Carmel Partners

Eastern Capital

940 Unit Collection of Buildings in New York City

Region: New York Metro
Address: New York City, NY USA
Strategy: Renovation
Status: Sold
Acquisition Date: 11/16/2010
Units: 940

Eastern Capital is a 940-unit portfolio spanning ten properties across multiple locations in the greater New York metropolitan area.

Eastern Capital is a collection of rent-stabilized apartments, which comprises several four- to six-story walk-up buildings occupying prime locations in Brooklyn and the Bronx. The Brooklyn properties stretch from Crown Heights through Brownsville. The Bronx properties include locations along Carpenter Avenue near Bronx River Parkway, the Highbridge neighborhood, and Decatur Avenue near the Fordham Road retail corridor. Carpenter (A2) Forty percent of the apartments were renovated, and capital improvements include modernized elevator cabs, new windows and entry doors, as well as upgraded electrical panels and sub-meters. Comprehensive exterior upgrades include new roofs, lighting upgrades, intercom systems, security cameras, waterproofing, and weatherization.