| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Good |
| Demographics | 46th | Poor |
| Amenities | 83rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1044 E New York Ave, Brooklyn, NY, 11212, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2007 |
| Units | 69 |
| Transaction Date | 2004-07-14 |
| Transaction Price | $1,275,000 |
| Buyer | E N Y PLAZA LLC |
| Seller | JOSEPH GLADYS |
1044 E New York Ave Brooklyn Multifamily Investment
Renter demand is supported by a high-cost ownership market and a large base of renter-occupied units in the surrounding neighborhood, according to WDSuite s CRE market data. For investors, this points to durable leasing fundamentals at the neighborhood level rather than property-specific occupancy.
Situated in Brooklyn s Urban Core, the neighborhood is competitive among New York-Jersey City-White Plains neighborhoods (ranked 321 of 889), with deep renter appeal and strong daily convenience. Restaurants, groceries, cafes, and pharmacies are all abundant (nationally high concentrations), which supports tenant retention and day-to-day livability; park access is limited, so outdoor space programming at the asset can be a differentiator.
The surrounding area skews renter-occupied at the neighborhood level, with a high renter concentration that signals a broad tenant base and steady multifamily demand. Neighborhood occupancy has been stable in recent years, though not top-tier compared to national benchmarks; investors should underwrite continued leasing velocity while accounting for seasonal variability.
Within a 3-mile radius, demographics indicate population growth over the last five years, an increase in households, and a trend toward smaller average household sizes. Together, these dynamics expand the local renter pool and support occupancy stability and absorption for professionally managed apartments.
Ownership costs are elevated relative to many U.S. neighborhoods, which generally sustains reliance on rental housing and can aid pricing power and lease retention. Neighborhood school quality trends near the national middle of the pack, suggesting consistent but not premium family-oriented pull; investors may focus more on convenience, commute, and in-building amenities to compete.
Vintage matters here: the property s 2007 construction is newer than the neighborhood s older housing stock (average vintage skews pre-war). That timing positions the asset more competitively versus older walk-ups, while still calling for ongoing capital planning for systems and common-area refreshes over a typical hold.
Safety conditions should be evaluated as part of underwriting. Compared with neighborhoods nationwide, the area sits below the national median for safety (lower national percentiles), indicating crime levels that are higher than many U.S. neighborhoods. Within the New York-Jersey City-White Plains metro, it tracks closer to the middle of the pack (crime rank 410 among 889 neighborhoods). Recent trends show year-over-year declines in both violent and property offenses, which is a constructive directional signal, but investors should budget for appropriate security measures and tenant communication.
Nearby corporate offices in insurance, beverages, and financial services provide a broad employment base that supports renter demand and commute convenience for workforce renters. Notable nearby employers include Prudential, Dr Pepper Snapple Group, AIG, S&P Global, and Guardian Life.
- Prudential insurance (3.99 miles)
- Dr Pepper Snapple Group beverages (4.85 miles)
- Aig insurance (4.97 miles) HQ
- S&P Global financial data & ratings (5.03 miles) HQ
- Guardian Life Ins. Co. of America insurance (5.08 miles) HQ
This 69-unit Brooklyn asset benefits from a renter-driven neighborhood, strong everyday amenities, and ownership costs that keep many households in the rental market. The 2007 vintage is materially newer than much of the local housing stock, providing competitive positioning versus older buildings while still warranting periodic system upgrades and common-area modernization to sustain occupancy and rent growth. According to CRE market data from WDSuite, the broader neighborhood shows stable occupancy and substantial renter-occupied share, aligning with a large, diversified tenant base.
Within a 3-mile radius, recent population gains, growth in households, and smaller average household sizes indicate a larger renter pool over time, supporting absorption and lease-up durability for well-managed units. Elevated ownership costs reinforce reliance on multifamily housing, though rent-to-income pressures argue for disciplined lease management and targeted value-add that enhances retention.
- Newer 2007 construction relative to older neighborhood stock supports competitive positioning and reduces near-term obsolescence risk.
- Large renter base and stable neighborhood occupancy underpin demand and leasing continuity.
- Strong retail and service density enhances livability and tenant retention; limited park access can be offset by on-site amenities.
- Elevated ownership costs support pricing power, balanced by rent-to-income pressures that require thoughtful renewals.
- Risk: Safety metrics trail national benchmarks; plan for security measures and resident engagement to support retention.