1287 Sterling Pl
Brooklyn, NY 11213
Auction: Net Leased Investment Property · Multifamily Property For Sale
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2 Units
INVESTMENT HIGHLIGHTS
- 10-year Net lease with 3% annual escalations
- Tenant is Common, the largest co-living operator in North America with over $110M in VC investment
- Owner responsibilities are limited to maintaining property insurance policy, roof and structure, and paying base year taxes ($3,110)
EXECUTIVE SUMMARY
AUCTION SALE - BIDDING OPEN THROUGH JULY 19: Please note that the above price reflects the Minimum Bid for the property, which is being marketed for sale by private auction. Submit bid at anytime now through July 19. Seller reserves the right to accept or reject any/all bids. Please visit prusa.com for additional terms.
Overview
This 5-story walkup brownstone in Crown Heights, Brooklyn has been converted into a co-living concept and master leased to Common. The 2-family building is configured as a triplex unit over a duplex unit and features 15 bedrooms, 71/2 bathrooms, 2 kitchenettes, common areas throughout, a rear courtyard and rooftop patio. The property is conveniently located and a 6-minute walk from the Utica Avenue 2,3,4,5 subway station. The tenant is in year 6 of a 10-year Net lease with 3% annual escalations. Owner responsibilities are limited to maintaining property insurance policy, roof and structure, and paying base year taxes ($3,110).
Tenant
As the largest co-living operator in North America, Common has over 22,000 units signed and under development in 22 cities with over $110 million in venture capital investment. In January 2023, Habyt, the biggest co-living operator in Europe and Asia, and Common announced a merger to create the leading global co-living company. The combined entity brings to life a next generation of living concepts operating worldwide. With locations in over 40 cities and 14 countries, across three continents, the combined entity will operate over 30,000 units that vary from co-living, studios and traditional rental apartments.
Overview
This 5-story walkup brownstone in Crown Heights, Brooklyn has been converted into a co-living concept and master leased to Common. The 2-family building is configured as a triplex unit over a duplex unit and features 15 bedrooms, 71/2 bathrooms, 2 kitchenettes, common areas throughout, a rear courtyard and rooftop patio. The property is conveniently located and a 6-minute walk from the Utica Avenue 2,3,4,5 subway station. The tenant is in year 6 of a 10-year Net lease with 3% annual escalations. Owner responsibilities are limited to maintaining property insurance policy, roof and structure, and paying base year taxes ($3,110).
Tenant
As the largest co-living operator in North America, Common has over 22,000 units signed and under development in 22 cities with over $110 million in venture capital investment. In January 2023, Habyt, the biggest co-living operator in Europe and Asia, and Common announced a merger to create the leading global co-living company. The combined entity brings to life a next generation of living concepts operating worldwide. With locations in over 40 cities and 14 countries, across three continents, the combined entity will operate over 30,000 units that vary from co-living, studios and traditional rental apartments.
PROPERTY FACTS
ZONING
| Zoning Code | R6, C1-3 |
