| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 64th | Good |
| Amenities | 90th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1089 E 73rd St, Brooklyn, NY, 11234, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2003 |
| Units | 24 |
| Transaction Date | 2016-06-06 |
| Transaction Price | $23,784,000 |
| Buyer | SANDY BERGEN LLC |
| Seller | RALPH AVENUE ASSOCIATES LLC |
1089 E 73rd St Brooklyn Multifamily Investment
2003-vintage, 24-unit asset positioned in Brooklyn s Urban Core with demand supported by a deep regional renter base and strong neighborhood amenities, according to WDSuite s CRE market data. Newer construction relative to area stock suggests competitive positioning with potential to capture stable tenancy.
The property sits within an A-rated Urban Core neighborhood that ranks 134th among 889 metro neighborhoods, indicating competitive positioning within New York s broader housing landscape. Dining, cafe, and daily-needs access are strengths: restaurants and cafes score in the top decile nationally, with pharmacies and parks also testing above the national median. These amenity concentrations typically support renter retention and leasing velocity for well-managed assets.
Local housing context signals higher-cost ownership: neighborhood home values sit in the top decile nationally while median asking rents track above many U.S. neighborhoods. In practice, elevated ownership costs can reinforce reliance on multifamily rentals, supporting depth of demand and pricing power when operations are well executed.
Vintage matters for competitiveness. The submarket s average construction year skews older (1970s), while the subject s 2003 construction positions it as newer than much of the nearby stock. That typically reduces near-term capital expenditure pressure compared with older buildings and provides a clearer value-add path through unit modernization and revenue management rather than heavy systems replacement.
Tenure dynamics vary by lens. At the immediate neighborhood level, the share of housing units that are renter-occupied is modest, which can concentrate demand among fewer rental options. By contrast, demographics aggregated within a 3-mile radius show a majority of units renter-occupied, a profile that supports a broad tenant base for a 24-unit property. Over the last five years, the 3-mile area shows stable population with growth in households and a projected increase in both households and population by 2028, implying a larger renter pool and support for occupancy stability.
Operationally, neighborhood occupancy has trended softer recently, indicating the need for disciplined leasing and asset management. Schools average above the national median, and amenity access remains a clear advantage versus national comparables. Together, these fundamentals present a market where well-located, newer-vintage assets can compete effectively when priced and managed to local demand.
Safety indicators are mixed. Relative to the New York metro, the neighborhood s crime rank sits in a lower band (162 out of 889), signaling higher incident rates than many metro neighborhoods. Nationally, violent and property offense rates track below the national median for safety.
Trend direction is a positive note: both violent and property offense rates have declined over the past year, placing those improvements in stronger national percentiles. For investors, the takeaway is to underwrite with prudent security and operations assumptions while recognizing the recent downward trend in incidents.
Proximity to major corporate offices across finance, insurance, staffing, consumer products, and beverages supports a diversified employment base and commuter convenience for renters. The list below highlights nearby employers that underpin daily workforce demand.
- Prudential insurance (4.3 miles)
- Dr Pepper Snapple Group beverages (6.4 miles)
- S&P Global financial data (7.1 miles) HQ
- Aig insurance (7.1 miles) HQ
- Guardian Life Ins. Co. of America insurance (7.1 miles) HQ
- Robert Half International staffing (7.2 miles)
- Amtrust Financial Services insurance (7.3 miles) HQ
- Assurant insurance (7.3 miles) HQ
- Avon Products consumer products (7.5 miles) HQ
- Bank of New York Mellon Corp. banking (7.8 miles) HQ
1089 E 73rd St offers a 24-unit, 2003-vintage profile that is newer than much of the nearby housing stock, providing competitive positioning versus older assets and potential to drive returns through light-to-moderate renovations and disciplined revenue management. Strong amenity access and a high-cost ownership landscape bolster multifamily reliance, while the broader 3-mile area shows growing households and a projected increase in population through 2028, supporting renter pool expansion and occupancy stability. Based on commercial real estate analysis from WDSuite, rents in the area trend above many U.S. neighborhoods and are projected to continue rising, reinforcing the case for thoughtful rent optimization.
Key underwriting considerations include softer recent neighborhood occupancy that calls for active leasing strategies, along with a crime profile that, while improving, remains higher than many metro submarkets. Executed with asset management focus, the property s location advantages and vintage should help sustain demand and retention.
- 2003 vintage newer than area average, reducing near-term systems capex and supporting competitive positioning
- High-cost ownership market reinforces renter reliance and pricing power for well-managed units
- 3-mile radius shows growing households and projected population gains, expanding the tenant base
- Amenity-rich Urban Core location aids leasing velocity and resident retention
- Risks: softer neighborhood occupancy and a higher-than-average crime profile warrant conservative leasing and security assumptions