Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 240 Prospect Park West. The mixed use building is located just two blocks from Prospect Park, Bartel Pritchard Square and the Pavilion Cinema movie theatre – on the border of Park Slope and Windsor Terrace. This neighborhood, also sometimes referred to as Greenwood Heights, has become a destination for your professionals priced out of Park Slope that are seeking access to the same amenities, high end food, coffee and entertainment.

The property is 25′ wide and consists of 6 residential units and two commercial spaces. The two ground floor retail units total ~1,750 SF. The ground floor retail space was recently gut renovated by the popular Brooklyn coffee shop Brunswick, with a rear extension added to accommodate outdoor seating. There is considerable upside in the building as the residential rents are far below market at just about ~30/SF. The rental market in close proximity to Prospect Park can exceed $55/SF and condos in the area have traded for close to $1,400/SF.

The property is located two blocks from Prospect Park and within walking distance of Seventh Avenue. The Seventh Avenue retail corridor is one of the premier retail corridors in Brooklyn, providing access to some of the boroughs best boutique stores, restaurants and coffee shops. The F and G trains are two blocks away at 15 Street. The building is also conveniently located 2 blocks from the Prospect Expressway, with access to all major highways.