Invest in 799 Manhattan Avenue Multifamily
Gut-renovation and mark-to-market opportunity from an experienced sponsor with a turnkey strategy in a highly desirable and rapidly growing NYC neighborhood.
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799 Manhattan Avenue Multifamily
What to Know
EquityMultiple is pleased to offer a majority LP equity investment to facilitate the acquisition and gut renovation of 799 Manhattan Avenue, a 6-unit multifamily building with ground-floor retail in the Greenpoint neighborhood of Brooklyn, NY. Greenpoint is a highly desired neighborhood with a tight residential market, close proximity to Manhattan, and rapidly rising rents.
PEAK Capital Advisors (PEAK), the sponsor, is acquiring the property at a significant discount to comparable properties. Since the property is vacant, PEAK can immediately begin implementing the business plan which it has executed on 56 other, similar properties in NY already. The sponsor will substantially rehabilitate/gut-renovate all units with high-end finishes and mark rents to market rates.
‣ An equity investment makes you a part owner (as a limited partner) in the property which is managed by PEAK Capital Advisors, the general partner and sponsor.
‣ Multifamily properties are one of the most popular asset classes for commercial real estate.
‣ In a value-add project like this one, the majority of returns come at the end of the project. Distributions, if any, are at the sponsor’s discretion.
‣ The sponsor is acquiring the property at an all-in basis of $939 PSF which represents a 14% discount to comparable transactions.
‣ The stabilized yield on cost of 6.4% compares favorably to market cap rates for both residential and commercial properties as indicated by CoStar.
‣ The fully vacant building allows for the sponsor to immediately engage on its business plan and substantially rehabilitate the building in ~6 months.
‣ Greenpoint’s popularity, paired with limited unit availability, has driven rents to surge in the past year, realizing 33.5% year-over-year growth, the highest growth of all Brooklyn neighborhoods.
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