Mixed-Use Property in the Heart of Downtown Brooklyn
228 Livingston Street
Downtown Brooklyn
Closed 06/19/2020 at
$3,300,000
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718-285-9367
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of 228 Livingston Street, a rare ~4,290 SF mixed-use property in the heart of the Downtown Brooklyn.
The opportunity is a four-story brick building with 19.5 feet frontage on one of the best blocks in Downtown Brooklyn. The building consists of four, floor-through units; the first and second floor are retail and third and fourth floors are three-bedroom apartments. The building will be delivered with three vacant units and an existing lease on the secondfloor retail. There is a projected gross annual income of $289,296 with a $230,249 NOI.
The building is a good investment as-is or for a developer looking for a smaller project near the Fulton Mall. For commercial use, there is currently 9,460 SF of air rights which provides a total buildable SF of 13,750, and for residential use there is approximately 2,610 SF of air rights allowing a total buildable SF of 6,900.
Ground floor retail rents are upwards of $110/SF on Livingston Street and upwards of $300/SF one block away on the Fulton Mall. Office rents are reaching in the mid-$60/SF.
Attractions
Located just one block away, the Fulton Mall is Brooklyn’s strongest retail corridor and home to strong national tenancy including Nordstrom Rack, H&M, American Eagle, Banana Republic, Flight 23, Century 21, Trader Joe’s, Target, Chase and more. One block to the west is City Point, the largest mixed-use retail project in Brooklyn. The 1.8 million SF center features 675,000 SF of retail space anchored by Target, Trader Joe’s, Century 21 and Alamo Drafthouse.
The property sits directly around the corner from the Hoyt-Schermerhorn A, C, G subway lines, and just a couple of blocks from the Hoy St (2, 3), the DeKalb Avenue (B, Q, R), Nevins Street (2, 3, 4, 5) subway stations, and the Jay St (A, C, F).