Prime Carroll Gardens Corner, Mixed-Use Opportunity
320 Smith Street
Carroll Gardens
B37, B57, B61
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718-489-8333
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Overview
TerraCRG has been retained exclusively to market 320 Smith Street, a rare Carroll Gardens mixed-use property with exceptional development potential and unmatched location appeal.
The property spans an entire 200-foot stretch of Smith Street from Union Street to President Street, offering unparalleled visibility along one of Brooklyn’s most sought-after retail corridors. Currently improved by a two-story building with ground-floor retail and five residential units above, the property totals approximately 16,091 existing square feet featuring outdoor space for existing residential units and a loading dock for the retail.
The site is zoned R6B, C2-4, allowing for up to 28,500 buildable square feet as-of-right, or up to 34,200 buildable square feet utilizing the Inclusionary Housing Program (UAP), presenting an attractive opportunity for redevelopment or value-add repositioning.
This offering represents a unique opportunity to acquire a prominent property in the heart of one of New York City’s most desirable neighborhoods, with the flexibility to capitalize on existing income, pursue redevelopment, or execute a long-term hold strategy in a location that will continue to appreciate.
Attractions
Top-of-the-market residential rents in Carroll Gardens are currently achieving over $100 per square foot for new development product, with luxury condominium sales reaching north of $1,800 per square foot. On the retail side, prime storefronts along Smith Street are commanding rents upwards of $120 per square foot, reflecting the corridor’s strong retail fundamentals and continued demand from high-end operators.
The property is ideally situated directly across from Carroll Park, one block from P.S. 58 – The Carroll School, one of New York City’s top elementary schools, and steps from the Carroll Street F & G subway station. Carroll Gardens is renowned for its tree-lined streets, vibrant restaurant scene, boutique retail, and strong community fabric, attracting both families and professionals seeking the best of Brooklyn living. Smith Street is one of the borough’s premier retail destinations, drawing consistent foot traffic and offering excellent long-term fundamentals for both commercial and residential uses.