Eight Unit Mixed Use Building
3901 5th Avenue
Closed 08/10/2015 at
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TerraCRG has been retained to exclusively represent ownership in the sale of 3901 5th Avenue, a mixed-use corner property in the heart of Sunset Park. The ~6,000 SF building is located at the corner of 39th Street and 5th Avenue, the busiest intersection in Sunset Park. The property consists of 4 ground floor retail spaces, 3 apartments and one office space.
This is a rare opportunity to acquire a mixed-use asset in an ideal location in Sunset Park and one of the busiest corridors in Brooklyn. The retail and residential rents are all well below market. The commercial spaces average $56/SF in a market with retail rents exceeding $100/SF on the 5th Avenue retail corridor. The residential rents are also well below market with the units averaging $26/SF in a market with residential rents exceeding $40/SF.
The building is on Sunset Park’s booming 5th Avenue retail corridor, lined with a variety of restaurant and local businesses as well as national tenants AT&T, Chase Bank, Citibank and McDonald’s. It is also three blocks from the 8th Avenue retail corridor, one of Brooklyn’s busiest retail corridors and home to New York City’s third largest and fastest growing Asian business district.
The property is in the heart of Sunset Park which has emerged as one of Brooklyn’s strongest sub-markets. Various developments are in progress, most notably Jamestown Properties’ Industry City, a waterfront commercial thoroughfare. Notable tenants include Micro Center and Bed Bath and Beyond.
The property is only four blocks from the D, N and R trains located at the 4th Avenue and 36th Street subway stop. The BQE (1-278) is just a few blocks away providing additional accessibility to the property.
Sunset Park is a demographically diverse neighborhood of approximately 160,00 people. The neighborhood’s growth has been spurred in large part because of it’s excellent transportation infrastructure. The major commercial corridors are located along Fifth avenue and Eighth Avenue. There are numerous well-known tenants located along both of these commercial drags as well as an established presence of some of the city’s best ethnic restaurants catering to the large Latino and Chinese communities.