Corner Multifamily Building in Sunset Park
4103 7th Avenue
Closed 11/20/2014 at
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TerraCRG has been retained to exclusively represent ownership in the sale of the 20 Unit building at 4102 7th Avenue in the Sunset Park neighborhood of Brooklyn. This offering provides a rare opportunity to acquire a corner multifamily building across from Sunset Park with well below market rents. This 4 story building is 14,456 SF and can be delivered with 3 of the 20 units vacant.
The property has significant upside as the building rents average just $22/SF in a market where properties directly across from Sunset Park can achieve rents exceeding $40/SF. The property is also ideally located for future ownership to capitalize on the large influx of tenants that will want housing on the Park to be close to jobs created by Jamestown Properties’ conversion of Bush Terminal into a high tech office and retail business hub along the Sunset Park waterfront.
The strength of Sunset Park and this offering in particular are supposed by excellent subway access. The N and R trains have an express stop five blocks away at 4th Avenue and 36th Street making the commute to Manhattan about 15-20 minutes. The property is easily accessible through the D train at the 9th Avenue and New Utrecht Ave subway station. The Gowanus Expressway is also located a few blocks away providing additional accessibility to the property.
The building is located two blocks from Sunset Park’s booming 5th Avenue retail corridor, which is lined with an attractive and eclectic mix of boutique stores and restaurants as well as several national tenants. The site is also just one block from 8th Avenue, one of Brooklyn’s busiest retail corridors and home to New York City’s third largest and fastest growing Asian business districts.