Brooklyn, NY TerraCRG has sold 1384-1386 Flatbush Ave., two contiguous properties in Flatbush. Peter Matheos, senior vice president, handled the transaction, which closed for $2.075 million.
“Similar buildings in the area typically sell for between $750,000 - $900,000. After our extensive marketing process we received numerous offers, ultimately achieving over $1 million per building on this transaction,” said Matheos.
The two buildings combine for 7,800 s/f and consist of two retail spaces and four free market residential units. The ground floor retail, which totals 3,400 s/f, benefits from 40 ft. of frontage on Flatbush Ave., three blocks from Flatbush Junction and Brooklyn College. The residential units are made up of four floor-through, renovated two-bedroom apartments with home offices. All of the residential units are individually metered with tenants responsible for their own utilities including heat and hot water.
Flatbush is emerging as a strong sub-market in New York City, seeing an influx of new development with over 1,200 new units coming to the immediate area. Most notably, there is a 23-story tower being developed at 1580 Nostrand Ave., which will include 153 apartments and two stories of ground-level medical offices. The property is ideally located on one of the neighborhood’s best retail corridors. The 2 & 5 subway lines at the Flatbush Ave. Brooklyn College station is just two blocks from the property.