Cushman & Wakefield Sells Mixed-Use Building in South Slope
A mixed-use building at 156-160 17th Street, located between Third and Fourth Avenues in Brooklyn’s South Slope neighborhood, was sold in an all-cash transaction valued at $2,650,000.
The three-story building measures approximately 10,028 square feet on a 60’ x 121.02’ irregular lot. It consists of two commercial spaces and two residential apartments and features approximately 60’ of frontage, curb cuts, high ceilings, and additional development rights. One of the commercial units was delivered with a tenant in-place for the next five years, while the remainder of the building was delivered vacant. The sale price equates to approximately $264 per square foot.
The building is situated one block from the R subway line at Prospect Avenue, as well as one block from the entrance to the Brooklyn-Queens Expressway and Prospect Expressway.
“This property presented a unique owner/investor opportunity in an emerging market, with high accessibility and future development potential,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively handled this transaction with Aaron Warkov.