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$ 60,000,000
Est. payment /mo
Active
505 Rockaway Pkwy Brooklyn, NY 11212
65,535 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 65,535 sqft
Price per Sqft $915
MLS Listing ID 12036511
Style High-rise
Year Built 1948
Annual Tax Amount $1,545,550
Property Description
505 Rockaway Parkway is offered as part of The Brookdale Portfolio of Brooklyn, a package sale only. Exclusive offering. The Brookdale Portfolio of Brooklyn: four rent-stabilized buildings in Canarsie, Brooklyn offered together at $60,000,000. 381 apartments, 360,918 gross SF, ground-floor retail and 104 on-site parking spaces. The four addresses: 7 Hegeman Avenue, Brooklyn NY 11212 (172 units, 20-story elevator tower, 49-space cellar garage) 660 East 98th Street, Brooklyn NY 11236 (113 units, 12-story elevator building, 55-space surface lot) 505 Rockaway Parkway, Brooklyn NY 11212 (54 units over two leased storefronts, elevator) 525 Rockaway Parkway, Brooklyn NY 11212 (42 units plus one commercial unit, walk-up) Ownership-reported NOI of $3,835,489, an indicated 6.39% cap rate at the asking price, with reported occupancy of approximately 98%. That works out to $157,480 per unit and $166 per gross SF. Unit mix: 88 studios, 213 one-bedrooms, 78 two-bedrooms and 2 three-bedrooms. All four properties sit within roughly three-tenths of a mile of Brookdale University Hospital Medical Center. 505 and 525 Rockaway Parkway are on the hospital's tax block, 660 East 98th Street faces the campus across Linden Boulevard, and 7 Hegeman Avenue is about two blocks northeast. Additional income from parking, laundry, submetered electric, rooftop antenna leases and carrier agreements. Facade work at both towers and elevator work at 660 East 98th Street reported complete. 552 Amboy Street, a separately taxed land parcel (Block 3621 Lot 49), conveys with 7 Hegeman Avenue as the development piece and comes with a completed zoning study. Package sale only. Full financials released to qualified principals on a signed NDA.
Location
State NY
County 36047
Rooms
Kitchen 0
Interior
Laundry 1
Exterior
Garage 1
Building
Story 20
Others
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Tenisha Davis, Licensed Real Estate Broker
Licensed Real Estate Broker - GRI, ABR, CBR, SFR, SRS - Notary Public