Central Brooklyn 4-Building Package

Brooklyn, NY

Sold

$7,400,000

OVERVIEW

LOCATION:
Central Brooklyn 4-Building Package, Brooklyn, NY

Asset Type: Mixed Use

Square Feet: 24,800

Residential Units: 8

Commercial Units: 11

 

Description

4-building package in Central Brooklyn for $7.4 million, consisting of 907 Nostrand Avenue, 739 Church Avenue, 1080-1082 Utica Avenue and 196 Utica Avenue.  

 

The portfolio was exclusively represented by Greg Corbin, Miguel Jauregui and Saadya Notik of The Corbin Group, who also procured the purchaser.  It was sold to a local private investor.

 

907 Nostrand Avenue, 739 Church Avenue, 1080-1082 Utica Avenue and 196 Utica Avenue, were each fully renovated in 2015 with all apartments receiving new bathrooms, kitchens, wooden floors, and HVAC units.

 

Additionally, 1080-1082 Utica Avenue, a commercial building with 80 feet of frontage, was recently gut renovated and repositioned to retail. It is a 2-story commercial property with 7 stores. Built in 1931, the property has approximately 10,000 SF.

 

All apartments are free market and are sub-metered, with tenants paying their own expenses.

 

907 Nostrand Avenue was built in 1925 and has approximately 4,547 SF; the retail tenant is a fitness center. 739 Church Avenue, which was built in 1931 and has approximately 3,300 SF, is leased to a bar whose lease expires in 2025. 196 Utica has a retail tenant which occupies the storefront and finished basement. The lease includes 4% escalations and expires in 2025. 

 

Nearby Transportation

Near public transportation.