Skipp Portfolio
216-Unit Affordable Multifamily Portfolio Opportunity in Crown Heights & Bedford-Stuyvesant
Overview
Key Highlights
- Price $2,000,000
- Units 216
- Assumable Debt $23.5M
- 420c Tax Exemption Expiring in 2047
- Regulatory Agreement HPD regulatory agreement
- Value - Add Opportunity via PHFL Section 610 Amendment
Overview
Investment Highlights
• 13 Properties, 216-unit portfolio spanning 231,309 SF across Bedford-Stuyvesant & Crown Heights Brooklyn
• 420C Tax Exemption expiring in 2047
• Approximately $23.5M in accretive assumable debt
• 62% of existing capital stack consists either accruing interest or non-paying debt.
• HPD Regulatory Agreement expiring in 2047. AMI Bands Ranging from 40% - 95%
• Recently obtained PHFL Section 610 Amendment allows for significant revenue growth
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