Ariel Property Advisors Retained To Sell Portfolio of 5 Walk-Up Buildings, 1 Mixed-Use Property in Ocean Hill & Crown Heights

February 10, 2020 – Ariel Property Advisors has been exclusively retained to sell the Eastern Parkway Portfolio, a package of 5 walk-up buildings in the Ocean Hill/Crown Heights neighborhoods...
Eastern Parkway

February 10, 2020 – Ariel Property Advisors has been exclusively retained to sell the Eastern Parkway Portfolio, a package of 5 walk-up buildings in the Ocean Hill/Crown Heights neighborhoods of Brooklyn. The asking price for the 61-unit portfolio is $12.5 million, or $170 per square foot.

Ariel has also been hired to sell 162A Utica Avenue, a 3-story vacant and fully gutted mixed-use building in Crown Heights.

Eastern Parkway Portfolio

The 4-story properties, which are situated on the north side of Eastern Parkway between Park Place and Thomas S. Boyland Street, span a total of 73,450 gross square feet. The fully occupied buildings are comprised of 2 studio, 32 one-bedroom, 23 two-bedroom, and 3 three-bedroom units. Of the apartments, 19 have preferential rents. The property package also includes 1 retail unit that rents for $3,700 per month.

Exclusive Ariel Property Advisors agents Jonathan Berman, Victor Sozio, and James Meehan are representing the seller, a private investor group.

Located at 1613, 1617, 1621, 1625, and 1631 Eastern Parkway, the properties offer two large dual boilers. Both the electric and gas for the units are individually metered.

Amenities in the neighborhood are bountiful, such as Ocean Hill Playground and the Hilltop Playground, and there are also plenty of restaurants and shops nearby. It is important to note that several new developments have emerged along Eastern Parkway, including a 72-room hotel and a 125-unit mixed-use building, a stark reflection of the region’s rapid growth.

A multitude of transportation options are in proximity, with the A, C, L, 2,3, and 4 subway lines, as well as the LIRR and B7 bus stop just steps away.

162A Utica Avenue

The Crown Heights building – located on the northwest corner of Utica Avenue and Prospect Place – encompasses approximately 4,342 square feet. The lot measures 22.8’ x 90’ and R6 / C2-3 (2.2 FAR) permits a total of approximately 4,514 buildable square feet (as-of-right). The asking price for the property is $1.5 million.

Exclusive Ariel Property Advisors agents Jonathan Berman, Victor Sozio, and James Meehan are representing the seller, a private investor group.

Utica Avenue sees a tremendous amount of foot traffic. A new Blink Fitness, Chase Bank and a Subway franchise are within walking distance. St. John’s Park is less than one block away, and a slew of new residential developments are being built in the immediate area.

Categories
CommercialDealsMultiFamilyNationalNewarkNortheastSales

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