7 Hegeman Avenue
- Brookdale University Hospital Medical CenterAbout 2 blocks southwest
- 3 train at New Lots Avenue8 to 10 minute walk
- B60 and B15 busesWithin 1 block
- Linden Boulevard retail corridorAbout 0.2 miles
- JFK AirportAbout 14 minutes by car
Exclusively offered by 5 Boro Realty Corp
Multifamily Portfolio + Development Site
The Brookdale Portfolio of Brooklyn
Brookdale Hospital Area, Brooklyn · 381 Units · 4 Buildings · 2 Retail Storefronts
Offering Price $60,000,000
$60,000,000Offering price
$157,480Price per unit
6.39%Cap rate
381Units
$166.24Price / SF
~98%Occupancy
The Offering
Anchored by Brookdale Hospital
Exclusively brought to you by 5 Boro Realty Corp: the Brookdale Portfolio of Brooklyn, a four-building, 381-unit rent-stabilized multifamily package with two retail storefronts in the Brookdale Hospital area of Brooklyn. The buildings sit on and beside the Brookdale Hospital campus, one of the largest employment anchors in this part of the borough.
The portfolio combines three elevator buildings with one four-story walk-up, 104 parking spaces on two sites, and a separate R6 zoned parking parcel at 552 Amboy Street that a zoning study shows supports roughly 11,858 SF as of right, or about 21,021 SF for qualifying affordable or senior housing.
Ownership reports adjusted gross income of $7,314,629, adjusted NOI of $3,835,489 and occupancy of approximately 98%. At the $60,000,000 asking price, this represents a 6.39% cap rate, $157,480 per unit and $166.24 per building SF on 360,918 SF.
| Property | Units | Building SF | Stories |
|---|---|---|---|
| 7 Hegeman Avenue | 172 | 158,620 | 20 |
| 660 East 98th Street | 113 | 121,472 | 12 |
| 505 Rockaway Parkway | 54 | 45,318 | 6 |
| 525 Rockaway Parkway | 42 | 35,508 | 4 |
| Four buildings | 381 | 360,918 | |
| 552 Amboy Street | R6 parking parcel · 5,390 SF lot | ||
Ownership reports roughly $2 million invested in facade and terrace restoration across the two high rises, and both filed SAFE on their most recent facade (FISP) cycle. The 7 Hegeman garage filed SAFE on its first parking structure (PIPS) inspection, an elevator modernization agreement is executed at 660 East 98th, and 2026 DHCR filings are complete with no rent reduction orders in effect.
The Hospital
505 and 525 Rockaway Parkway share Brookdale University Hospital Medical Center's tax block, with 525 directly attached to the hospital facilities. 660 East 98th Street faces the campus across Linden Boulevard, and 7 Hegeman is about two blocks northeast.
Getting Around
Linden Boulevard is within about 0.2 miles of every building. The B60 and B15 run past the portfolio, the 3 train is an 8 to 10 minute walk, and JFK is about 14 minutes by car.
The Market
Within one mile, 76.7% of occupied homes are rented across 48,667 households, and one and two star rental vacancy runs about 1.5%.
Step into this opportunity to grow your portfolio and scale in the growing Brooklyn market. Reach out to the listing brokers for information and touring of the properties.
Rent rolls, trailing operating statements, DHCR registrations, lease abstracts and the zoning study are released to qualified principals on a signed confidentiality agreement and proof of funds. Tours by appointment only through the listing brokers. Please do not contact tenants, building staff or the hospital.
The Portfolio
Four Buildings Anchored by Brookdale Hospital
7 Hegeman Avenue
172 units · 20 stories · 49-space garage
660 East 98th Street
113 units · 12 stories · 55-space lot
505 Rockaway Parkway
54 units · 6 stories · 2 storefronts
525 Rockaway Parkway
42 units · 4 stories · attached to the hospital
Gallery
Property Photo Gallery
Click any photo to view it larger and step through the aerial and street views of each building.
7 Hegeman Avenue
660 East 98th Street
505 Rockaway Parkway
525 Rockaway Parkway
552 Amboy Street (Development Site)
Development site, conveys with 7 Hegeman
552 Amboy Street
A separately taxed R6 lot on Block 3621, Lot 49, used for surface parking today. A zoning study shows about 11,858 SF as of right, or about 21,021 SF for qualifying affordable or senior housing. A buyer gets a ground-up option beside its own tower with no separate land purchase.
Lot SF
5,390Zoning
R6ZFA (SF studied)
21,021| Zoning study | FAR | Buildable SF | Max height |
|---|---|---|---|
| As of right | 2.20 | 11,858 | 55 ft |
| Affordable or senior | 3.90 | 21,021 | 85 ft |
- Block & lot
- 3621 / 49
- Frontage x depth
- 77.25 x 100 ft
- Current use
- Licensed parking lot
- Map layers
- Transit zone, FRESH area
Canarsie, Brooklyn
Location and transit
Every building sits in the heart of Canarsie, beside Brookdale University Hospital Medical Center and minutes from the Linden Boulevard retail corridor.
660 East 98th Street
- Brookdale University Hospital campusDirectly across Linden Boulevard
- 3 train at New Lots Avenue8 to 10 minute walk
- B15 bus on Linden Boulevard1 block
- Canarsie Pier and Jamaica Bay waterfrontAbout 1.5 miles
- JFK AirportAbout 14 minutes by car
505 Rockaway Parkway
- Brookdale University Hospital campusSame tax block
- L train at Canarsie-Rockaway ParkwayAbout a 10 minute walk
- B60 bus on Rockaway ParkwayAt the door
- Canarsie Pier and Jamaica Bay waterfrontAbout 1 mile
- JFK AirportAbout 14 minutes by car
525 Rockaway Parkway
- Brookdale University Hospital facilitiesDirectly attached
- L train at Canarsie-Rockaway ParkwayAbout a 10 minute walk
- B60 bus on Rockaway ParkwayAt the door
- Canarsie Pier and Jamaica Bay waterfrontAbout 1 mile
- JFK AirportAbout 14 minutes by car
Underwriting
Run Your Own Numbers
Every buyer type underwrites differently. Pick the profile that matches you and see the figures that matter to your deal.
6.39%
Cap Rate
~98%
Occupied
$157,480
Per Unit
$166.24
Per SF
381
Units
21,021
SF Development Site
Buy it clean. 381 rent-stabilized homes at roughly 98% occupancy, with ownership-reported adjusted NOI of $3,835,489 and no lender between you and the income.
Cash yield (cap rate)
6.39%
Adjusted NOI
$3,835,489
Adjusted gross income
$7,314,629
Price per unit
$157,480
Price per SF
$166.24
Asking price
$60,000,000
Estimates for illustration only. Verify with full financials after NDA.
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