Prospect Affordable Package LLC Acquires Multifamily Portfolio In Crown Heights For $22.1M

An affordable multifamily property in Crown Heights has been sold for a total price of $22,072,797. The property, located at 634-651-663-667 Classon Ave, 483-489-515 St Marks Ave, 808-818-872 Bergen St, 592-643 Franklin Ave & 1020-1063 Pacific St, features 31 units with a total square footage of 84,364. With a price per square foot of $261, the buyer, Prospect Affordable Package LLC, paid an average of $712,025 per unit. The property has a buildable square footage (BSF) of 108,610 and a price per buildable square foot (PPBSF) of $203. The lot size is 4,400 square feet and the lot dimensions measure 50 ft x 88 ft.

Summary of Transaction Details

• Property Type: Multifamily
• Transaction Amount: $22,072,797
• Market: Crown Heights
• Address: 634-651-663-667 Classon Ave, 483-489-515 St Marks Ave, 808-818-872 Bergen St, 592-643 Franklin Ave & 1020-1063 Pacific St
• Buyer: Prospect Affordable Package LLC
• Seller: All Year Management

This transaction was facilitated by All Year Management as the seller and the buyer was represented by their own representative. The property is zoned as R6A and has a floor area ratio (FAR) of 2.95. The property is classified under tax class 2. The property previously underwent an alteration type 3 permit on May 16, 1996.