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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).