Fully Affordable Community Changes Hands in Brooklyn

The 107-unit asset is located at 1701 W. 3rd Street, in the borough’s Gravesend submarket. Morris Weintraub Associates sold the property to Parkoff Organization for $28 million.
1701 W. 3rd St.
1701 W. 3rd St.

Parkoff Organization has purchased a fully affordable, 107-unit community in Brooklyn, N.Y. Morris Weintraub Associates sold the asset for $28 million. According to Yardi Matrix data, the transaction involved an $18 million acquisition loan originated by Signature Bank.

Located at 1701 W. 3rd St. in Gravesend, the community is right off Kings Highway, close to dining and retail establishments. Nearby transportation means include metro and bus stops, and Ocean Parkway provides easy access to other parts of the city. There are several educational institutions within a 1-mile radius, and New York Aquarium is a 15-minute drive away.  

Completed in 1940, the six-story asset encompasses studio, one- and two-bedroom units ranging from 500 to 900 square feet. The apartments feature above-standard ceiling height and the community provides amenities such as controlled access and laundry facilities.

Recently, a partially affordable Brooklyn community received a $32 million loan in a transaction facilitated by HFF.

Image courtesy of Yardi Matrix