41 Residential Units Crown Heights
1153 & 1159 President Street
Closed 03/31/2015 at
Two blocks from Eastern parkway
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TerraCRG has been retained to exclusively represent ownership in the sale of 1153 & 1159 President Street. The two contiguous buildings are located between Rogers Avenue and Nostrand Avenue in the Crown Heights neighborhood of Brooklyn.
The two buildings consist of 41 residential units, total over 42,000 SF and produces a gross annual income of ~$877,000. Thirteen of the 41 residential units are free market and have been gut renovated with high-end rental finishes. The renovated units are mostly rented to the large influx of students and roommates seeking housing in Crown Heights. Currently, the buildings have 5 one bedroom units, 23 two bedroom units, 9 three bedroom units and 4 four bedroom units. However, these can easily be re-configured as 19 two bedroom units, 16 three bedroom units and 6 four bedroom units after renovation.
There is significant upside in the building as 28 of the 41 units are rent-stabilized. The average rent for the stabilized 3BR units is $942 the 2BR units $1,255 and the 1BR units $1,170. Across the buildings, the rents average less than ~$25/SF in a neighborhood where renovated units can achieve over $45/SF.
Crown Heights has seen tremendous transformation over the last decade with many condo developments, strong retail and a robust brownstone sales market. In the past few years, rents have rise from $20/SF to $40/SF and are quickly approaching $45/SF.
The property is within walking distance of the Brooklyn Botanic Gardens, Prospect Park, The Brooklyn Museum as well as the Prospect Park Zoo. The 2,3,4,5 trains are all within short walking distance of the property. The building is also conveniently located just two blocks from Eastern Parkway, one of Brooklyn’s main commercial corridors and a key vehicular access point to all surrounding neighborhoods in the Borough.
Until recently, the main thoroughfares of Crown Heights — which stretched between quiet blocks of historic brownstones — were bleakly dotted with discount stores and shuttered retail spaces. But today, the area — particularly Franklin Avenue and the surrounding streets, which are serviced by the A, C, 2, 3, 4 and 5 subway lines — is evolving into a new foodie mecca, complete with rustic Italian restaurants, bustling bars and even shops hawking locally made cheeses. And the frenzy’s not stopping anytime soon.