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Background

ERP acquired the property in April 2012. It was previously family-owned for a generation before marketing it with a sole-proprietor broker to a limited group of buyers.

Located in Park Slope, one of Brooklyn’s most desirable neighborhoods, along a brownstone boulevard.

Property consisted of 4 full-floor, free-market apartments, a cellar, and a backyard garden. Building was in good structural shape but very old interior condition.

Business Plan

Gut renovated the entire building to maximize return on investment as marketable 2-bedroom/2-bathroom units.

Created additional value by duplexing first floor with the cellar and connecting the top floor unit to private roof deck.

Current Status

Completed renovation in 2013 and successfully sold all units in February 2014.

Past performance is not necessarily indicative of future results and future results may differ materially from historical results. Please click here for important disclosures regarding the information presented in this web site.

Deal Stats
Acquisition Date April 2012
Completion Date February 2014
Location Park Slope, Brooklyn
Total Units 4
Gross SF 5,800