Ten Residential Units & Two Prime Retail

Overview

TerraCRG has been exclusively retained to sell two corner mixed-use buildings on Court Street in the Cobble Hill neighborhood of Brooklyn. 285 Court Street and 384 Court Street--located on Court Street at the corners of Douglass Street and Carroll Street respectively -- consists of ten residential units and two commercial spaces. The projected gross annual income is ~$689,000 and the net operating income approximately $555,000. Court Street and the adjacent Smith Street are two of the strongest retail corridors in the city with rents ranging from $80/SF to over $150/SF. National retailers in the area include Trader Joe's, Starbucks, Free People & American Apparel. There is a popular cinema about a block away from 285 Court Street and Court and Smith are lined with upscale boutiques and gourmet restaurants. Cobble Hill's housing stock is some of the best in the city with classic brownstone lined streets; multiple new high-end condo and townhouse developments are achieving sellout prices exceeding $1200 per/SF. Residential rents in the area for new construction are approaching $60/SF. The properties are within walking distance of the F & G Trains as well as the 2,3,4,5, M and R trains at Borough Hall.