Prospect Park South Portfolio, NY
387 Unit | Article XI | Affordable Housing Opportunity with Value-Add Potential | Assumable Favorable Debt
Overview
Key Highlights
- Units 387
- Gross SF 411,892
- Tax Benefit Article XI Expires 2050
- Gross Rent Tax 1%
Overview
Investment Highlights
• Approximately 411,892 gross square feet with 387 residential units
• Beneficiary of an Article XI tax abatement with 1% GRT until 3/31/2050
• Recent 610 amendment to existing regulatory agreement allows for significant revenue growth
• Located in a prime location throughout Prospect Park South
• Convenient access to transportation - multiple subway and bus routes throughout (B&Q lines & B35 bus stop)
• Apartment unit mix consists of 33 studios, 154 one-bedrooms, 121 two-bedrooms, 56 three-bedrooms, 14 four-bedrooms and 9 five-bedrooms
• Accretive assumable long-term debt with a senior mortgage of $66M at an interest rate of 4.20% and a subordinate mortgage of $7.3M at a 3.49% interest rate maturing in 2041
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