35 Orange Street
Brooklyn Heights Corner Elevator Building 70+ Year Ownership for Sale
|Lot Size||101.17’ x 101’ Built 85’ x 98’|
|Zoning Code||R6, LH-1|
|Size||47,136 Gross SF|
Meridian Investment Sales and Emerald Equities, as exclusive agent for Ownership, is pleased to offer for sale “Orange Court” located at 35 Orange Street (the “Property”), a pristine 6-story, 49 unit elevator building. Built in 1924, this 47,136+/- SF residential pre-war trophy asset is located in the heart of Brooklyn Heights, Brooklyn’s premiere and most desirable neighborhood. The building is situated on a parcel measuring 101.17’ x 101’ with 85’ feet of frontage on Orange Street and 98’ feet of frontage along Hicks Street. 30% of the units are free market. Orange Court has been in the same family for more than three generations and over 70+ years and offers an investor a tremendous value add opportunity.
VALUE ADD OPPORTUNITY
The average rent per square foot at Orange Court is significantly under market at $27+/- psf as compared to the average market rent of $65 +/- psf. Most units have separate windowed kitchen which are large enough to convert into an additional bedroom. Overall units are large and well laid out with ample light and air. There is an opportunity for a new investor to renovate the apartments and achieve market rents. In addition, the lobby and common areas may be renovated which will also command higher rents. Seller has recently installed new gas risers and new electric (MCI filed). Currently, there are only approximately 35 condo buildings in Brooklyn. As an elevator building, Orange Court is an ideal condo conversion candidate for the future.
STABLE CASH FLOW
The property has been well maintained by current ownership with strong occupancy. Of the approximately 700 buildings in Brooklyn Heights, there are currently only 40+/- rentals currently available. This overall low rental inventory available in elevator buildings in Brooklyn Heights helps to maintain continuous rental demand at Orange Court.
35 Orange is located in prime Brooklyn Heights in the heart of the Historic District with tree-lined streets and surrounding brownstones. Montague Street’s premiere restaurants, bars, groceries, health & fitness, coffee shops, local retail, pet stores and amenities are just five short blocks away. The Property is close to Brooklyn Bridge Park which all offers phenomenal views of lower Manhattan. In addition, the property has subway access to many lines including the A/C/2/3/ and is a short ride to the Financial District in Lower Manhattan.
Corner of Orange & Hicks StreetsProperty Listing Contact:
Amit Doshi // Senior Managing Director // 800 3rd Ave., New York, NY // 212.468.5959 // firstname.lastname@example.org
Shallini Mehra// Managing Director // 800 3rd Ave., New York, NY // 212.468.5958 // email@example.com