Invictus Property Advisors is pleased to announce the successful sale of 1770 Bedford Avenue (also known as 109 Sterling Street), a multifamily building located in Prospect Lefferts Gardens, Brooklyn, immediately adjacent to Prospect Park.
The property comprises 19 rent-stabilized residential units, featuring a mix of two- and three-bedroom layouts that benefit from sustained tenant demand in one of Brooklyn’s most supply-constrained neighborhoods. At closing, the building was delivered with 10 vacant units, providing meaningful near-term renovation and operational upside.
The asset traded at approximately $89 per square foot, a notably low basis for a corner brick building in this location, particularly in the context of the post-2019 rent law environment. The buyer was attracted to the opportunity to acquire a high-quality, well-located asset at a defensible basis, with a long-term investment horizon and the view that regulatory frameworks governing rent-stabilized housing may evolve over time.
Residential units feature hardwood parquet flooring throughout, preserving the building’s original character while supporting thoughtful capital improvements and long-term income growth.
This transaction highlights continued investor interest in well-located rent-stabilized assets trading at discounted valuations, and underscores Invictus Property Advisors’ experience advising on complex multifamily transactions where pricing, regulatory risk, and long-term strategy are central to execution.
