Eight-Family Building in Park Slope
693 Union Street
Closed 02/20/2013 at
$2,000,000
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Overview
The 8-unit multifamily building at 693 Union Street is now offered for sale. The property is located on Union Street between 4th Avenue and 5th Avenue-just four blocks from Prospect Park-in the Park Slope neighborhood of Brooklyn.
The 25′ wide building is comprised of 8 two-bedroom apartments. Six of the units have been extensively renovated. The property is zoned R6A providing as of right now use of an additional 2,125 SF of air rights.
There is considerable upside in the offering as the current average rent in 693 Union Street is $34 per SF. New Construction developments and high end conversion projects in Park Slope are approaching $55 per SF.
The property is in the heart of one of Brooklyn;s most popular retail corridors, 5th Avenue, which is lined with some of the boroughs best restaurants, boutique stores and cafes. The new Barclays Center is also within walking distance.
The R Train is one block away at the Union Street subway station on 4th Avenue. Atlantic Terminal is one stop away on the R and provides access to all major subway lines.
Attractions
Park Slope is a neighborhood in the western section of Brooklyn, New York City’s most populous borough. Park Slope is characterized by its iconic brownstones, human scale, and popular retail corridors on Seventh and Fifth Avenues. It boasts Michelin-starred restaurants, a lively bar and nightlife scene and boutique stores. In 2011, New York Magazine ranked Park Slope as the No. 1 “Most Livable Neighborhood in New York”, surpassing every other neighborhood in the city for retail amenities, restaurants and nightlife, schools, safety and green space.