In 2014, DLJ RECP acquired a 68-unit, pre-war apartment building in historic Brooklyn Heights, a landmarked neighborhood. The 12-story property offers protected views of the Manhattan skyline and the New York Harbor as well as pre-war architecture and details. Brooklyn Heights is one of the most desirable and established residential neighborhoods in Brooklyn, due to its top-rated schools, access to public transit, proximity to employment centers, and an abundance of retail amenities. DLJ RECP originally planned to renovate the apartment units to increase rental income. Prior to starting the renovation, however, we received an unsolicited offer to sell the property at a compelling price reflecting the strong demand for multifamily rental properties in prime urban locations. As such, DLJ RECP sold this investment in July 2015.
Photo: 25 Monroe Place, Brooklyn (DLJ RECP Fund V)