Vacant Corner Mixed-Use Building in Prime Bed-Stuy Location
570 Putnam Avenue
Bedford-Stuyvesant
Closed 10/23/2014 at
$1,550,000
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718-395-1877
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the mixed use building located at 570 Putnam Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn. The building is positioned in an ideal location just blocks from the proposed significant up-zoning of Broadway, which should have a significant positive impact on the retail and residential rents in the area.
The Vacant building is located on Putnam Avenue between Throop Avenue and Marcus Garvey Boulevard on a prime retail and residential corner. The four unit building consists of an 1,800 SF retail space with an additional ~1,200 SF below grade; three residential units that are 1,000 SF each; and 800 SF of outdoor terrace space that could be used for the retail space or the residential units. The large size of the units would allow for the possibility to split several of the units into two separate units.
The rent potential of the building is in excess of $180,000 /year (and in excess of $200,000/year if the number of units is increased). The property is perfectly configured with the retail entrance located on Marcus Garvey Boulevard, a prime busy retail corner, and the residential entrance located on Putnam Avenue, a beautiful brownstone block. The extra wide corner sidewalk is also ideal for cafe, restaurant/bar use for the possibility of outdoor seating.
Attractions
The property is conveniently located in close proximity to the C train at the Kingston Throop Station and near many new and exciting cafes, restaurants, and bars that are opening in the area. The property is also ideally located near Restoration Plaza which has become a center point of retail growth in the area. Close proximity to Restoration Plaza will allow tenants easy access to many national retailers including Foodtown Supermarket, CitiBank, Chase Bank, Applebee’s, and Duane Reade. Also, the property is a short distance from many new popular retailers, including Saraghina Restaurant, Georges-Andre Vintage Cafe, Crocus Cafe, Celestino Restaurant and Simplicity Wine Bar.