Historic Brooklyn Building Up for Grabs

Greysteel’s Michael Stimler and Ari Azarbarzin will market the 10-unit 185 Prospect Park W. The property was constructed in 1920 and is located steps away from the 15th Street-Prospect Park subway station.

By Corina Stef

185 Prospect Park W., Brooklyn
185 Prospect Park W., Brooklyn, New York

April marked the opening of Greysteel’s first New York office and the company was recently named exclusive agent for the sale of 185 Prospect Park W. in Brooklyn. Michael Stimler and Ari Azarbarzin, senior investment associates with the company, act as exclusive advisors on behalf of the owner, an entity affiliated with private investor Andrew Weber, public records show.

According to PropertyShark data, the four-story residential Art Deco building was constructed in 1920 and features 10 units with rooftop access overviewing the city. Located in the South Slope neighborhood, the asset is adjacent to Prospect Park and minutes away from the 15 St. Prospect Park subway station. Also, the Brooklyn Museum, Brooklyn Botanic Garden, health centers and churches are within walking distance.

Three of the 10 units are rent stabilized, and the remaining seven units are free market, which allows for an immediately increases in rental income following lease turnover,” Stimler said in a prepared statement. “Potential purchasers can also realize additional rental upside by extending underutilized space to additional bedrooms,” he further added.

Image courtesy of Greysteel