Multifamily Building on Ocean Parkway
377 Ocean Parkway
Kensington & Parkville
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TerraCRG has been retained to exclusively represent ownership in the sale of 377 Ocean Parkway, a 46-unit walkup property in the Kensington neighborhood of Brooklyn. The building is located on Ocean Parkway between Avenue C and Cortelyou Road.
The asking price of $11.5M equates to just $319/SF and $250,000/unit.
The building has been owned by the same family for over 30 years. All of the units are rent-stabilized with an average rent of $20/SF in a market where similar size units are renting for $40/SF. The property also has ~24,000 SF of available air rights.
Kensington is a predominantly residential neighborhood anchored by the Cortelyou Road retail corridor, home to a number of popular neighborhood eateries such as Purple Yam, The Farm on Adderley and Ox Cart Tavern. The property is located just one and a half blocks from the Ditmas Avenue subway station, with a short commute to Manhattan Avenue via the B, Q & F trains.