Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 629 Union Street, an 8-unit multifamily building located on the border of Park Slope & the rapidly growing neighborhood of Gowanus.

The four story, 6,160 SF building has 1 free-market unit, 7 rent-stabilized units and a billboard advertisement and has a gross annual rent roll of $181,212. The property benefits from being in a protected tax-class and has a DRIE/SCRIE credit bringing its net annual tax bill to $3,076. It also has a new boiler and roof.

The building is surrounded by several sizeable development projects that are in the pipeline, under construction and recently completed. 629 Union is just one block from the R train at the Union Street/4^th Avenue subway stop. The 2, 3, 4, 5, B, D, N, Q, R, W and LIRR Trains are about a half mile from the property at Atlantic Terminal.

Due in large part to the area wide rezoning in 2021, Gowanus has seen a redevelopment revolution and has been transformed from an industrial neighborhood to one of New York City’s most desirable hubs for residential, office, retail, and the arts.