March 22, 2022

Park Slope Mixed-Use Properties Sold for $5.3 Million

Mentions News

New York Business Journal

Two mixed-use properties in Park Slope have sold for $5.3 million, or $892 per square foot, according to brokerage TerraCRG.

Both properties, located at 356-358 7th Avenue, are within close proximity to Prospect Park, numerous public transit lines, and the Brooklyn Museum.

TerraCRG partner Matthew Cosentino and Remi Norris exclusively represented the seller.

Each property includes two residential units over ground-floor retail spaces, including a space previously held by Ansonia Chemist, a Park Slope pharmacy that has been in operation since 1984.

Buildings with six or fewer units have continued to perform well throughout the pandemic and have remained popular with investment buyers due to their exemption from rent stabilization efforts and tax benefits, TerraCRG partner Matthew Cosentino told the New York Business Journal last year.

“Free-market, tax class protected properties continue their projected upward trajectory this year as the residential rental market bounces back and retail rents stabilize,” Cosentino said.

Read more here.