Eastern Consolidated exclusively markets 260 Flatbush Avenue in Park Slope for $8 million

Eastern Consolidated, a leading investment sales brokerage firm, has been retained as the exclusive agent to market for sale 260 Flatbush Avenue, also known as 89-91 Prospect Place, for $8 million. The mixed-used residential and retail property in the Park Slope area of the borough has an approved permit to build seven stories, or 16,360 s/f, atop the existing 3,975-s/f, one-story commercial property. If built according to plans, the 20,335 s/f mixed-use building will be comprised of 14 residential units accessible by a lobby entrance on Prospect Place, a recreation room for tenants, and one retail space with 31 feet of frontage on Flatbush Avenue. The existing structure spans the entire block-through lot and includes a full basement, which houses the building's primary systems and can be used for commercial storage. Plans for the residential component of the building include six one-bedrooms and eight two-bedrooms with each unit having access to a private outdoor balcony or terrace. All future tenants will have access to coveted amenities including a common roof terrace and bike storage in the basement. "This offering presents investors and developers with a rare opportunity to acquire a ready-to-build project with strong Flatbush retail space and an even stronger residential component in this highly sought-after neighborhood," said Andrew Sasson, an associate director at Eastern Consolidated, who along with associate director Wade Hazelton, exclusively represents the seller, 260 Flatbush Avenue Realty LLC. "The opening of the Barclays Center in September 2012 had a transformative impact on the area. Since then, retail rents have surged upward to $200 per s/f and residential vacancies have dropped significantly, driving up apartment rents. The approved plans for this mixed-use asset provide tremendous upside potential." 260 Flatbush Avenue is conveniently located three blocks from the Barclays Center, Prospect Park, and the Atlantic Avenue - Barclays Center subway terminal.