1400 St. Johns Place
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TerraCRG has been retained to exclusively represent ownership in the sale of the residentially zoned retail property at 1400 St. Johns Place in Crown Heights, Brooklyn.
Located between Utica Avenue and Schenectady Avenue, the ~6,690 SF property has an R6/C1-3 zoning, allowing for the as of right development of a ~20,070 SF mixed-use building. The property is currently improved by a ~5,352 SF retail building with 47 feet of frontage on St. Johns Place. The building can be delivered vacant and features two retail spaces currently occupied by a laundromat and dry cleaners.
The property allows for owner-users, investors and developers to acquire a retail property with the opportunity for residential development with a strong retail component. Neighboring retailers include Ideal Market, Chase and Modell’s, along with a number of other national tenants.
Crown Heights has seen the most rapid rent growth in Brooklyn since 2013. The immediate area has become the center of cultural activity in Brooklyn, sought after by investors, residents and retailers alike. The area has gone through strong transformation over the last decade with many rental and condo developments, strong retail and a robust brownstone sales market.
The property is a short distance from the Brooklyn Botanic Gardens, Prospect Park and other cultural destinations such as the Brooklyn Museum, Grand Army Plaza and the Brooklyn Public Library.
The property is just around the corner for the 3 and 4 trains at the Utica Avenue station, making the commute to Manhattan in under 30 minutes.