|Number of units||113|
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the leasehold sale of 834 Pacific Street (the “Property”), a seven-story, 113-unit luxury rental building located in the Prospect Heights submarket of Brooklyn, New York. The building includes 79 fair market and 34 affordable units comprised of 61 studios, 43 one-bedroom units, 7 two-bedroom units, and 2 three-bedroom units, in addition to a 64-car parking garage. The Property, delivered in 2021, is the beneficiary of a 35-year Affordable New York (ANY) tax abatement that expires in 2056.
The Property is located in the heart of Brooklyn’s most coveted brownstone neighborhood bordering Prospect Heights, Fort Greene, and Clinton Hill. The Property is adjacent to thriving retail destinations in Downtown Brooklyn, 526-acres of greenspace at Prospect Park, and neighborhood dining and retail corridors on Flatbush, Vanderbilt, and Washington Avenues. 834 Pacific Street represents a rare opportunity for an investor to acquire a brand new, exceptionally designed asset in a highly desirable and proven submarket.
Accretive Affordable New York (ANY) Abatement
The Property is the beneficiary of a 35-year ANY tax abatement (2056 expiration), allowing for significant tax savings over the hold period. 70% of the units are Fair Market while the remaining 30% of the units are Affordable at 130% of AMI.
Thoughtful, Contemporary In-Unit Design
Units at the Property boast the highest quality finishes and upgrades to craft an elegant, luxurious space. Details include 5” European hardwood flooring, recessed lighting, soaking tubs, and Phylrich bathroom fixtures.
Luxury Resident Amenity Package
The Property hosts a best-in-class line of amenities that differentiates from and outperforms existing product in Prospect Heights and its surrounding neighborhoods. It offers a fitness center, sauna, café-style lounge, and sundeck outfitted with a kitchenette and barbeque, lounge area, and private dog run.
As the Property is reaching full lease up, the next owner can push rents and burn off concessions, begin charging amenity fees, and reduce leasing and marketing expenses.
Prime Prospect Heights Neighborhood
The Property is situated at the epicenter of a premier 15-minute submarket, steps away from Target, Whole Foods, Prospect Park, Barclays Center, and a myriad of neighborhood dining and retail corridors in Downtown Brooklyn, Fort Greene, Clinton Hill, Boerum Hill, and Park Slope.
Streamlined Access Across Manhattan
Tenants can access 11 different subway lines (2,3,4,5,A,C,B,D,N,Q,R) and the Long Island Rail Road within a 10-minute walking radius, granting beeline access to Manhattan.