EPIC Commercial Realty, formerly Itzhaki Properties, arranged the sale of 109 Utica Ave. in Crown Heights. The property, a vacant lot consisting of 6,403 s/f sold for $555,000. Situated on the northeast corner of Utica Ave. and Bergen St, the site is prime for residential development with its R6 zoning.
The site is found in a section of Crown Heights that is full of parks, schools and community centers while being near public transportation and retail. 109 Utica Ave. is three blocks south of Atlantic Ave., one block east of St John's Park and across the street from the 77th police precinct. "The location of the site is ideal. When we brought in this listing, we thought 'this is perfect for an 8 unit rental building.' It is in a booming neighborhood with a high demand for new rental buildings," said Mike Rybinskov. "Three bed room apartments can reach up to $3,000 a month in this area."
The sale of 109 Utica Ave. was brokered by EPIC CEO Yona Edelkopf, who represented the buyer, and EPIC sales associates Baruch Edelkopf and Rybinskov, who represented the seller. Tags: