Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the mixed use building at 994 Atlantic Avenue, situated on the Crown Heights/Clinton Hill border of Brooklyn. Located between Grand Avenue & Classon Avenue, the 3,200 SF property consists of 2 two-bedroom apartments and a ground floor commercial space all occupied. The property is zoned M1-1 so the building is overbuilt by 1,600 SF and is grandfathered in for mixed use.

Current residential rents in the building are averaging $21/SF, leaving significant upside with both residential leases expiring in less than one year and residential rents in the area achieving $40/SF and up. Both units are in good condition and the second floor apartment has a large 20 ft x 40 ft roof deck. The ground floor retail space is built full to the lot, 20 ft x 80 ft, and the tenant has 4 years remaining on their lease. The retail tenant is a restaurant equipment service company and is currently paying $3,700 per month and will increase $100 per month every April until the lease expiration in 2018.

The property is only three blocks from the Franklin Ave C subway station, and the S shuttle train that runs north and south on Franklin Avenue connecting the 2,3,4,5,B & Q subway lines. Also a short distance form the property is the Barclays Center and the Atlantic Terminal Mall with access to several national retail tenants and the 2,3,4,5 D,N,R,B & Q subway lines and the LIRR