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Type:
Multifamily
Sq Ft:
43,843
Units:
Property Description
Investment Property Realty Group (IPRG) has been exclusively retained to offer for sale 180 Scholes Street, a new-construction 4-story multifamily building located in the heart of Williamsburg, Brooklyn. The property comprises 34 residential apartments and received its Final Certificate of Occupancy in August 2012.
The asset benefits from a legacy 421-a tax exemption with no affordability requirements, which commenced in Fiscal Year 2012 (July 1, 2011 – June 30, 2012). The tax benefit expires after Fiscal Year 2026 (ending June 30, 2026). Beginning July 1, 2026, the property will be taxed on its full assessed value with no further exemptions and will be immediately eligible for deregulated, market-rate status.
Importantly, the property is encumbered by highly attractive, assumable financing, providing a significant advantage in today’s capital markets environment. The existing loan carries a low fixed interest rate of 3.15% and is in place through 2035, allowing a buyer to lock in below-market debt while benefiting from meaningful annual principal reduction in excess of $300,000. This offering represents a rare opportunity to acquire a 34-unit asset with near-term deregulation in Williamsburg, one of Brooklyn’s most supply-constrained and high-demand rental markets. With mark-to-market rent growth, assumable low-cost financing, and strong principal paydown, the property is well positioned to capitalize on both near-term income growth and long-term equity appreciation as the Williamsburg
rental market continues to mature.
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Block & Lot:
03044-0016
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Neighborhood:
Williamsburg
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Cross Streets:
Graham Avenue & Humboldt Street
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Building Dimensions:
50 ft x 126 ft
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Lot Dimensions:
100 ft x 126.31 ft
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Units:
34
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Total Approx. SF:
43,843
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Zoning:
R6
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FAR:
2.43
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Tax Class:
2
