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Park Affordable Portfolio 6 Multifamily Properties in Brooklyn, NY
Investment Highlights
- Six-building portfolio with 229 units concentrated in Borough Park.
- $19M invested in upgrades, reducing near-term capital expense needs.
- Excellent transit access with 30-minute commute to Manhattan via D train.
- Protected with a 40-year Article XI tax exemption for ultra-low taxes.
- Immediate rental upside via 610 Amendment rent mark-up provisions.
- Diverse unit mix including Project-Based Voucher and free market units.
Executive Summary
Concentrated Brooklyn Footprint
A portfolio consisting of 6 walk-up apartment buildings located exclusively in the Borough Park neighborhood of Brooklyn
Accretive Article XI Tax Shield
Benefits from a 0.01% Gross Rent Tax for a period of 40 years, effectively reducing real estate taxes to a nominal amount.
Strong Unit Mix Variety
• 32 units backed by a Project-Based Voucher contract
• 7 free market units
• 64% voucher-based tenancy with diverse contract administrations
Location & Neighborhood Connectivity
Immediate access to major commercial corridors like 13th Avenue and 18th Avenue — supermarkets, specialty markets, pharmacies, and diverse dining options. Residents enjoy a "walker's paradise" with proximity to local essentials, schools, and recreational spaces like Dome Playground and Gravesend Park.
Scale & Composition (209,380 SF)
Comprises 229 total residential units spanning approximately 209,380 gross square feet.
Immediate Rental Upside (610 Amendment)
Regulatory agreement includes the crucial 610 Amendment, which allows for rent mark-ups on subsidized voucher units.
Recent Improvements ($19M Invested)
$19M in comprehensive upgrades including high-end unit renovations, envelope/facade improvements and modernized boiler systems, significantly reducing near-term capex requirements.
Premier Transit Access
Exceptional connectivity via the D train at the 50th Street and Fort Hamilton Parkway stations, providing a direct ~30-minute commute to Manhattan. Further served by an extensive MTA bus network, including the B9, B11, and B16 routes, as well as easy vehicular access to the Prospect Expressway and McDonald Avenue
A portfolio consisting of 6 walk-up apartment buildings located exclusively in the Borough Park neighborhood of Brooklyn
Accretive Article XI Tax Shield
Benefits from a 0.01% Gross Rent Tax for a period of 40 years, effectively reducing real estate taxes to a nominal amount.
Strong Unit Mix Variety
• 32 units backed by a Project-Based Voucher contract
• 7 free market units
• 64% voucher-based tenancy with diverse contract administrations
Location & Neighborhood Connectivity
Immediate access to major commercial corridors like 13th Avenue and 18th Avenue — supermarkets, specialty markets, pharmacies, and diverse dining options. Residents enjoy a "walker's paradise" with proximity to local essentials, schools, and recreational spaces like Dome Playground and Gravesend Park.
Scale & Composition (209,380 SF)
Comprises 229 total residential units spanning approximately 209,380 gross square feet.
Immediate Rental Upside (610 Amendment)
Regulatory agreement includes the crucial 610 Amendment, which allows for rent mark-ups on subsidized voucher units.
Recent Improvements ($19M Invested)
$19M in comprehensive upgrades including high-end unit renovations, envelope/facade improvements and modernized boiler systems, significantly reducing near-term capex requirements.
Premier Transit Access
Exceptional connectivity via the D train at the 50th Street and Fort Hamilton Parkway stations, providing a direct ~30-minute commute to Manhattan. Further served by an extensive MTA bus network, including the B9, B11, and B16 routes, as well as easy vehicular access to the Prospect Expressway and McDonald Avenue
Property Facts
| Sale Type | Investment | Individually For Sale | 0 |
| Status | Active | Total Building Size | 193,404 SF |
| Number of Properties | 6 | Total Land Area | 1.36 AC |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 6 |
| Individually For Sale | 0 |
| Total Building Size | 193,404 SF |
| Total Land Area | 1.36 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 864 49th St, Brooklyn, NY 11220 | Multifamily | 67,600 SF | 1930 | - |
| 961 42nd St, Brooklyn, NY 11219 | Multifamily | 35,320 SF | 1926 | - |
| 902 47th St, Brooklyn, NY 11219 | Multifamily | 30,660 SF | 1926 | - |
| 914 47th St, Brooklyn, NY 11219 | Multifamily | 26,244 SF | 1926 | - |
|
The Berkshire
926 47th St, Brooklyn, NY 11219 |
Multifamily | 18,664 SF | 1926 | - |
| 983 46th St, Brooklyn, NY 11219 | Multifamily | 14,916 SF | 1922 | - |
(212) 544-9500
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Contacts
-
Victor Sozio -
Shimon Shkury -
Sean Kelly -
Luke Rizzo -
Remi Mandell -
Ariel Property Advisors
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