1125 Banner Avenue

1125 Banner Avenue and 2750 East 12th Street

Brighton Beach, Brooklyn, NY

Located in Brooklyn’s Brighton Beach neighborhood, 1125 Banner Avenue and 2750 East 12th are adjacent properties that collectively contain 102 rental apartments. Developed together, the project was initially conceived as luxury condominiums, but was substantially completed by a second developer as luxury rentals in 2013. Hudson acquired the asset in March 2014 with a value-add strategy of completing capital projects, upgrading and expanding the amenities package, and leasing-up the apartments to a stabilized occupancy.

The spacious apartments feature condominium-like finishes such as floor-to-ceiling windows, granite countertops, stainless steel appliances, white oak hardwood flooring, high ceilings, and zoned heating and air conditioning systems. Units range in size from studios to three-bedrooms, and include several duplex penthouses. Amenities are shared by the two buildings, and consist of on-site gated parking, a lounge, a gym, common laundry (some units have hook-ups) and a large 2nd floor sundeck. B and Q express subway trains, the beach and boardwalk at Brighton Beach, and regional employment centers are all within a short walk of the properties, making them an ideal place to live.

The project was acquired with a conventional mortgage from Investors Bank. The property is part of the 15-year real estate tax exemption under the 421-a program.

Project Summary

  • Approximately 90,000 square feet spread across two buildings
  • 102 rental apartments
  • Completed in May 2013; Acquired in March 2014
  • Permanent financing from Investors Bank
  • Managed by Lisa Management Inc.

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