Citi Portfolio

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Created date: September 18, 2023
Date last updated: September 18, 2023

Property Description

The Citi Portfolio is a collection of six buildings in Western Bed-Stuy / Crown Heights that has a total of 51 units of which only three are rent-regulated with under-market rent. All six properties are in protected tax classes (tax-income ratio under 5%), have been renovated within the past ten years, and have upside by bringing the rents up to market. Ownership has an assumable interest only loan with a 3.77% rate that has 8+ years remaining, giving a purchaser nearly a decade of positive cash flow in a highly appreciating area. As the largest sub-portfolio of the Central Brooklyn Portfolio, these six properties can be sold as a single package or along with up to 12 other buildings. DHCRs and building plans can be provided upon request, and management is open to staying on with a new buyer.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments | Low-Rise
Price: $32,000,000
No. of Units: 51
Building Size: 38,624 Sq ft
No. of Stories: 4
Opportunity Zone: No
Price per unit: $627,451

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