TerraCRG exclusive agent for 16-unit multifamily building in Ditmas Park / Flatbush

According to TerraCRG, one of Brooklyn's leading commercial real estate brokerage firm, Adam Hess, partner and senior vice president has been retained as the exclusive agent for the sale of 1033 Ocean Ave. in the Dtimas Park / Flatbush neighborhood. Hess and senior associate Sam Shalumov and associate Chris Pechlivanides of TerraCRG are representing the seller. The four-story, 16 unit multifamily building is located between Foster Avenue and Newkirk Avenue and has 4,900 s/f of air rights. The 17,100 s/f property is comprised of 16 rent stabilized units with ten two-bedroom and six three-bedroom units. The property presents a considerable opportunity, as rents in the neighborhood exceed $30 per s/f, and the building rents are currently averaging $16 per s/f. The property is located just few a blocks from Brooklyn College, and the neighborhood attracts students and families, as well as artists and musicians. The property is also in close proximity to the Cortelyou Road and Flatbush Avenue retail corridors which are lined with a mix of boutique stores, restaurants, and national tenants, including Duane Reade, Dollar Tree, farm-to-table restaurant The Farm on Adderley, and the bar and flower shop Sycamore. The building is five blocks from the Newkirk Avenue B/Q subway station and is easily accessible by the BM1, BM3, BM4 bus lines providing express service to downtown Manhattan. "We think this is one of the best deals on the market right now and the level of interest we've received on the property backs that up as we received multiple offers in the first two days of bringing it to market," said Hess.