A portfolio of apartment buildings in Borough Park, Brooklyn has hit the market asking about $50 million, the brokers representing the seller told The Real Deal.
Gabe Saffioti and Nicole Rabinowitsch of Eastern Consolidated are marketing the four buildings, which hold 193 rent-regulated units and are located between 45th and 47th streets and 12th Avenue.
A family investor masked by LLCs has owned the portfolio for more than 30 years, the brokers said, and is looking to exit in order to focus on other projects. The family did not want to be identified, Saffioti said.
The units are all rent-stabilized with the exception of five rent-controlled units. Three commercial spaces – which house a doctor, a dentist and an unrelated real estate management company – are also located in the buildings.
Saffioti underscored that the properties in the mostly Orthodox Jewish neighborhood area do not trade often. “The neighborhood has incredibly strong demand for housing. The buildings are in good shape,” he said.
Rabinowitsch was more blunt: “Someone can make a lot of money,” she said, estimating that rent rolls can be increased by about one-third in the next two years given how quickly units turn over in the area.
The buildings — at 4520 12th Avenue, 4711 12th Avenue, 1314 46th Street and 1217 47th Street – all have elevators.
The family is seeking bids in the “high $40 [millions] to low $50 [millions], and they are firm,” Rabinowitsch said.