Development Firm Sets its Sights on Park Slope, Carroll Gardens

In Park Slope and Carroll Gardens, the Manhattan-based developer East River Partners is currently buying up and gut-renovating non-rent regulated multi-family buildings throughout the area. In the past year and a half, the firm has scooped up three multi-family buildings in Park Slope and one in Carroll Gardens. The company is in the process of transforming the buildings into 900- to 2,000-square-foot, two and three bedroom condominiums — units designed to lure Brooklyn’s Bugaboo stroller-pushing set.

“Rents are so strong in Brooklyn now — and interest rates so low — that the monthly cost for our buyers of owning a home can be roughly half the cost or renting once they take into effect the deduction of interest from their taxes,” East Rivers Partners principal Jody Kriss said, explaining why the firm is intent on buying up and converting Brooklyn buildings.