Overview

The 14-unit Mixed Use building at 857-861 Union is now offered for sale. The property is located on the corner of Union Street and 7th Avenue, just two blocks from Grand Army Plaza and Prospect Park-in the Park Slope neighborhood of Brooklyn. There is a total of ~2,225 SF of retail at the corner of 7th Avenue and Union Street, one of the best retail locations in Brooklyn, that is owner occupied. Ownership is amenable to negotiating short-term leases for these spaces to afford the purchaser flexibility with the asset.

The property is 27.5′ wide and consists of 12 residential units and two commercial spaces. There is considerable upside in this offering as five of the 12 apartments are free market and five of the twelve residential units have leases expiring in 2014. The residential rents are far below market at just ~$30/SF. The rental market in prime Park Slope for similarly located units exceeds $50/SF. New construction and high-end conversion projects in park Slope are achieving over $60/SF.

The property is located two blocks from Grand Army Plaza and Prospect Park and within walking distance of the Brooklyn Botanical Gardens and Brooklyn Museum. Seventh Avenue is one of the premier retail corridors in Brooklyn and is lined with some of the boroughs best boutique stores, restaurants and coffee shops. The R train is three blocks away at the Union Street subway station on 4th Avenue, the G and F trains are a few blocks away on Ninth Street and Barclays Center/Atlantic Terminal is one stop away on the R, providing access to the D,N,R,B,Q,2,3,4,5 Trains and the LIRR.