Cushman & Wakefield has been retained on an exclusive basis to sell the Mann Portfolio, consisting of five properties in Brooklyn’s Bedford-Stuyvesant neighborhood. The asking price is $21,500,000.
The properties are located at 257 Quincy Street, 570 Jefferson Avenue, 308 Stuyvesant Avenue, 788 Madison Street and 790 Madison Street. The five walk-up apartment buildings combine for approximately 45,462 square feet and 62 residential units. Of the 62, 31 are rent stabilized, 18 are free market, and 13 will be delivered vacant upon sale, allowing for immediate upside in gross income. The combined unit mix consists of eight studio, eight one-bedroom, 35 two-bedroom, eight three-bedroom, and three four-bedroom apartments.
257 Quincy Street, located between Nostrand and Marcy Avenues, contains approximately 17,650 square feet on a 50’ x 100’ lot and consists of 21 units. 570 Jefferson Avenue, located between Lewis and Stuyvesant Avenues, contains approximately 7,364 square feet on a 25' x 80' lot and consists of nine units. 308 Stuyvesant Avenue, located between Hancock and Halsey Streets, contains approximately 8,320 square feet on a 26’ x 100’ lot and consists of 16 units. 788 Madison Street and 790 Madison Street, located between Ralph and Patchen Avenues, are two neighboring buildings that each consist of 8 units, contain approximately 6,064 square feet and sit on 27.5’ x 100’ lots. One of the two buildings will be delivered entirely vacant.
In an area with both established and up-and-coming attractions, featuring global cuisine, Off-Broadway shows, and a considerable number of nightlife options, this portfolio presents a rare opportunity to make an overnight footprint one of Brooklyn’s most dynamic and evolving neighborhoods. The properties are conveniently situated in and around Stuyvesant Heights Historic District which provides access to Manhattan via the A, C, G, J and Z subway lines.
“This is one of the best located portfolios we have seen come to market in Central Brooklyn. This opportunity offers a unique balance of scale, architectural significance, strong in-place income and legitimate upside,” said Cushman & Wakefield’s Michael Amirkhanian who is exclusively marketing this portfolio.
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Neighborhoods: Bedford Stuyvesant