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An unusual property, a landmarked row of seven apartment buildings on 14th Street, directly across the street from the Park Slope Armory YMCA in South Slope, is up for sale. The buildings at 409-421 14th Street, which have a total of 44 rental units, are being marketed for $16,500,000.

It’s a remarkable row of buildings. The larger apartment building at 409 14th Street has eight two- and three-bedroom units. The six three-story brick buildings look like small row houses and have one-bedroom units.

The buildings are all on one city tax lot and appear to have been designed to have one owner — they are all heated by one massive boiler in the eight-unit building. Combined, the buildings have 150 feet of frontage on 14th street.

The larger building at 409 14th Street was built around 1909 in the Colonial Revival style. The others are all Neo-Grec and were built around 1887 by Conlon & White. Some of the entrances were later altered in the Colonial Revival style.

The buildings are in the Park Slope Historic District Extension. Even if they were not landmarked, they are very close to using up their maximum buildable square footage so there would be little point in knocking them down.

The broker, TerraCRG, tells us that a real estate investment group — either family owned or perhaps one of the city’s larger firms — is the most likely buyer. The buildings have been owned by the same family since the 1970s.

Twenty-five of the apartments are market rate, 18 are rent-stabilized and one is rent-controlled. The average rents in the building are $40 a square foot while the average rent in Park Slope is $60 a square foot, according to the listing.

The asking price equates to $375,000 a unit. Of course, with a new owner upgrades and price increases are likely over time.

Photos by TerraCRG

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409-421 14th Street3

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