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$14,700,000
List Price: $15,000,000
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485 East 28th Street
Townhouse in Flatbush •  building info
20bd • 20ba • 34,277ft² $438 per ft²
Buy with Yoreevo

$14,700,000

List Price

$15,000,000

Key Details
Days on market
126
Last price change
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Estimated payment
$84,431/mo
Taxes
$1,309/mo
Maintenance
N/A
Description
Our team has been retained on an exclusive basis to facilitate the sale of 485 E. 28th Street and 1463 New York Avenue, a pair of new developments with 33+ years remaining on their 421a Tax Abatements in thriving Flatbush. Each elevator building includes 18 units across roughly 17,000 square feet and is located just two blocks from the 2/5 subway line. Featuring condo-quality finishes and multiple private balconies, both properties are fully electric, clean, efficient, and easy to manage. Theres additional upside through activation of the basement and roof areas for amenities, and the community facility spaces may allow for future residential conversion under recent City of Yes/UAP changes. Rents in Flatbush have risen approximately 22% over the past three years, with current market levels for new development averaging around $62/SF. These 95% occupied buildings offer strong in-place income with clear potential to bring under-market units to full rent. Asking a 6-cap with a lender in place willing to finance closer to 5.5%, they present a rare opportunity to acquire low-maintenance, long-term assets with stable cash flow and meaningful upside. Available individually or as a portfolio.

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What it'll cost
Purchase price
$15,000,000
Asking Price: $15,000,000
Term
30 Years
Down Payment
$1,500,000 (10%)
Min: 10% (1,500,000)
Rate
6.25 %
Mortgage Amount
$13,500,000
Mortgage Payment
$83,122
Taxes
$1,309
Estimated Yoreevo rebate
$300,000
Estimated closing cost
$850,000
Total monthly cost $84,431
Buy your dream home with us and get an estimated $300,000 rebate.
Rebates vary by sale price, market and are subject
to a minimum commission.
Listing Courtesy of Compass

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