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Background

ERP acquired the property in October 2012 after the property was quickly marketed by a distressed seller. Located in southern Park Slope, one of NYC’s most family-oriented neighborhoods.

The building at purchase was a vacant two-family home on a 26‘ wide x 110‘ deep lot containing over 6,000 buildable SF of air rights.

Purchased additional 1,000 SF of air rights from adjacent property.

Business Plan

This uniquely wide lot allowed ERP to create real 3 and 4-bedroom units, all with outdoor space. These units are in extreme shortage.

Current Status

The project is fully approved, funded and under construction.
Offering plan approval projected for summer of 2014 and sellout projected for early 2015.

There can be no assurance that these results will be achieved. Please click here for important disclosures regarding the information presented in this web site.

Deal Stats
Acquisition Date November 2012
Completion Date February 2015
Location Park Slope, Brooklyn
Total Units 4
Gross SF 8,830