597 Grand Ave Brooklyn, NY 11238
- Commercial real estate
- 148,485 SF
Current Use by Public Records
- Wax Poetics / Publisher
- 7ONE8 DESIGN INC / Website Designer / Service Establishment
- Eli Percy Photo / Photographer
- Zipcar / Car Rental Agency / Transportation Service
Property Details for 597 Grand Ave
- Property size
- 148,485 SF
- Property type
- Commercial real estate
Description
This exceptional four-building portfolio comprises 149 residential units totaling 148,485 square feet, strategically located in Brooklyn's desirable Clinton Hill and Prospect Heights neighborhoods. The properties are clustered for efficient management, presenting a compelling value-add opportunity. Two buildings benefit from expired J-51 tax abatements, one has a 421-a abatement with four years remaining, and another boasts a J-51 abatement with ten years remaining. The portfolio offers significant scalability and is priced at $51,000,000, or $343.47 per square foot. This rare opportunity allows for acquisition of the entire portfolio or individual buildings. The properties represent a meticulously managed institutional-quality investment in highly sought-after submarkets. The individual addresses are 597 Grand Ave, 471 Vanderbilt Ave, 50 Greene Ave, and 802 Bergen St, all in Brooklyn, NY 11238. This is a unique chance to acquire a substantial multifamily asset with significant upside potential.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9622505
- Latitude
- 40.6776687
