Tri-State Investment Sales Group selling newly redeveloped rental property
The Tri-State Investment Sales Group for Avison Young is marketing 841 Dekalb Avenue, anewly redeveloped, 6,425-square-foot, five-storyrental building with eight fair market unitslocated in the Stuyvesant Heights neighborhood of Brooklyn. The asking price for the property is $4.75 million.
An Avison Young team led by Principal and Head of Tri-State Investment Sales, James Nelson, Senior Director Brandon Polakoff,Associate Director Fritz Richter, Senior Associate Alexandra Marolda, and Associate Jeremy Stenbergare marketing the sale of the asset. The newly redevelopedbuilding offers well-appointed apartment units with high-end finishes, private outdoor spaces, oversized windows, and in-unit washer/dryers. It also benefitsfrom a UDAAP tax exemption.
“This assignment speaks to the experience and continued track record of successfor the Avison Young investment sales team,” comments Polakoff. “841 Dekalb Avenue is a first-rate multifamily asset in a desirable Brooklyn locationwith a favorable tax incentive. We expect strong interest in this premier property from a number of investors as we embark on our strategic marketing campaign.”
The Urban Development Action Area Project (UDAAP) program provides up to a 20-year (10-years + 10-year phase out) exemption from real estate taxes on the assessed value of the building. The taxes on the property are solely assessed on the land value. For 841 Dekalb Avenue, this program, along with its tax class 2B classification, bring annual taxes for 2020-2021 to $1,972 or 0.72% of EGI.
The property is ideal for an investor seeking a stabilized, high-quality, multifamily property with strong in-place cash flow, as well as capital appreciation upside due to its location in an increasingly vibrant and popular neighborhood that continues to attract investor interest and experience capital inflows.
It is also conveniently located near the J, M, Z, and G trains.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
