186 Remsen Street
186 Remsen Street, Brooklyn, NY, 11201, US
465 sm
Attributes
Building area net
1,240 sm
Units
25
Floors
4
Buildings
2
Asset description
JLL has been retained on an exclusive basis to arrange for the sale of 1055-1057 Second Avenue (the “Properties”) two adjacent 4-story buildings located on Second Avenue between 55th Street and 56th Street.
The properties have a combined 50 square feet of frontage and consist of 21 residential and 4 retail units. 82% of the units in 1055 are free market and 10 of the 11 units are studios with 1 two bedroom. 1057 Second Avenue has 8 studios and 2 two bedroom apartments and is 50% free market with 4 rent stabilized and 1 rent controlled unit.
Ownership of the properties is developing a luxury residential tower at 1059-1061 Second Avenue and may agree to lease the 600 SF retail space in 1055 Second Avenue for 30 months at $75 per square foot to provide additional cash-flow as they complete construction. Ownership’s adjacent development is expected to total approximately $200M and speaks volumes to the strength of the location where demand for high-end rental and for-sale product in a walk-to-work
location exceeds supply.
...
Investment highlights
65% of the 21 Residential Units are Free Market
$704,853 in Projected Net Operating Income
35% below market rents on free market units
Direct access to the 4 5 6 N R F
Walk to Walk Optionality just steps from NYC Central Business District
Media
1055-1057 Second Avenue (0 Properties)
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Last updated
May 5, 2025