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285-291 Eastern Pkwy - Availability Details

285 Eastern Pkwy, Brooklyn, NY 11238

  • For Sale $13,250,000
  • City Brooklyn
  • Neighborhood Crown Heights
  • Zip Code 11238
  • Market Brooklyn
  • Property Type Multi-Family
  • Property Size 28,724 Sqft
  • Units 32
  • Lot Size 0.27 Acre
  • Year Built 1914
  • Date Updated 24 May, 2021
  • Website arielpa.nyc

Ariel Property Advisors has been retained on an exclusive basis to arrange for the sale of 285-291 Eastern Parkway, two adjacent 4-story walk up buildings located in a prime area directly on the border of Prospect Heights and Crown Heights, Brooklyn within a designated Opportunity Zone.

Located between Franklin Avenue and Classon Avenue, the buildings comprise a total of approximately 28,724 square feet and contain 32 residential units, of which there are 4 one-bedroom, 9 two-bedroom and 19 three-bedroom apartments. The unit mix consists of 25 free-market units and 7 rent-stabilized units. The properties have been meticulously maintained by a long-term owner and recently underwent extensive capital improvements. The free-market apartments have been completely renovated and feature new appliances (dishwasher, stove, refrigerator, microwave), new bathrooms and hardwood floors. Additionally, prospective investors can realize additional upside by building out the 18,956 square feet of remaining air rights (as-of-right) that are intact.

A short walk away from major attractions such as, Grand Army Plaza, Prospect Park, the Brooklyn Museum, and the Brooklyn Botanic Gardens, 285-291 Eastern Parkway is located in one of Brooklyn’s most desirable neighborhoods. The properties also enjoy convenient access to the 2, 3, 4 and 5 trains, which are located a short walk from the buildings.

Multifamily properties offering the scale, prime location, upside and excellent condition presented by 285-291 Eastern Parkway rarely come to market and present an outstanding multifamily investment opportunity in the heart of Brooklyn.

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Contacts

broker

Jonathan Berman

Ariel Property Advisors

(212) 544-9500 x 20

broker

Sean R. Kelly

Ariel Property Advisors

(212) 544-9500 x 59

broker

Victor Sozio

Ariel Property Advisors

(212) 544-9500 x 12

broker

Dov Chein

Ariel Property Advisors

(212) 544-9500 x 28

broker

John Higgins

Ariel Property Advisors

(212) 544-9500 x 58

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