Fourth Avenue Corner Building With Over 37,000 BSF
265 4th avenue
Park Slope
Closed 04/14/2013 at
$4,100,000
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the multifamily building located at 265 4th Avenue in the Park Slope neighborhood of Brooklyn. The 13,007 SF building is zoned R8A/C2-4/EC with a 6.02 FAR allowing for an additional 24,242 in available air rights or a total buildable of 37,249.
The adjacent property is also available with this offering providing a unique opportunity to acquire a rarely available 4th Avenue assemblage and build an additional 26,205 SF for a total buildable of 63,454.
Occupying a prime corner location at the intersection of Park Slope’s 4th Avenue corridor and Garfield Place, the property neighbors several new construction rental and condominium buildings. The immediate area also features new developments of scale including the Barclays Center and the soon to come Whole Foods Supermarket, which will be opening only 3 blocks away on 3rd Street and 3rd Avenue.
The 14 unit building is comprised of seven free market, one stabilized and four rent control units. The property currently produces a gross income of approximately $296,000.
The property is only three blocks from the R Union Street subway station which is only one stop from the Atlantic Terminal/Barclays Center with access to the D,M,N,R,B,Q,2,3,4,5 Trains plus the LIRR, making the commute in and out of Manhattan only 15 minutes.
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.