Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 465 Marcus Garvey Blvd – an 8-unit corner mixed-use building located in the heart of the Stuyvesant Heights Historic District of Bedford-Stuyvesant.  The Stuyvesant Heights Historic District features some of the best brownstone properties in all of New York City.

The 8,000 SF property consists of:

3 fully renovated Free Market residential units (each unit being a large 3 bedroom and 2 of these units have 2 bathrooms);

3 rent stabilized residential units (one of which has a legal rent of $2,390/month);

1 Vacant Corner Retail Store; and

1 Occupied Retail Store that has a long-term very stable retail tenant.

The building also has low expenses because the property is tax class 2B (Tax Class Protected) and the retail tenants are separately metered for gas and water. Also, the free market residential units have upside potential as market rent for those units is $3,500/month.

The property is ideally located ~2 blocks from the Kingston-Throop A/C subway line providing express service into Manhattan in minutes. It is also located right in the middle of some of the best restaurants in Brooklyn, including Saraghina, Peaches and Chez Oskar.