ERP acquired the property in April 2012. The opportunity was sourced through a local brokerage before it was publicly listed.

Located in Carroll Gardens, a block from the Carroll Street subway station and Carroll Park.

Building is a brownstone consisting of six floors, 22’ wide and 71’ deep with 10′ ceilings.

The property had 14 owners, many third-generation descendants of the original owners, creating unique challenges.

Business Plan

ERP vacated and renovated the building, converting it to condos.

Property had a cell tower rented to Verizon generating approximately $2,000/month. Negotiated a 25% increase and sold the income stream.

Current Status

Completed renovation in 2013 and successfully sold units in Q2 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 April 2014
Location Carroll Gardens, Brooklyn
Total Units 5
Gross SF 8,442