202 8th St, Brooklyn, NY, 11215

202 8th Street

Asset Description

Jones Lang LaSalle has been retained on an exclusive basis to arrange the sale of 202 8th Street, a full-service, mid-rise, class A multifamily property at the crossroads of Park Slope and Gowanus. The Property totals 45,557 RSF (41,253 interior RSF and 4,304 outdoor RSF) and 56,868 GSF, and benefits from a 15-year 421a tax abatement through 2027. Upon the abatement’s expiration in 2027, 100% of the units will be immediately deregulated as of right, creating a strong mark-to-market opportunity with in-place rents currently 26% below the comparable average.

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Attributes

Building area gross

5,283 m²

Number of units

Year built

2011

Media

Investment Highlights

Significant Mark-to-Market Opportunity
Exemption from Good Cause Eviction Legislation
Abundant Amenities and Outdoor Space
Convenient Access to Transit
Prime Location at the Convergence of Park Slope and Gowanus
Discount to Replacement Costs
Discount to New Construction Rents, Creating Defensive and Durable Cashflows with Upside Rent Potential
New York City Remains one of the Strongest Markets Nationally