41-Unit Multifamily Building
691 Marcy Avenue
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TerraCRG has been retained exclusively to sell 691 Marcy Avenue. The 41-unit luxury residential building is located in the Bedford-Stuyvesant section of Brooklyn. The 51,000 SF multifamily building offers some of the best designed luxury residences in the area.
The building is a rare opportunity to acquire institutional level scale in one of the fastest growing sub-markets in Brooklyn as most of the assets in the Bed-Stuy area are low-rise pre-war walk-up buildings, surrounded by landmark Brownstone blocks.
Dollar volume for investment sales transactions in Bed-Stuy was over $340M in 2016. In particular, this specific section of Bedford-Stuyvesant has seen a strong demographic shift, pushing rents, condo sale prices, and brownstone prices to compete with more established areas such as Fort Greene and Clinton Hill. Condo prices in the immediate area are projected at $1,000/SF, rental rates have been climbing towards $50/SF, and brownstones are achieving prices above $2 million.
691 Marcy, originally designed as a condominium, features high-end finishes and rare amenity packages for the area.
All units have wide-plank white oak flooring, oversized windows, high-end stainless steel appliances, deep soaking bathtubs, custom vanities, and Bosch washer/dryers. 40% of the units have private outdoor space, including some with 200-520 SF terraces. All the units have access to a common roof deck and a common outdoor lounge on the second floor. The property also has a state of the art fitness center, resident lounge, bike storage, indoor parking, private storage spaces, and Zip Car on-site.
There are many newer exciting retailers that have opened in the area in order to cater to the new buyers and renters in the area. There are also many national retailers within close proximity to the property including Home Depot and Chase Bank. The building is one block from Herbert Von King Park, an 8-acre park with many amenities, including dog runs.
The property is located just one block away from the G train (Bedford-Nostrand Avenues) and is easily accessible with the A/C train (Nostrand Avenue).