Ariel Property Advisors retained to sell 49-unit two-building multifamily package in Prospect Heights

May 9, 2017 From Ariel Property Advisors
Photo courtesy of Ariel Property Advisors
Photo courtesy of Ariel Property Advisors
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Ariel Property Advisors has been exclusively retained to sell 291 & 292 Lincoln Place, a two-building multifamily package in the prime area of Prospect Heights in Brooklyn. The asking price for the properties is $20 million.

The buildings, which contain 49 residential units spanning 41,000 square foot, are located between Underhill and Washington Avenues, one of the most prestigious neighborhoods in Brooklyn. The unit mix consists of 10 free market, 1 rent controlled, and 38 rent stabilized units.

Future owners can realize supplementary upside by building out the 12,400 square feet of additional air rights (as-of-right) that is available between both properties.

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Exclusive agents Jonathan Berman, Michael A. Tortorici, Shimon Shkury, Victor Sozio, and Orry Michael are representing the seller.

The properties have been meticulously maintained by a long-term owner and recently underwent an extensive capital improvement program. In fact, 10 of the apartments have been completely renovated and feature new kitchens equipped with stainless steel appliances, new bathrooms, hardwood floors, and recessed lighting.

“Pristine condition multifamily properties in the coveted location of Prospect Heights are a rare opportunity for investors,” said Jonathan Berman, Director at Ariel Property Advisors. “The buildings also offer significant upside potential due to a sizeable amount of air rights.”

Located in one of Brooklyn’s most desirable areas, the properties are also in close proximity to a slew of major attractions, such as Grand Army Plaza, Prospect Park, the Brooklyn Museum, and the Brooklyn Botanic Gardens. The property also enjoys favorable commuting options, with convenient access to the 2, 3, 4 and 5 trains, which are located a short walk from the buildings.

More information is available from the exclusive agents at 212-544-9500: Jonathan Berman, ext. 20, [email protected]; Michael A. Tortorici, ext. 13, [email protected]; Shimon Shkury, ext. 11, [email protected]; Victor Sozio, ext. 12, [email protected]; and Orry Michael, ext. 4002, [email protected]

Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.


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