~9,000 SF Multifamily Building Delivered Mostly Vacant

Overview

TerraCRG has been retained to sell the multifamily building located at 922 Prospect Place. The ~9,000 SF property is situated between New York Avenue and Brooklyn Avenue in Crown Heights. The 4-story property consists of 8 two-bedroom apartments, out of which 7 may be delivered vacant. There is also a full ~2,000 SF basement that may be used for storage or future duplex conversion. There is significant upside with rents in the area ranging between $30/SF to $40/SF, or $2,500/month to $3,000/month Crown Heights has seen tremendous transformation over the last decade with many condo developments, strong retail, and a robust brownstone sales market. In just a few years, rents have risen from $20/SF to $40/SF, and are poised to reach $45/SF and above within the next two years. As a result, Nostrand Avenue, just a block away, is now seeing a strong retail market with the addition of new restaurants and boutiques servicing the new demographic. The building is only a short distance from the Nostrand Avenue 3 Subway Station, and the LIRR at Nostrand Avenue and Atlantic Avenue. The property is also accessible through the B65 bus line that runs East on Dean Street, and West on Bergen Street.