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.
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.
The project was fully sold out within 21 months of purchase.
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|Acquisition Date||April 2011|
|Completion Date||January 2013|
|Location||Park Slope, Brooklyn|