7,000 SF Mixed-Use Building

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 1008 Manhattan Avenue, a 10-unit mixed-use building in Greenpoint, Brooklyn. The offering is a unique opportunity to acquire an asset in one of the fastest growing markets in Brooklyn. The 7,000 square foot property consists of eight residential units, seven on which are unrenovated and will be delivered vacant, and two commercial spaces. After renovations, the property has a projected net operating income of ~$256,674 with significant upside remaining on both the retail and residential income. One of the commercial tenants, Kim Pro Hair, is paying $61/SF, well below the market rate, but only has two years remaining on the lease. The second commercial space has recently been leased by Brooklyn Whiskers Bakery. Manhattan Avenue, particularly this section, is one of the strongest retail corridors in Brooklyn. The area offers a unique mix of popular neighborhood tenants including Oak & Iron, Ovenly, t.b.d. brooklyn and Propeller Coffee. Manhattan Avenue has been attracting new commercial tenants in anticipation of thousands of new residents moving into new developments nearby.