|Current Ann. Return||–|
|Accrued Ann. Return||+
|Gross Ann. Return*|
|Current Ann. Return||–|
|Accrued Ann. Return||–|
|Gross Ann. Return*||19.6%|
|Term Remaining||– of –|
The investment goal is to modernize the six vacant units to fit a newer and trendier Brooklyn renter. The building presents a layout amenable to placing the kitchen and bathrooms in the middle of the units and bedrooms at the wings. The current ownership was owner occupying the first 3 floors so there is a significant opportunity to improve the amenities and finishes of the units.
We intend to gut renovate neglected apartments and common areas to a modern, luxury level of finish: new stainless steel/granite kitchen, add dishwasher, washer/dryer, wine cooler, new bathroom, more closets, new lighting, doors, moldings, finishes. Furthermore, we intend on maximizing the entire space of the building by duplexing the first floor units.
The key elements are (A) we are turning the units into 3 bedroom apartments, (B) we will be duplexing the 1st floor into the basement to increase rentable square footage of the building, (C) improved fixtures and finishes and (D) renovated common areas like hallways and entrance.
|Capital Senior to Fundrise||50-59%||2|
|Capital Junior to Fundrise||30-39%||2|
|Sponsor’s Track Record||Less than $50 million||3|
The information contained in the Fundrise Rating is for informational purposes only. It is impersonal and not individualized for any specific investor's financial situation and is not investment advice. These ratings are not intended to be, nor should you interpret them to be, a prediction of how a particular investment will actually perform. You should always carefully consider investments in any security and be comfortable with your understanding of the investment. You may also consider consulting investment professionals.
|Type||Source||% of Total||Amount|
|Common Equity||Fundrise Offering||7.5%||$300,000|
|Senior Debt||Sterling National Bank||60.0%||$2,400,000|
533 Bergen Street is a red brick multi-family buildings consisting of 8 2-bedroom railroad style units. 6 of the units are vacant apartments, 2 units are rent stabilized. Bergen is located in the established neighborhood of Prospect Heights, Brooklyn.
|Address||533 Bergen Street|
|City & State||Brooklyn, NY|
|Product Type||Multi-Family / 8-unit Apartment Bldg.|
|Project Phase||Value-Add / Rehabilitation|
Prospect Heights is Brooklyn’s answer to Manhattan’s Museum Mile — this burgeoning neighborhood boasts the Brooklyn Museum, the Botanic Gardens, and the enormous central branch of the Brooklyn Public Library. Known as Park Slope’s pretention-less neighbor, Prospect Heights casually matches its counterpart when it comes to entertaining. The neighborhood is home to myriad restaurants, bars, cafes, and boutiques that evince a distinctly “come as you are” Brooklyn vibe.
Brooklyn Standard Properties was founded in 2013 by partners David Manheimer and Benji Kohn to invest in and renovate “value add” properties throughout Brooklyn. Over the past 18 months Benji and David have successfully identified, contracted andclosed on 3 properties (22 units) totaling ~$8m in project value.View full profile