902-908 Bedford Avenue - SETUP
Multifamily – Brooklyn
902-908 Bedford Avenue, Brooklyn, NY 11205 44-Unit New Construction Building Bedford-Stuyvesant Property Information Address: Neighborhood: Cross Streets: Block: Lot: Lot Size: Lot SF: Zoning:
902-908 Bedford Avenue Brooklyn, NY 11205 Bedford Stuyvesant Myrtle/Willoughby Avenue 1914 35, 135, 36 100 ft x 100 ft 10,000 R7A
For more information, please contact Exclusive Marketing Team
Adam Hess
Partner [email protected]
Building Information Building Class: Building Dimensions: Stories: Residential Units: Gross Building SF: Net Building SF:
D3 100 ft 52 ft 9 44 65,000 39,418
Assessment (15/16): Taxes before Abatement: Taxes (15/16):
$ 3,106,803 $ 399,380 $ 30,218
Matthew Cosentino
VP, Investment Sales [email protected] approx. approx.
TerraCRG has been retained to exclusively represent ownership in the sale of 902-908 Bedford Avenue in the Bedford-Stuyvesant section of Brooklyn.
Edward Setton
Associate VP [email protected]
Eric Satanovsky
Senior Associate [email protected]
The offering represents a unique opportunity to purchase 44 newly constructed units on Bedford Avenue. The properties are only in year 11 of a 25 year 421-A tax abatement. The 65,000 gross SF property consists of huge units with the vast majority being large three and four bedroom (2 bathroom) apartments. Five of the units are duplexes with direct backyard access and 30 of the units have private outdoor space, including the penthouse units which have large terraces. The interiors of the units have condo finishes with hardwood flooring throughout and stainless steel appliances. The building’s operating expenses are minimal as each unit pays for their own heating and air conditioning. The projected gross annual rent is approx. $1,830,000 andthe approximate NOI is $1,574,000, which equates toapprox. a 5% CapRate based on the offering price. Bedford-Stuyvesant is one of the most dynamic real estate sub-markets in New York. Dollar volume for commercial transactions in Bed-Stuy was over $475M in2015.
718-395-1877
In particular, this specific section of Bedford-Stuyvesant has seen an enormous influx of a new demographic, pushing rents, condo sale prices and brownstone prices to compete with more establishedareas such as Fort Greene, ClintonHill and Prospect Heights. Tothese new residents, Bed-Stuy is quickly becoming a highly desirable first choice destination, rather than an affordable alternative to other neighborhoods. Condo prices in the immediate area are projected at $1,000/SF, rental rates have been climbing north of $50/SF, and brownstones have startedachieving prices above $2 million. There are many newer exciting retailers that have opened in the area, in order to cater to the new buyers and renters in the area, including: Choice Market, the Black Swan, Dough Bakery, Pilar CubanEatery, Colador Café, NeroDero etc. There are also many national retailers within very close proximity tothe property including Home Depot andChase Bank.
902-908 Bedford Avenue
643 Madison Street
Asking Price
$31,500,000
TerraCRG I Licensed Real Estate Broker I 634 Dean Street, Brooklyn, NY 11238 I P: 718-768-6888 I F: 718-768-6288 | terracrg.com The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem rel iable. We do not guarantee the accuracy of any information. All zoning ,exist ing square feet of buildings, available bu ildable square feet,permitted u ses and any other information provided herein must be independently verified by pro spective purchasers. The value of any real estate investment is dependent upon a variety of factors,including income,vacancy rates,expense estimates,tax brackets and general market assumptions,all of which should be evaluated by your tax advisor and/or legal counsel. Prospective buyer and tenants should carefully verify each item of information herein.
902-908 Bedford Avenue, Brooklyn, NY 11205 44-Unit New Construction Building Bedford-Stuyvesant Property Information Address: Neighborhood: Cross Streets: Block: Lot: Lot Size: Lot SF: Zoning:
902-908 Bedford Avenue Brooklyn, NY 11205 Bedford Stuyvesant Myrtle/Willoughby Avenue 1914 35, 135, 36 100 ft x 100 ft 10,000 R7A
For more information, please contact Exclusive Marketing Team
Adam Hess
Partner [email protected]
Building Information Building Class: Building Dimensions: Stories: Residential Units: Gross Building SF: Net Building SF:
D3 100 ft 52 ft 9 44 65,000 39,418
Assessment (15/16): Taxes before Abatement: Taxes (15/16):
$ 3,106,803 $ 399,380 $ 30,218
Matthew Cosentino
VP, Investment Sales [email protected] approx. approx.
TerraCRG has been retained to exclusively represent ownership in the sale of 902-908 Bedford Avenue in the Bedford-Stuyvesant section of Brooklyn.
Edward Setton
Associate VP [email protected]
Eric Satanovsky
Senior Associate [email protected]
The offering represents a unique opportunity to purchase 44 newly constructed units on Bedford Avenue. The properties are only in year 11 of a 25 year 421-A tax abatement. The 65,000 gross SF property consists of huge units with the vast majority being large three and four bedroom (2 bathroom) apartments. Five of the units are duplexes with direct backyard access and 30 of the units have private outdoor space, including the penthouse units which have large terraces. The interiors of the units have condo finishes with hardwood flooring throughout and stainless steel appliances. The building’s operating expenses are minimal as each unit pays for their own heating and air conditioning. The projected gross annual rent is approx. $1,830,000 andthe approximate NOI is $1,574,000, which equates toapprox. a 5% CapRate based on the offering price. Bedford-Stuyvesant is one of the most dynamic real estate sub-markets in New York. Dollar volume for commercial transactions in Bed-Stuy was over $475M in2015.
718-395-1877
In particular, this specific section of Bedford-Stuyvesant has seen an enormous influx of a new demographic, pushing rents, condo sale prices and brownstone prices to compete with more establishedareas such as Fort Greene, ClintonHill and Prospect Heights. Tothese new residents, Bed-Stuy is quickly becoming a highly desirable first choice destination, rather than an affordable alternative to other neighborhoods. Condo prices in the immediate area are projected at $1,000/SF, rental rates have been climbing north of $50/SF, and brownstones have startedachieving prices above $2 million. There are many newer exciting retailers that have opened in the area, in order to cater to the new buyers and renters in the area, including: Choice Market, the Black Swan, Dough Bakery, Pilar CubanEatery, Colador Café, NeroDero etc. There are also many national retailers within very close proximity tothe property including Home Depot andChase Bank.
902-908 Bedford Avenue
643 Madison Street
Asking Price
$31,500,000
TerraCRG I Licensed Real Estate Broker I 634 Dean Street, Brooklyn, NY 11238 I P: 718-768-6888 I F: 718-768-6288 | terracrg.com The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem rel iable. We do not guarantee the accuracy of any information. All zoning ,exist ing square feet of buildings, available bu ildable square feet,permitted u ses and any other information provided herein must be independently verified by pro spective purchasers. The value of any real estate investment is dependent upon a variety of factors,including income,vacancy rates,expense estimates,tax brackets and general market assumptions,all of which should be evaluated by your tax advisor and/or legal counsel. Prospective buyer and tenants should carefully verify each item of information herein.
