485 East 28th Street
Brooklyn, NY 11226
Cross street:Newkirk Avenue

Building

Type:Low-rise
Era:Pre-war
Floors:6

Property

Ownership: Rental Property
Rooms: 40
Bedrooms: 1 BR
Bathrooms: 1
Pets: Pets Unknown

Financials

Price:$15,250,000
Listing Courtesy of Compass

Description

Our team has been retained on an exclusive basis to facilitate the sale of 485 E. 28th Street and 1463 New York Avenue, a pair of new developments with 33+ years remaining on their 421a Tax Abatements in thriving Flatbush. Each elevator building includes 18 units across roughly 17,000 square feet and is located just two blocks from the 2/5 subway line. Featuring condo-quality finishes and multiple private balconies, both properties are fully electric, clean, efficient, and easy to manage. There’s additional upside through activation of the basement and roof areas for amenities, and the community facility spaces may allow for future residential conversion under recent City of Yes/UAP changes. Rents in Flatbush have risen approximately 22% over the past three years, with current market levels for new development averaging around $62/SF. These 95% occupied buildings offer strong in-place income with clear potential to bring under-market units to full rent. Asking a 6-cap with a lender in place willing to finance closer to 5.5%, they present a rare opportunity to acquire low-maintenance, long-term assets with stable cash flow and meaningful upside. Available individually or as a portfolio.

Amenities

Bike Room; Laundry Room; Roof Deck;
  • Air Conditioning
  • Elevator
  • Laundry Room
  • New Development
  • Roof Deck
  • Video Intercom

Neighborhood

More listings:

Our team has been retained on an exclusive basis to facilitate the sale of 485 E.


OLR IDX

RLS Data display by Nest Seekers LLC.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.