Taking advantage of high rents in the borough’s most desirable neighborhoods, Manhattan-based developer East River Partners is purchasing and transforming non-rent-regulated brownstones into luxury condo units. The company has bought three multi-family properties in Park Slope and one in Carroll Gardens to convert into two- and three-bedroom condominiums, The Real Deal reported.
“Rents are so strong in Brooklyn now — and interest rates so low — that the monthly cost for our buyers of owning a home can be roughly half the cost of renting once they take into effect the deduction of interest from their taxes,” East Rivers Partners principal Jody Kriss told The Real Deal.
The firm’s recent Park Slope multi-family conversion at 397 First Street has four of seven units in contract after hitting the market in July. The available three units range in asking price from $829,000 to just under $1.3 million.
The other buildings East River Partners grabbed up include 371 Sixth Avenue in Park Slope for $1.75 million in March and 364 Union Street in Carroll Gardens for $2.5 million in April. Construction on both projects is scheduled to finish next year, Kriss told The Real Deal. East River is also in contract for a three-story building in Park Slope at 432 10th Street.
Kriss, who was a developer for Trump Soho, formed East River Partners with Joseph Cohen to convert coveted Brooklyn brownstones, capitalizing on the neighborhoods’ strong public schools, hip restaurants and high-end retail.
Here are photographs of two-bedroom Apt. 1R at 397 First Street, courtesy of Corcoran: