PRESS RELEASE: Avison Young investment sales team marketing residential building at 1148 Pacific Street in Crown Heights, Brooklyn

PRESS RELEASE: Avison Young investment sales team marketing
residential building at 1148 Pacific Street in Crown Heights, Brooklyn 1 Feb 2021

New York, NY – The Tri-State Investment Sales Group for Avison Young announced they have been named exclusive sales agent to market 1148 Pacific Street, a 6,770-square-foot, five-story residential building comprised of 10 free-market units in the Crown Heights neighborhood of Brooklyn. The asking price for the building is $4.75 million, a 5.3% in-place cap rate.

Brandon Polakoff, Senior Director, Fritz Richter, Associate Director, and Jeremy Stenberg, Associate are marketing the property on behalf of the Tri-State Investment Sales Group representing the owner, Pacific Sunshine Realty.

"This well-located property has been recently re-developed, giving it a competitive edge over other comparable Crown Heights and Prospect Heights rental buildings," noted Richter. "The ten free market residential units are ripe for cash flow, making this an outstanding investment opportunity. We are expecting significant interest given the protected 2B tax class, Free-market cash flow and impressive building quality."

1148 Pacific Street is ideally located in the historic Crown Heights building and nearby a variety of mass transit options. Additionally, the property is minutes away from numerous restaurants, amenities and parks, including Prospect Park and the Brooklyn Botanic Garden.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.

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