| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 43rd | Poor |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 106 Gerry St, Brooklyn, NY, 11206, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2000 |
| Units | 46 |
| Transaction Date | 2025-01-28 |
| Transaction Price | $306,250 |
| Buyer | 143 BAYARD DEVELOPMENTS LLC |
| Seller | GERRY STREET HOUSING DEVELOPMENT FUND CO |
106 Gerry St, Brooklyn — Urban Core Multifamily Position
Positioned in a high-amenity Brooklyn neighborhood where renter demand is deep and occupancy has been resilient, according to WDSuite’s CRE market data.
The property sits within an Urban Core pocket of Brooklyn that scores strongly for everyday convenience. Neighborhood amenity density is among the highest nationally, with abundant grocery, pharmacy, parks, cafes, and restaurants nearby. For investors, this level of access supports leasing velocity and renewal potential, particularly for smaller-format units common in dense submarkets.
Neighborhood occupancy has been stable and compares favorably to national performance, per WDSuite. Importantly, a high share of housing units are renter-occupied, indicating a large tenant base and sustained demand for multifamily product. Median contract rents in the neighborhood have trended upward over the past five years, reinforcing pricing power for well-managed assets.
Within a 3-mile radius, population and household counts have expanded in recent years, and forecasts indicate additional household growth alongside smaller average household sizes. For multifamily investors, that points to a larger renter pool and steady absorption potential. Income levels have also shifted higher within this radius, supporting Class B/B+ positioning while keeping lease management focused on monitoring affordability pressure and retention.
Home values in the neighborhood are elevated relative to national norms. In practice, a high-cost ownership market tends to sustain reliance on rental housing, aiding tenant retention and supporting occupancy through cycles. That dynamic, combined with strong amenity access, positions well-located assets to compete effectively against older stock.
Safety indicators for the neighborhood are mixed and warrant standard underwriting caution. The neighborhood’s crime rank is 347 among 889 metro neighborhoods, which signals comparatively higher reported crime within the metro context. Nationally, safety percentiles are on the lower end, indicating the area is less safe relative to many U.S. neighborhoods.
That said, recent trend data from WDSuite shows year-over-year declines in both violent and property offense estimates, which is a constructive directional signal. Investors should account for security measures, lighting, and operational best practices, and benchmark insurance and loss assumptions to similar Urban Core assets in New York-Jersey City-White Plains.
Proximity to major employers in finance, utilities, media/tech, and insurance underpins a diverse commuter tenant base and supports leasing stability. Nearby anchors include Yahoo, Con Edison Distribution Engineering, AIG, Consolidated Edison, and AmTrust Financial Services.
- Yahoo — media/tech offices (3.1 miles)
- Con Edison Distribution Engineering — utilities engineering offices (3.1 miles)
- Aig — insurance (3.1 miles) — HQ
- Consolidated Edison — utilities (3.1 miles) — HQ
- Amtrust Financial Services — insurance (3.3 miles) — HQ
Built in 2000, the asset is newer than much of the surrounding housing stock, offering relative competitiveness versus older buildings while still requiring typical mid-life system planning. The neighborhood’s renter-occupied share is high and occupancy has been steady, supporting income durability for a 46-unit property in this size range. Elevated local home values point to a high-cost ownership market, which tends to reinforce reliance on rental housing and can aid lease retention for well-located multifamily. According to CRE market data from WDSuite, amenity access is among the strongest nationally, which helps sustain demand for smaller urban units.
Within a 3-mile radius, population and households have grown and are projected to expand further, alongside smaller average household sizes—factors that typically expand the renter pool and support occupancy stability. Nearby headquarters and corporate offices in utilities, finance, insurance, and media/tech provide a diversified employment base that supports leasing and mitigates concentration risk. Key underwriting considerations include managing affordability pressure, monitoring safety trends, and setting capital plans appropriate for a 2000-vintage building.
- Newer 2000 vintage relative to neighborhood average, providing competitive positioning with manageable mid-life CapEx planning
- High renter-occupied share and historically steady neighborhood occupancy support income resilience
- Elevated home values sustain rental reliance, aiding tenant retention and pricing power for efficient units
- Deep amenity access and proximity to diversified corporate employers support leasing velocity
- Risks: below-average safety metrics and affordability pressure require prudent operations and underwriting