Stalled 52 units Crown Heights $8.5MM

From Craig's List, pqz78-4054395762@hous.craigslist.org to respond. Anyone recognize this project? * Stalled Project - 52 unit Crown Hts / Prospect Lefferts Gardens (Bklyn - Crown Hts - Prospect Lefferts) ** Serious and Sound Principals Only ** -- Stalled 52 Units Residential Project Crown Heights / Prospect Lefferts Gardens Brooklyn, NY 11225 Reduced Price: $8.5MM Maybe Negotiable - if good terms... [more]

From Craig's List, pqz78-4054395762@hous.craigslist.org to respond. Anyone recognize this project? * Stalled Project - 52 unit Crown Hts / Prospect Lefferts Gardens (Bklyn - Crown Hts - Prospect Lefferts) ** Serious and Sound Principals Only ** -- Stalled 52 Units Residential Project Crown Heights / Prospect Lefferts Gardens Brooklyn, NY 11225 Reduced Price: $8.5MM Maybe Negotiable - if good terms and fast closing. Can arrange showing, conference call, meeting with the sellers. Highlights: 33 - 52 Residential Units 7-story, Corner Property 17 parking spaces in basement level 800 sf community space on ground level Storage for apts in basement Some units have balconies and private gardens 61,000SF Gross (45,000 Net rentable/sellable) with 2 elevator mid-rise building Transportation: 2,5, subway lines. B44, B49 Bus routes Original project was intended for condos (no book available) & was comprised of 33 residential units (1 -- one bed, 13 - two bed, 12 - three bed, and 7 - four bed units). Also - there is an 800 sq ft community space on a ground level. There are also 17 parking spaces in the basement. All apartments have storage in the basement and some units have balconies & private gardens. Average unit size is 1,300 sq ft. Current owner has reconfigured plans for 52 units with a mix of studio's, one bedroom & two bedroom units with an average unit size of 818 sq ft. Projected income based on rents at $25 + per sq ft would yield income of $1,125,000 not including income for storage, parking, laundry, etc. There is a 421A tax abatement for 15 yrs & expenses are estimated at approx $165,000. There are no outstanding liens on the property & existing permits have expired. Close to : 2/5 trains ( to Lower and Upper / East and West Side Manhattan ) walking distance or 1 train stops to Medgar Evers College 5 train stops to Bklyn College. B43 Bus / Empire Blvd. / Bed Stuy / East Wlmsbg / North Wlmsbg / Greenpoint B44 Bus / Nostrand Ave. / New York Ave / Bed Stuy / Wlmsbg / Bridge Plaza transfer to Manhattan B44 stops at Bklyn College ( approx. 20 minutes by bus / approx. 10 minutes by car ) approx. 4 blocks / walking distance to Prospect Park ___________________________________________________ Approx. 8 blocks from these 4 Medical Centers : Kings County Hospital ( 451 Clarkson Ave. ) SUNY Hosp ( 470 Clarkson Ave. ) Kingsboro Psychiatric Center ( 681 Clarkson Ave. / Winthrop St. / Rutland Rd. ) Kingsbrook Jewish Center ( 864 beds & medical training facility ) ( 585 Schenectady Ave. / Clarkson Ave. ) Note: This is an opportunity for a developer to build for hospital employees, Med Technicians, Doctors, Nurses, Students, etc. __________________________________________________________________ Cap Rate is projected based on 33 rentable units with an option to build 55 smaller units (818 SF Average) which yields a projected income based on $25/sf of 1,171,000 (10 cap). Expenses are estimated to be approx. 163K. 421A Tax Abatement for 15 years. Crown Heights is a neighborhood in the central portion of NYC borough of Brooklyn. The main thoroughfare thru this neighborhood is Eastern Parkway, a tree-lined boulevard designed by Frederick Law Olmsted extending 2 miles. This specific location is 1 block away from Sterling stop on 2,5 subway trains & 10 blocks from Kingston stop on 2,3,4,5 subway trains, and 8 blocks from Kings County Hospital Centers & SUNY Downstate Hospital. ** All information provided regarding this Bklyn, Crown Hts / Prospect Lefferts Gardens stalled project that the above stated information is relevant to, is subject to additional review. ** Serious inquiries only ** Please provide your contact info and I will call you about this opportunity. * Thank you for your interest in this posting. Location: Bklyn - Crown Hts - Prospect Lefferts [less]