Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell Retail Redevelopment Site Located In Prospect Heights

07/24/2013

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail redevelopment site at 357-365 Flatbush Avenue. The property is located between Sterling and Park Places in Brooklyn’s Prospect Heights neighborhood. The asking price is $10,500,000.

The site currently consists of a three-story building that contains approximately 10,400 square feet and sits on a 75’ x 75’ irregular lot.  The building contains two commercial tenants and two residential apartments.  It benefits from an additional 5,168 square feet of basement space and 75 feet of frontage along one of the most highly desirable retail corridors in Brooklyn.  Located in a C2-4/R7A zoning district, this site holds approximately 25,600 buildable square feet.

This property is conveniently located across from the 7th Avenue B and Q subway station, one block north of the Grand Army Plaza 2 and 3 subway station, and within close proximity to Barclays Center.  Neighboring tenants include Crunch Gym, Duane Reade, Chase Bank, American Apparel, and Shake Shack.

“As the ground level lease comes to term in 2016, this property will benefit from the rising tides of retail rents along the Flatbush Avenue corridor,” said Stephen P. Palmese, who is exclusively marketing this space with Michael Amirkhanian.  Both can be reached at 718.238.8999.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

07/24/2013 - 13:57

Source

Cushman & Wakefield Capital Markets Group New York

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