A Six-Building Affordable Housing Portfolio with Embedded Revenue Upside Through Voucher-Based Increases

Description:

Concentrated Brooklyn Footprint
A portfolio consisting of 6 walk-up apartment buildings located exclusively in the Borough Park neighborhood of Brooklyn

Accretive Article XI Tax Shield
Benefits from a 0.01% Gross Rent Tax for a period of 40 years, effectively reducing real estate taxes to a nominal amount.

Strong Unit Mix Variety
• 32 units backed by a Project-Based Voucher contract
• 7 free market units
• 64% voucher-based tenancy with diverse contract administrations

Location & Neighborhood Connectivity
Immediate access to major commercial corridors like 13th Avenue and 18th Avenue — supermarkets, specialty markets, pharmacies, and diverse dining options. Residents enjoy a "walker's paradise" with proximity to local essentials, schools, and recreational spaces like Dome Playground and Gravesend Park.

Scale & Composition (209,380 SF)
Comprises 229 total residential units spanning approximately 209,380 gross square feet.

Immediate Rental Upside (610 Amendment)
Regulatory agreement includes the crucial 610 Amendment, which allows for rent mark-ups on subsidized voucher units.

Recent Improvements ($19M Invested)
$19M in comprehensive upgrades including high-end unit renovations, envelope/facade improvements and modernized boiler systems, significantly reducing near-term capex requirements.

Premier Transit Access
Exceptional connectivity via the D train at the 50th Street and Fort Hamilton Parkway stations, providing a direct ~30-minute commute to Manhattan. Further served by an extensive MTA bus network, including the B9, B11, and B16 routes, as well as easy vehicular access to the Prospect Expressway and McDonald Avenue

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