South Brooklyn rental portfolio on sale for $124M

A nine-building beachfront portfolio in South Brooklyn has hit the block for $124 million, the New York Observer reported. The properties span a three-mile strip passing through Brighton Beach, Sheepshead Bay and Gravesend. All in all, the portfolio accounts for some 580,000 square feet and contains 652 rent-stabilized units, which the owner wants to sell in one fell swoop.

Jeffrey Shalom, Brian Hanson and Bob Knakal of Massey Knakal are exclusively marketing the listing.

“It isn’t often that a product with 652 units comes online…and the rents are currently below market so there is an upside,” Shalom told the Observer.

One of the properties is the 200-unit, nearly 160,000-square-foot 2835-2875 Ocean Avenue, with an asking price of $35 million. Another portion, the Manhattan Beach Estates in Brighton Beach, has a $49 million price, as well as nearly 43,000 square feet of additional development rights, the Observer said.

Shalom told the Observer that all the buildings are in good condition, with renovated units, common areas and mechanical systems, to name a few examples. [NYO] —Zachary Kussin