~3,000 SF Eight Unit Townhouse

Overview

TerraCRG has been retained to sell the multifamily building located at 220 Cumberland Street in the Fort Greene neighborhood of Brooklyn. Located between DeKalb Avenue and Lafayette Avenue, the 3,008 SF building consists of 8 studio apartments, out of which 3 will be delivered vacant. The remaining units are rent stabilized with considerably below market rents averaging between $23-25/SF, in an area that is currently achieving market rents of above $60/SF for fully renovated units. Condo sales in the immediate area are exceeding $900/SF, and in 2013, townhouse sales in Fort Greene reached upwards of $1,000/SF. Although currently configured as an eight family building, the property presents a unique opportunity to convert into a 1-3 unit Townhouse for a owner/user or an investor. The G & C subway lines are just a short distance from the property with stops for the G at Fulton St and Clinton Washington Avenue stations, and the C at the Lafayette station. The property is also only blocks from the Barclays Center with access to the 4,5,2,3,D,N,R,B,Q Trains plus the LIRR, making the commute in to Manhattan only minutes.