Mixed-Use Building in Borough Park
1352 59th Street
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TerraCRG has been exclusively retained to represent ownership in the sale of 1352 59th Street, a mixed-use building between New Utrecht and 13th Avenue in the Borough Park neighborhood. The 3,120-square-foot building consists of two floor-through residential units above a commercial space and is zoned M1-1. When occupied, the property will generate a projected gross annual income of $70,000.
This property is adjacent to a 65,000-square-foot assemblage portfolio sale, also being exclusively marketed by TerraCRG, consisting of mixed-use and industrial space.
One of Brooklyn’s oldest neighborhoods, Borough Park is currently experiencing significant population growth. Between 2009 and 2017, jobs in the area grew by 28,000 – an increase of 72 percent. Contributing factors include the expansion of Maimonides Hospital as well as the increase of e-commerce; between five and ten percent of all third-party sales on Amazon originate from the neighborhood.
Convenient to all transportation and located next to the neighborhood’s prime retail corridor, New Utrecht Avenue, the property is easily accessible via the D and N express lines, which service the 62nd Street/New Utrecht Avenue station just two blocks away. Manhattan can be reached from the station by either train in thirty minutes during rush hour commutes.