Description
Exceptional investment opportunity in the heart of Crown Heights. 897 Park Place presents a rare chance to acquire a multifamily asset with strong upside potential in one of Brooklyn’s most consistently appreciating neighborhoods. Positioned on a desirable residential block, the lot measures 28.83' x 130.58', with building dimensions of 23' x 75'. Basement ceiling measures 7ft. and parlor level measures 10.2 ft. Possible condo conversion opportunity. Please conduct due diligence and consult with Architect. The property offers multiple value-add strategies through renovation, repositioning, rental optimization, or long-term hold. The building spans five levels. There is space to park a vehicle in the front yard (subject to DOB approval), plus an unattached side exposure that allows for additional natural light along one side of the building. A rear extension was previously added, expanding the total square footage and increasing the functional area within the property. The asset benefits from excellent transit accessibility, located near the 2/3/4/5 subway lines, the A/C trains, and just minutes to Franklin Avenue. It is surrounded by a plethora of restaurants, bars, coffee shops, laundry facilities, and neighborhood amenities, and is a short walk to Prospect Park, Brooklyn Botanic Garden, and the Brooklyn Museum. With comparable properties demonstrating strong resale and rental performance, this property offers both income potential and long-term growth. Perfect for seasoned investors, 1031 exchange buyers, developers, or owner-occupants looking to add value through thoughtful design and renovation to capitalize on Brooklyn’s ongoing market strength.
Details
| MLS # | 965803 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1915 |
| Days On Site | 177 |
| Listing Provided By | Attias Property Group Inc | Rene Attias |
Features
| SQ Feet | 7,292 |
|---|---|
| Car Port | Yes |
| Basement | Y |
| Units | 8 |
| Acreage | 0.09 |
Interior
| Cooling | None |
|---|---|
| Heating | Natural Gas, Other |
| Interior Features | Other |
Exterior
| Construction Materials | Brownstone |
|---|
Parking
| Garage Yes / No | No |
|---|---|
| Parking Features | Carport |
Utilities
| Utilities | Electricity Connected |
|---|---|
| Sewer | Public Sewer |
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Assessed Value | 259260 |
| Tax Annual Amount | 6958 |
Area Information
| State | NY |
|---|---|
| County | Kings (Brooklyn) |
| City | Brooklyn |
| Zip Code | 11216 |
| Listing VS Median (in 11216) | |
Price: $2,499,999 low | high Med: $1,769,000 sqft: 7,292 low | high Med: 2,915 $ / sqft: $343 low | high Med: $617 On site: 177 low | high Med: 201.5 | |
Market Activity 11216
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Learn More About This Property
| State | NY |
|---|---|
| County | Kings (Brooklyn) |
| City | Brooklyn |
| Zip Code | 11216 |
| Listing VS Median (in 11216) | |
Price: $2,499,999 low | high Med: $1,769,000 sqft: 7,292 low | high Med: 2,915 $ / sqft: $343 low | high Med: $617 On site: 177 low | high Med: 201.5 | |
