Adelaide Polsinelli, Vice Chairman of Compass, a publically traded, technology-driven, real estate platform, has been exclusively retained to market for sale a portfolio of multi-family and retail buildings. They are ideally located on Nostrand Avenue, just one block from the Church Street subway hub, in Flatbush, one of Brooklyn’s most vibrant and rapidly expanding neighborhoods.
These mixed-use properties consist of eight, free-market, apartments, and three retail spaces. All of the apartments consist of four bedrooms with two bathrooms. They are renovated with top-of-the-line appliances, hardwood floors, washer/dryers and tenant-controlled HVAC systems. The properties are fully occupied with the exception of one store. The properties also benefit from the availability of air right for future development or to increase the residential component.
“This opportunity will allow an investor to purchase a turnkey, cash-flowing, property with the ability to raise rents upon turnover in the apartments,” commented Polsinelli.
The properties are ideally located along Flatbush’s premier retail corridor with the busy
shopping, and dining options. The street boasts a high volume of foot traffic, which is a significant draw for the retail component. The area has been booming with new condominium development and a resurgence of activity. Strong local demand can be seen in the surrounding area’s tight vacancy rate. Rents in the area have exceeded their pre-pandemic rates. Flatbush offers a robust demographic profile. The population of new renters has grown significantly. Residents love the 24/7 vibe, specialty stores, eateries, bakeries, and quick and easy transportation to Manhattan.
“Consistent demand for free-market, multi-family assets with low real estate taxes, makes this deal the perfect candidate for any investors’ portfolio. Paired with an overwhelming demand for housing options within a highly sought-after area, this property offers a powerful investment opportunity,” noted Polsinelli.
Major neighborhood attractions include Prospect Park, Brooklyn Museum, and SUNY
Downstate Medical Center and Kings County Hospital. Transportation is in abundance with the 2 and 5 train lines just one short block away, providing easy access to Downtown Brooklyn and Manhattan, making it perfect for commuters.
“Fortunately, we are seeing signs of a strong resurgence as more investors, including
institutional funds, are committing to multi-family ownership positions in Brooklyn,” concluded Polsinelli