In 2012, East River Partners acquired a property at 364 Union Street in the Carroll Gardens neighborhood of Brooklyn, NY. We completed the project in April 2014. The property now contains 5 beautiful condominium units.
ERP sourced this opportunity through a local brokerage before it was publicly listed. We initially bought the property for $2.5 million, then renovated it from top to bottom. The project itself had some unique challenges, as it had 14 owners. Many of these owners were third-generation descendants of the original owners.
After we developed the property, it was the only building in the submarket to offer 3-bedroom units. Since there was a such a high demand for larger apartments, this was a huge benefit when we commenced sales.
When sold 4 years ago, the asking price for the 3-bedroom, 2-bathroom Carroll Gardens condos was more than $1.5 million, and the duplex was listed at more than $2 million. The state of the market at that time allowed us to increase the asking price from what we had initially anticipated when the project began.
Four of the five units are 3-bedroom condos with 2 bathrooms. The units are 22-feet wide and 71-feet deep. The fifth unit is a garden duplex, occupying the two lowest floors of the building. The ceilings in this unit are nearly 13 feet tall, and there are skyline views in three directions. The duplex also features a 533-square-foot private garden and a large rec room.
All units feature Bosch washer/dryers, oak floors, floating bathroom vanities and basement storage. Even the secondary bathrooms have small tubs that are perfect for bathing babies.
Inside the condos, you can find exposed brick, exquisite master suites, and great light and air.
In 2014, our main focus was on the finish quality of the homes we built. The 364 Union Street condominium units really encompassed that goal, making the property stand out from competitors, and giving the families who live there a great place to build their lives.
The Carroll Gardens Neighborhood
The property is located just a block from the Carroll Street subway station and Carroll Park. Stately townhouses, artisanal food shops, and authentic retail stores make Carroll Gardens one of the most desirable neighborhoods in Brooklyn.
Most residents of the neighborhood are professionals and business owners. A charming mix between the old and the new, you’ll love the neighborhood’s curb appeal and thriving small business scene.