Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2011
Building Area
Number of units 272

Property Description

Completed in 2011, the The Addison consists of 271 units comprised of 65 Studios, 117 one-bedroom, and 89 two-bedrooms, which feature modern amenities and unit finishes. The Property is a mixed use-building consisting of two residential towers, three grounds floor retail spaces, and a below grade structured parking garage. 

Investment Highlights

Class A Property at a Highly Attractive Basis

  • Institutionally owned and managed
  • Recent Cap Ex projects include a new street entrance vestibule, upgraded fitness center and tenant lounge, and new children's playroom
  • 20% discount to replacement costs

Renovation and Mark to Market Upside

  • Rents at the Property are 12% and 18% below the competitive set on a PSF and monthly basis
  • Minimal unit and corridor upgrades can be highly accretive to increase rents

Brooklyn Fundamentals Rapidly Recovering

  • Year-over-year leasing activity up 395%, 244%, and 100% in April, May and June 2021, respectively
  • Downtown Brooklyn rents in buildings built since 2010 have increased more than 16% since bottoming out in Q3 2020

Clear Path to Fair-Market Apartments

  • 85% of units can be deregulated in 2027 (the remaining 15% in 2037), allowing for the majority of the Property to be fair-market upon 421-A expiration

Convenient Access to Mass Transit

  • Immediate access to Hoyt Schermerhorn Subway Station (A, C, G) and the 2, 3, 4, 5 subways are within a 3 minute walk
  • Access to Lower Manhattan in 10 minutes and Midtown Manhattan in less than 25 minutes

Surging Population Growth

  • Downtown Brooklyn’s population grew by 63%+ between 2010 and 2020 and is projected to grow another 9% by 2025
  • Daytime population surges 2x due to thriving employment base
Last Updated Date: 14 Sep 2021
Jeffrey Julien
Jeffrey Julien
Managing Director, Capital Markets
License details
NY-40JU1081538
Rob Hinckley
Rob Hinckley
Managing Director, Capital Markets
License details
CA-01811226: NY-10401240592

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Last Updated Date: 14 Sep 2021

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