National Realty Investment Advisors (“NRIA” / “Sponsor”) invites accredited investors 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 Carroll Gardens neighborhood of Brooklyn, NY. The Property is currently under contract, and will be NRIA’s eighth Brooklyn development of similar size & scope since mid-Q2 2016.
The Property is more specifically located between Bond & Hoyt, just ≈2.5-miles south of Manhattan, ≈1.5-miles from the Brooklyn Bridge, and also within a short-walking distance to numerous subway lines making for an easy commute anywhere in NYC.
Upon acquisition, NRIA has devised a 17-month development plan (that may be extended to a maximum of 20-months, but also may be accelerated) that includes a complete renovation to efficiently maximize & modernize the usable square footage at the Property. The renovation period will be followed by an estimated 3-month marketing process (completed by marketing partner: Compass), whereby the finished condominium units (proposed plans: 434 Union Street) have been conservatively estimated to command ≈$1,460psf on average, based on a current sales comparison analysis (comps currently average ≈$1,508psf).
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, bordering the newly created waterfront esplanade park along the Gowanus Canal where significant new luxury [rental] development is being completed. The neighborhood is just 2.25 – 2.5-miles from Manhattan, and centrally located within walking distance to public transportation (see Property map). 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.