Brooklyn's Sunset Park neighborhood over the last several years has been viewed as a vibrant, growing, cultural and creative hub, yet there is an undersupply of housing options.
Heritage Equity Partners has planned a 140,000 square foot, Class A residential building located at 875 4th Avenue, Brooklyn NY between 32nd and 33rd Streets, just walking distance to Industry City. The building will have a mix of studio, one and two bedroom apartments. Building amenities will include a gym, yoga studio, a children's playroom, outdoor space and a rooftop sundeck.
Madison Realty capital has provided Heritage Equity Partners with $53M in construction financing. According to Josh Zegen, managing principal and co-founder of Madison Realty Capital “we are pleased to build upon our relationship with Heritage Equity Partners and execute this $53M loan to bring vital new housing options to this growing neighborhood”.
According to Toby Moscovits CEO of Heritage Equity Partners “while there has been a large increase in companies moving into this area, there have not been enough residences built to accommodate the growth in population”. “There is a need for more housing in the area, for more rental apartments and especially a need for new construction luxury units in this area”.
The projects location intersects Sunset Park, Industry City and Park Slope and will cater to people from these neighborhoods.
According to Property Shark Real Estate Market Trends report indicates that as of the 4th quarter of 2020 the median home sale price was $500K, up 7% year over year. A total of 18 properties traded representing a 12% year over year increase. The median home sale price in Brooklyn was $769K.
According to the New York Times, Sunset park is considered to be one of the next hot neighborhoods in New York City.
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