425 GRAND AVENUE

Elite ListingMultifamily BrooklynClinton Hill

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Price

-%

Cap Rate

125

Units

$1,899,341

NOI


Property located at 425 GRAND AVENUEIc expand

JLL has been exclusively retained to arrange for the sale of The Clinton Grand Portfolio. Located in Clinton Hill, the portfolio is situated in the heart of one of Brooklyn’s most dynamic neighborhoods.

The portfolio is composed of 125 rent-stabilized apartments across four contiguous walk-up buildings in the heart of Clinton Hill. Beginning on Grand Avenue (425 & 435 Grand Avenue) and wrapping around Putnam Avenue (29 Putnam Ave) to Downing Street (90 Downing St.), the portfolio comprises the entire block-end featuring over 500 feet of frontage and a total of ~123,000 GSF.

The unit mix provides a favorable balance of 1, 2, 3, & 4-bedroom units, including 8 units that are currently vacant and poised to take advantage of the rapidly-recovering rental market. The units average approximately 750 SF and are heavily skewed towards 1 and 2 bedrooms (90%), which will appeal to the post-pandemic trend towards more traditional apartment layouts featuring larger bedrooms and living rooms. Buildingwide rents are currently averaging ~$27 PSF, representing a 50% discount to prevailing market rates. In general, market rents throughout Brooklyn are expected to appreciate throughout the recovery, especially in markets like Clinton Hill that appear next in line for the wave of renewed activity. The improving market should provide a boost in top-line revenue upon turnover of units with preferential rents, which are currently averaging a discount of ~15% below the legal rents.

The portfolio presents a scarce opportunity to acquire several contiguous assets of meaningful scale that are actively producing a healthy yield in one of Brooklyn’s premier neighborhoods. The properties’ proximity to the Pratt Institute, Prospect Park, and Fort Green/Downtown Brooklyn will continue to ensure steady demand to support long-term appreciation. In addition, the offering also carries a multi-layered strategic approach to near, intermediate, and long-term revenue growth.

Property Details

Block/Lot:1982/7
Lot Dimensions 203.0 x 150.0
Lot Area30,450 sq.ft
Zoning: R6B
FAR as Built:4.32
Max FAR:4.32

Exclusive Agent

Brendan Maddigan

JLL

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Sales & Transactions

AddressNeighborhoodBuilding ClassSale PriceSale Date
179 GATES AVENUECLINTON HILLV0$1,000,00006/25/2018
411 GRAND AVENUECLINTON HILLC5$2,900,00006/11/2018
462 CLASSON AVENUECLINTON HILLC3$203,65005/24/2018
202 WASHINGTON AVECLINTON HILLC2$850,00004/20/2018
502 CLINTON AVENUECLINTON HILLC1$2,150,00003/23/2018
163 GREENE AVENUECLINTON HILLC0$2,713,00002/28/2018
139 VANDERBILT AVENUECLINTON HILLC3$1,275,00002/20/2018
28 CLIFTON PLACECLINTON HILLC0$633,33302/08/2018
86 CLINTON AVENUECLINTON HILLC3$2,700,00001/11/2018
336 CLINTON AVENUECLINTON HILLC1$2,500,00011/15/2016