Partially Constructed 4 Family Building

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the mid-construction development site at 949 Pacific Street, situated on the border of Prospect Heights and Crown Heights in Brooklyn. Located between Washington Avenue & Grand Avenue, the site comes with approved plans for 4,120 Gross SF, calling for 4 units, 3 floor through one bedroom apartments and 1 duplex two bedroom apartment. The property is three blocks away from Vanderbilt Avenue, and a short distance from the Barclays Center, as well as Prospect Park, The Brooklyn Museum, Brooklyn Public Library and The Brooklyn Botanic Garden. Prospect Heights has seen tremendous transformation over the last decade. In just a few years, the area has seen luxury condo developments, strong retail, and a robust brownstone sales market that is rivaling neighboring Park Slope. Residential rents for new construction elevator buildings in Prospect Heights are projected at $55/SF and the lack of condo inventory in Prospect Heights created a surge in condo pricing over the last few months with recent pricing reaching above the $1,100/SF mark. Four express Subway lines make the commute to Manhattan in 15-25 minutes which made the area a favorite of professionals working in Manhattan. The property is only three blocks from the Clinton Street C subway station. The 2 & 3 subway lines at Bergen Street subway station and the Q & B subway line at the 7th Avenue subway station are all only blocks away. The property is also only blocks from the Barclays Center with access to the 4,5,D,N,R,B,Q Trains plus the LIRR