264 Sullivan Place, Crown Heights, Brooklyn

Bijou Equities is pleased to present the exclusive listing at 264 Sullivan Place. 264 Sullivan is a new construction 421-A multifamily property consisting of 25 residential units and 1 retail unit, located in prime Crown Heights, Brooklyn.

The 7-story building contains a total of 21,205 square feet and was constructed in 2019. The property benefits from a 35-year 421-A tax abatement expiring in 2054, with a 70/30 unit split — 70% free-market units and 30% rent-stabilized units.

The property is currently grossing approximately $932,000 annually and has an NOI of approximately $807,000.

The building features modern amenities including elevator, gym, virtual doorman, common roof deck, laundry in building, and modern apartment finishes.

Located between Nostrand Avenue and Rogers Avenue, the property is one block from the Sterling Avenue subway station and four blocks from the Nostrand Avenue subway station. This deal presents an opportunity to acquire a newer construction, tax-advantaged Brooklyn asset with strong in-place cash flow and long-term stability.