9 Buildings Ideal for Renovation, Condo Conversion, Broker Says
Compiled by Linda Collins
Brooklyn Daily Eagle
BROOKLYN — A portfolio of nine residential buildings in two of Brooklyn’s most sought-after neighborhoods — Brooklyn Heights and Park Slope — is on the market through Eastern Consolidated.
There is no asking price; bids will be accepted no later than May 2 at the firm’s office in Manhattan, according to Marcia Rose Yawitz, who with Eastern’s chairman, Peter Hauspurg, and other senior directors Deborah Gutoff and Ronda Rogovin, are exclusively representing the seller.
The addresses of the nine buildings are as follows:
• In Brooklyn Heights — 100 Clark St., and 182, 186 and 188 State St.
• In Park Slope — 217 and 129 St. John’s Place, 43 Prospect Place, 9 St. Mark’s Ave., and 888 Carroll St.
“An investor has the option to either renovate and operate the buildings as rentals or to convert them to condominium status or any combination thereof,” said Yawitz.
“A third option would be to return several of the buildings to their original status as single- or two-family homes, which now are in great demand in these prestigious neighborhoods.”
The owner will consider either selling the portfolio in total, or breaking it up into various components.
The nine buildings have 65 apartments of which 30 (46 percent) are occupied and 35 (54 percent) are vacant and available for immediate renovation. Additionally, 20 (31%) of the units are free market and decontrolled.
According to Eastern, other significant facts about the nine buildings include the following:
• Offering plans have been submitted for 888 Carroll and 9 St. Mark’s and are pending acceptance.
• The building at 219 St. John’s is vacant.
• The building at 100 Clark has Landmarks Preservation Commission approval to increase its total square footage by 1,950 square feet to 9,750 square feet.
“It’s not often that such a portfolio in these stellar Brooklyn neighborhoods comes to market,” said Rogovin, “and we are already seeing a great deal of interest from the investment community.”
Said Yawitz, “The owner is selling to take advantage of the hot investment sales market in Brooklyn right now.”
© Brooklyn Daily Eagle 2007
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