Massey Knakal Sells Prime Retail Building In Prospect Heights
A retail building at 357-365 Flatbush Avenue, located between Sterling and Park Places in Brooklyn’s Prospect Heights neighborhood, was sold in an all-cash transaction valued at $8,900,000.
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. One ground floor commercial tenant has a lease in place through 2016 and one of the residential units remains rent stabilized. The other two units are leased on a month-to-month basis.
The property benefits from 75 feet of frontage along one of the most highly desirable retail corridors in all of Brooklyn. The site is located in a C2-4/R7A zoning district, which would allow for approximately 15,200 additional square feet of development rights. With the tenants in-place, the property was purchased for future retail redevelopment. The building sold for approximately $855 per square feet or $350 per buildable square foot, and an in-place capitalization rate of 3.9%.
“The sale is a testament to the continued growth and future outlook of retail on Flatbush Avenue,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction with Michael Amirkhanian. “The site offers the purchaser substantial, underutilized retail frontage in the heart of arguably one of Brooklyn’s most desirable neighborhoods,” added Michael Amirkhanian.
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.