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485 E 28th St
Brooklyn, NY 11226
Multifamily Property For Sale
·
18 Units
Investment Highlights
- 485 East 28th Street is a 7-story building, comprising approximately 16,200 SF
- Unit mix includes six (6) rent-stabilized affordable units, nine (9) rent-stabilized threshold units, and two (2) free-market units
- The building has a Certificate of Occupancy from 2023 which makes the building exempt from Good Cause Eviction until 2053
- Seventeen (17) residential units, one (1) ground-floor duplexed community facility space and nine (9) available parking spaces
- All units will revert to fair market status at the end of the abatement period
Executive Summary
Avison Young, as exclusive agent, is pleased to offer for sale 485 East 28th Street, located in the Flatbush neighborhood of Brooklyn and constructed in 2022.
This is a mixed-use elevator building vested with 35-year 421A tax abatements (Affordable New York Housing Program) running through 2057, delivering substantial tax savings throughout the holding period. The ground-floor commercial space is currently vacant, presenting immediate lease-up upside. The building also benefits from additional parking income from nine parking spaces, only a few of which are currently leased, providing a prospective buyer with near-term upside.
485 East 28th Street is a 7-story building, comprising of approximately 16,200 SF across seventeen (17) residential units, one (1) ground-floor duplexed commercial space and nine (9) available parking spaces. The unit mix includes six (6) rent-stabilized affordable units, nine (9) rent-stabilized threshold units, and two (2) free-market units all of which will revert to fair market status at the end of the abatement period. Additionally, the building has a Certificate of Occupancy from 2023 which makes the building exempt from Good Cause Eviction until 2053.
This is a mixed-use elevator building vested with 35-year 421A tax abatements (Affordable New York Housing Program) running through 2057, delivering substantial tax savings throughout the holding period. The ground-floor commercial space is currently vacant, presenting immediate lease-up upside. The building also benefits from additional parking income from nine parking spaces, only a few of which are currently leased, providing a prospective buyer with near-term upside.
485 East 28th Street is a 7-story building, comprising of approximately 16,200 SF across seventeen (17) residential units, one (1) ground-floor duplexed commercial space and nine (9) available parking spaces. The unit mix includes six (6) rent-stabilized affordable units, nine (9) rent-stabilized threshold units, and two (2) free-market units all of which will revert to fair market status at the end of the abatement period. Additionally, the building has a Certificate of Occupancy from 2023 which makes the building exempt from Good Cause Eviction until 2053.
Property Facts
| Sale Type | Investment | Building Size | 16,200 SF |
| No. Units | 18 | Average Occupancy | 88% |
| Property Type | Multifamily | No. Stories | 6 |
| Property Subtype | Apartment | Year Built | 2023 |
| Building Class | B | Parking Ratio | 0.56/1,000 SF |
| Lot Size | 0.09 AC | Opportunity Zone |
Yes
|
| Zoning | R6 - Zoned R6 allowing medium-density residential use, including elevator or walk-up buildings with flexible height and bulk regulations. | ||
| Sale Type | Investment |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.09 AC |
| Building Size | 16,200 SF |
| Average Occupancy | 88% |
| No. Stories | 6 |
| Year Built | 2023 |
| Parking Ratio | 0.56/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R6 - Zoned R6 allowing medium-density residential use, including elevator or walk-up buildings with flexible height and bulk regulations. |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Granite Countertops
- Basement
- Patio
- Floor to Ceiling Windows
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Wi-Fi
- Storage Space
- Elevator
Property Taxes
| Parcel Number | 05215-0070 | Improvements Assessment | $1,215,450 |
| Land Assessment | $171,000 | Total Assessment | $1,386,450 |
Property Taxes
Parcel Number
05215-0070
Land Assessment
$171,000
Improvements Assessment
$1,215,450
Total Assessment
$1,386,450
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