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Deals & Dealmakers

Brooklyn investor shopping legacy properties in Crown Heights

1432-1440 Pacific Street
1432-1440 Pacific Street

GFI Realty is shopping a block of Crown Heights apartment buildings for a local investor who’s owned the properties for the past 25 years.

1432-1440 Pacific Street comprises three contiguous apartment buildings with a total of 28 apartments within walking distance of the Franklin Avenue-Botanic Garden and Nostrand Avenue subway stations.

“As the apartments are mostly vacant, the buyer/developer will have a unique opportunity to put their stamp on the buildings, which feature plenty of open space with room to add new amenities,” said Shlomo Antebi.

“Since this number of units in such a prime Crown Heights location is quite difficult to come by, we anticipate that there will be a great deal of interest in these properties.

Antebi, a senior director of investment sales at GFI, has listed the properties at $12.5 million.

The four-story, walk-up apartment buildings  total 26,292 s/fThe properties are currently configured as a combination of one- and four-bedroom apartments, and feature 100 feet of frontage.

The buildings benefit from the 2B tax class and are also close to Prospect Park, Brooklyn Museum and Brooklyn Botanic Garden.

Crown Heights is bounded by Washington Avenue to the west, Atlantic Avenue to the north, Ralph Avenue to the east and Empire Boulevard/East New York Avenue to the south. The neighborhood is bordered by Prospect Heights, Prospect Lefferts Garden, Clinton Hill, Brownsville, Flatbush, Bedford-Stuyvesant, East Flatbush and East New York.

SHLOMO ANTEBI
SHLOMO ANTEBI

“As investors continue to eye key neighborhoods in Brooklyn, Crown Heights has emerged as a location that has demonstrated immense potential for high return on investment,” Antebi added.

“A majority of the apartment buildings rise an average of three stories and hold no more than eight units, so this 28-unit portfolio with extremely low taxes is truly a unique opportunity.”

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