Court Street Corner Mixed-Use Building in Carroll Gardens

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the mixed-use building at 390 Court Street in Carroll Gardens, Brooklyn. The corner property contains a Chase Bank on the ground floor with a signed 5-year NN lease extension to begin next year.  The certificate of occupancy permits retail/office on the second floor and 2 residential units on the third floor.  All floors have incredible ceiling heights at over 18ft high, and the 2nd & 3rd Floors will be delivered vacant. The 40-foot wide, 7,200 SF building sits across from Carroll Park and is 1.5 city blocks from the Carroll Street (F)(G) train stop. Nestled on Court Street, the property offers investors 40 feet of frontage on one of the primary retail corridors in Brooklyn (Court St between Atlantic and Carroll St), where retail rents averaged $125 per foot in 1H 2023 according to REBNY's quarterly retail report. The property is ideally located in the middle of one of the most active banking centers in Brooklyn, with 5 of the largest banks in the country located within a 3-block radius.  The property is located right in the heart of Carroll Gardens and is surrounded by luxury clothing stores, boutique restaurants and schools and childcare, which make the location perfect for both residential living and retail foot traffic. The property offers a rare blend of stable cash flows with Chase Bank on the ground floor, which pays 75% of all real estate tax expenses, and an opportunity to reposition the top floor into apartments, which the Certificate of Occupancy allows. Additional upside exists for the investors who seek to turn both second and third floors into residential apartments – and with floor plates of 2,400 SF and 9 windows per floor, the opportunity abounds. Considering the additional income from converting the second and third floor into apartments, we project a 7.4% Pro Forma return on cost at the current asking price.