklin and Bedford Avenues, surrounded by mid-rise multifamily buildings and semi-detached 2-family homes. The property was constructed in 1925 and totals 19,300 sf.

13 of the units are rent stabilized and 11 are free market.

The apartments are configured as one studio, fourteen (1)-bedroom units, seven (2)-bedroom units and two (3)-bedroom units. Many of the units have been renovated and completed with high-end finishes including stainless steel appliances, granite counter tops, in-unit washer and dryer and hardwood floors.

The building is located in a prime location in Brooklyn just two blocks away from Prospect Park, a short walk away from the Brooklyn Museum and half a block away from the Eastern Parkway thoroughfare.

Highlights

This asset provides a great opportunity for a future investor to acquire a well maintained stable acquisition in a prime area while also providing for tremendous short and long term upside due to the below market rents. The average in-place rent is $1,869 per month which is approximately 34% below market rate. Based upon current market place conditions there is the potential to grow the in-place free market rents by approximately 8%.

A future investor can also increase the value of the asset by adding bike storage and a gym in the basement. Additionally, the future value of this investment will be increased by its proximity to mass transit, the 2, 3, 4 & 5 subway lines are two blocks away, as well as countless neighborhood amenities including Prospect Park, the Brooklyn Museum, Botanical Garden and Prospect Zoo. Additionally, developers continue to be attracted to the area, LIVWRK & CIM, Happy Living and BFC Partners are all working on new, large scale projects in the neighborhood.

Price

$8,800,000 + 3% broker fee paid by buyer.

Contact the Agent

Rowen Giles

New York Licensed Real Estate Salesperson
Rowen Giles is a New York Licensed Real Estate Salesperson, in association with Gold Rock Realty, a New York Licensed Real Estate Broker. Rowen represents Buyers and Sellers of single and multi-family residential homes, as well as apartment buildings and mixed-used commercial properties anywhere in the State of New York. When it comes to the complexities of selling real estate, no one is more qualified than Rowen. Prior to real estate, Rowen was a computer systems engineer and technology manager for 18 years working for small and large fortune 500 companies, including stints at Microsoft Corporation and the Federal Reserve Bank of New York. Rowen’s career in technology saw many challenges such as sizing large technical infrastructure, solving complex technology problems, and deploying sophisticated software solutions. Rowen met each challenge with success as a result of careful planning, organizing, directing and managing. Rowen is a results-driven and highly organized professional with strong attention to details. Once a property is on the market,…