
Park Slope Apartments and Adjacent Lot Go Up for Sale
ARG has been named the exclusive sales agent for 287-295 Prospect Ave., a 52-unit multifamily property in the Park Slope section of Brooklyn. Principal Erik Yankelovich will handle marketing the property and an adjoining vacant lot on behalf of the seller, with pricing for the assets targeted at $18 million.
Constructed in 2000, 287-295 Prospect is an eight-story elevator building that includes 52 rent-stabilized units. Through a middle income regulatory agreement, units at the property that become vacant will be eligible for rent decontrol beginning in 2024.
The adjoining parcel, 596 6th Ave., is a developable corner lot that will allow for the construction of a 3,680-square-foot residential property.
“Due to regulatory issues and the pandemic, the investment market has slowed over the past few years, but this well-maintained elevator building offers investors a rare example of a cash-flowing property with considerable upside,” said Yankelovich.
- ◦Sale