64 Unit Elevator Building
346 E 29th Street
B6, B8, B12, B35, B43, B46, B78
TerraCRG has been retained to exclusively represent ownership in the sale of two multifamily buildings located at 346 East 29th Street and 310 East 25th Street in Flatbush between Clarendon Road and Avenue D. This package consists of both multifamily buildings. The buildings are also available separately. The listing for 310 East 25th Street could be found here.
346 East 29th Street consists of 64 rent-stabilized units, as well as, 16 indoor parking spots. The unit mix consists of 7 studios, 33 one-bedrooms, 18 two-bedrooms, six three-bedrooms with two baths, and one medical office. The building is on its fourth year of a fourteen-year J51 Tax Abatement. The gross annual income is $1,433,578 with an NOI of $1,204,024.
The area south of Prospect Park has been an attractive submarket for investors due to the recent growth in residential rents. The greater Flatbush region is one of the mostsought-after neighborhoods in Central Brooklyn. Serviced by two major subway lines, multiple bus lines and bustling avenues, commercial property in greater Flatbush is being coveted for the current population density and future growth opportunities. Due to the increased demand to live in the neighborhood, residential rents have grown in this area with rents reaching over $45/SF. In fact, rents in the region continued to climb even as more established neighborhood have decreased or leveled off. Furthermore, condo pricing in the area is upwards of $825/SF.
The neighborhood of Ditmas Park is also just a short walk away, boasting a wide array of boutique eateries along Cortelyou Road. The nearby Church and Flatbush Avenue retail corridors are lined with restaurants, cafés and national tenants such as Bank of America, Chase, Citibank, Walgreens, Planet Fitness, Old Navy, Sears and Dunkin Donuts just to name a few. In addition, Cortelyou Road has been attracting retail owners, and now features shopping and dining locations, as well as a farmer’s market held every Sunday. A new major attraction to the area is the renovated Kings Theater – one of New York’s premier performance arts venues having already hosted acts such as Diana Ross, Widespread Panic, Disney Live and Crosby, Stills, and Nash.
The properties are only a few blocks from the 2 and 5 trains at the Beverley Road Station and about a 15-minute walk to the Q train at the Cortelyou Road Station.