7,000 SF Mixed-Use Building
1008 Manhattan Avenue
Closed 07/12/2017 at
India Street Ferry Stop
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TerraCRG has been retained to exclusively represent ownership in the sale of 1008 Manhattan Avenue, a 10-unit mixed-use building in Greenpoint, Brooklyn. The offering is a unique opportunity to acquire an asset in one of the fastest growing markets in Brooklyn.
The 7,000 square foot property consists of eight residential units, seven on which are unrenovated and will be delivered vacant, and two commercial spaces. After renovations, the property has a projected net operating income of ~$256,674 with significant upside remaining on both the retail and residential income. One of the commercial tenants, Kim Pro Hair, is paying $61/SF, well below the market rate, but only has two years remaining on the lease. The second commercial space has recently been leased by Brooklyn Whiskers Bakery.
Manhattan Avenue, particularly this section, is one of the strongest retail corridors in Brooklyn. The area offers a unique mix of popular neighborhood tenants including Oak & Iron, Ovenly, t.b.d. brooklyn and Propeller Coffee. Manhattan Avenue has been attracting new commercial tenants in anticipation of thousands of new residents moving into new developments nearby.
Greenpoint is going through a remarkable transformation, particularly along the waterfront. Greenpoint Landing, one of New York City’s largest developments, is located just a few blocks west of the subject property and is set to deliver 5,500 units of both affordable and luxury housing occupied by 13,750 new residents. The first 300 units are slated to be complete in the coming months.