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Background

ERP closed on the property in march 2011.

The 8-unit building is in the heart of Park Slope, Brooklyn, across the street from one of the city’s top public schools.

Business Plan

The property had 8 units: six free market, one rent stabilized, and one rent controlled. ERP vacated the free market units and bought out the rent stabilized unit; we renovated around the rent-controlled tenant.

Renovated units and converted to condos within two years.

Risk of loss of capital mitigated by having a strong rental backup.

Current Status

The project was fully sold out within 21 months of purchase.

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 2011
Completion Date January 2013
Location Park Slope, Brooklyn
Total Units 8
Gross SF 10,085