What can I say about Brooklyn, NY? It’s one of my favorite places. It is the most populated borough of NYC with an estimated 2.7 million residents as of 2017 and one of the most diverse as well. Bordering Queens and Long Island NY, there is easy access to Manhattan commuters through bridges and tunnels by bus, rail or fixed gear bicycle. Brooklyn has a long and storied history, but as of the 21st century, it’s the preferred destination for young professionals looking to make their mark on this rapidly transforming borough. With all of these new arrivals choosing to live in Brooklyn as a lifestyle choice as opposed to settling on Brooklyn out of the need to save money, there have been dramatic price increases in real estate throughout the borough.
Brooklyn is well known for all the different ethnic communities that have settled there over time. There are many different ethnic enclaves of Brooklyn including Jewish, Chinese, Latin, African, Caribbean, Italian, and Russian/Ukrainian just to name a few. These close-knit communities are one of the reasons Brooklyn is such a unique place and is sought after by many looking for diversity in culture and, most importantly, restaurant options.
Brooklyn is also becoming a place where tech companies and entertainment companies are quickly moving to get out of the high rent areas of Manhattan. The job market in Brooklyn has grown exponentially in recent years, causing more people to consider the move out of Manhattan for better work-life balance.
Sharestates has formed some fantastic relationships with builders and brokers in Brooklyn and has funded a ton of real estate projects. From ground-up construction projects to multi-family buildings and fix & flip renovations projects, Sharestates has helped Brooklyn developers reach heights.
Here are only a few of our recently funded properties in Kings County:
This first property is located in the Sunset Park section of Brooklyn. Sunset Park is made up of more than 120,000 residents from many different ethnic backgrounds. It is divided into 2 neighborhoods, Sunset Park West and Sunset Park East. The property will feature one Community Facility unit on the first floor, two one-bedroom units on the second, third and fourth floors, and two 2- bedroom duplex units on the fifth and penthouse levels.
- Loan Amount: $3,500,000
- Mixed use
- LTV: 62%
- Average renovation budget: $400,000
- ARV: 58% or $4,975,000
The next property is located in the Bushwick neighborhood of Brooklyn. Bushwick is located on the north side of the borough with accessibility to Manhattan via subway and/or bus. Since the early 2000’s real estate prices have increased in Manhattan making the further reaches of Brooklyn, including Bushwick, more attractive to young people moving to the city. At the time of this loan, the building was vacant but plans will consist of an 8 unit multi-family building.
- Loan Amount: $2,950,000
- Purchase Price: $3,300,000
- LTV: 75%
- LTC: 74%
- Average renovation budget: $665,000
- ARV: 72% or $4,100,000
The next property is located in the Bedford Stuyvesant community of Brooklyn. This community borders the very popular section of Williamsburg and Bushwick. Bed Stuy as it is referred to is made up of streets with historic brownstones that Brooklyn is famous for. This property consists of a vacant four-story, six-unit, multi-family dwelling built in 1931 that is currently in the process of being gut renovated.
- Loan Amount: $2,040,000
- Purchase Price: $1,800,000
- LTV: 80%
- LTC: 74%
- Average renovation budget: $951,400
- ARV: 56% or $3,625,000
The final property showcased in this article is located in Crown Heights. Crown Heights is a centrally located neighborhood of Brooklyn that has access to the 2,3,4, and 5 subway lines, making the commute to Manhattan very convenient and quick. This property is currently vacant and is a 4 story, a mix-use building that was built in 1910. The property will undergo a major gut renovation and be converted into an 8 unit residential building.
- Loan Amount: $2,125,000
- LTV: 72%
- ARV: 64% or $3,300,000
For more information about other properties, Sharestates has funded or to submit your upcoming projects to get funding click below.