National Realty Investment Advisors (“NRIA” or “Sponsor”) invites accredited investors the opportunity to participate in the short-term acquisition, complete renovation, and conversion of a four-unit multifamily property (the “Property”) into a boutique three-unit high-end condominium development, located in the prime Carroll Gardens neighborhood of Brooklyn, NY. The Property is currently under contract, and will be NRIA’s seventh Brooklyn development of similar size & scope since mid-Q2 2016.
The Property is more specifically located on Summit Street, between Hicks & Henry, just 2.5-miles south of Manhattan, 1.5-miles from the Brooklyn Bridge, and within a short-walking distance to numerous subway lines making for an easy commute anywhere in NYC.
The unobstructed view of the Manhattan skyline (background picture) is the actual view from the Property’s (to-be completed) roof-deck; a view which will remain intact given the lack of land and/or developable air rights in the area.
The Property is located in a Prime, Urban, Growing area of Brooklyn: NYC’s largest and fastest growing borough (population growth: +5.3%, 2010 – 2015), Brooklyn has over 2.6 million residents, and if it was defined as its own City it would be the 4th largest in the US. The Property is more specifically located within the Carroll Gardens neighborhood of Brooklyn, and is just 2.5-miles from Manhattan, and centrally located within walking distance to public transportation (subway: nine separate lines). Brooklyn has emerged as an incubator for technology, advertising, media, design, and innovation, which is shown through the (i) ≈120% increase in patent filings in Brooklyn over the last 5-years alone, and (ii) the number of adults with advanced degrees moving to Brooklyn tripling from 2009 to 20131 . Population & job growth, shortage of new “affordable” supply, continued household formation, lack of developable air rights in the neighborhood, and interest rates remaining low for the foreseeable future, are all important underlying fundamentals that should continue to drive robust growth for many years to come.