5th Ave Mixed Use Building | Park Slope

Overview

TerraCRG is pleased to exclusively represent ownership in the sale of 129 Fifth Avenue, a four-story, approximately 5,040-square-foot mixed-use building ideally positioned along Park Slope’s prominent Fifth Avenue retail corridor, between St. Johns Place and Sterling Place. The property is situated within an established residential community surrounded by national retailers, boutique shops, popular restaurants, neighborhood businesses, and a diverse mix of local shops and services.
 
Directly across the street is The Paseo at 120 Fifth Avenue, a new mixed-use residential development featuring luxury rental residences and ground-floor retail, complementing the surrounding residential density and commercial landscape. The property benefits from strong neighborhood retail activity, pedestrian traffic, and convenient access to public transportation, with nearby Bergen Street and Union Street subway stations providing access to the 2, 3, and R trains. Additional transit connections are available at Atlantic Avenue–Barclays Center and Atlantic Terminal, while nearby destinations include Prospect Park and Barclays Center.
 
The four-story property features three residential apartments and ground-floor retail currently occupied by a mobile device repair business. The residential component offers the potential to be delivered vacant. The ground-floor retail space lease is currently well below market and offers potential for future leasing to a variety of retail users, including national retailers.
 
Additional investment highlights include free-market residential apartments, a tax-class-protected building, and low operating expenses, presenting an attractive opportunity to acquire a mixed-use asset with existing income potential and future leasing flexibility in one of Brooklyn’s established residential and retail neighborhoods.