Value-Add / Redevelopment | Brooklyn

2 Retail Properties Online Auction Sale Brooklyn, NY

Counterbid
We have been authorized to place a counterbid on the seller’s behalf in order to encourage buyer and seller toward a mutually agreeable price. We will stop counterbidding once the seller’s reserve price has been met.
Auction On February 24 - 26, 2025
3232 DAYS d
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1818 HRS h
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1919 MIN m
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4846 SEC s
Auction Starts
834834 HRS h
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1919 MIN m
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Auction Ends
Finalizing
$500,000
Starting Bid
--
Current Bid
$100,000
Bid Increment
$500,000
Next Bid
Status
Status
Reserve Not Met
In Progress
120,698
Total Views
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Min Bid is $500,000
$500,000
Starting Bid
$100,000
Bid Increment
$500,000
Next Bid
Reserve Not Met
In Progress
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Virtual Tour

Investment Highlights

  • 100% vacant, two side-by side buildings configured with ground floor retail and two floor-through residential units on the upper floors.
  • The property condition and scale are ideal for value-add gut renovation, expansion, and/or redevelopment.
  • 35+ feet of frontage on Utica Ave, with 5,816 buildable square feet on base FAR (2.20), or 10,237 buildable square feet on new City of Yes FAR (3.90)
  • All units are delivered vacant and fully free market, allowing new ownership to capitalize on neighborhood improvement.

Executive Summary

72A and 74 Utica Avenue present an excellent value-add investment opportunity in Brooklyn, New York. The properties are delivered fully vacant, allowing new ownership to build out to their specifications, whether for an owner/ user opportunity or an income-producing investment. The buildings are adjacent and ring in at a combined 3,850 square feet. The first floor of each space is currently built out for storefront retail and the above stories house multifamily units. The properties have a combined 5,817 buildable square feet, 2,116 square feet of which are unused air rights for future expansion, development, or disposition. The broad R6 zoning allows for many potential uses on-site, depending on the new owner’s vision. Additionally, the assets are in a protected tax class. Tax Class 1 limits tax increase to not more than 6% per year or 20% over five years.

Situated in the Crown Heights neighborhood within Brooklyn, these assets are surrounded by a rich tapestry of history. Crown Heights boasts a diverse array of housing, from historic brownstones to modern apartments. The past decade has seen a surge in demand, driven by its cultural vibrancy and proximity to Manhattan. As such, property values and rents have experienced a noticeable uptick. While maintaining its architectural heritage, Crown Heights has welcomed tasteful modern developments. Adaptive reuse projects, turning old warehouses into lofts or offices, are particularly popular, highlighting the neighborhood’s blend of past and present. Crown Heights offers a retail landscape as diverse as its demographics. Nostrand and Franklin Avenues are commercial hotspots, brimming with Caribbean eateries, Jewish delis, hipster cafes, and vintage stores. It’s a commercial tapestry reflecting its multicultural populace. Connectivity is a strength for Crown Heights. Served by the 2, 3, 4, and 5 subway lines, Manhattan is a mere 20-minute ride away. Numerous bus routes, like the B45 and B65, ensure thorough neighborhood coverage. The Long Island Rail Road’s Nostrand Avenue station also offers an alternative transit mode for direct access into Long.

Property tours are available by appointment only. Please contact the listing broker to schedule.

Data Room Click Here to Access

Market Analytics Click Here to Access

$99,999

Asset Value

$99,999

12 Month Sales Volume

12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted SF
999
999
999
Average SF
999
999
999

9.9%

Market Cap Rate

9.9%

Market Sale Price/SF Change (YOY)

12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-

Market Sale Price per SF

New York - NY USA

Market Cap Rate

New York - NY USA

Market Sale Price per SF by Star Rating

1 - 2 Star

3 Star

4 - 5 Star

Market Cap Rate by Star Rating

1 - 2 Star

3 Star

4 - 5 Star

Market Sale Price per SF Distribution

Market Cap Rate Distribution

Property Facts

Sale Conditions Auction Sale
Sale Type Investment
Status Active
Number of Properties 2
Total Building Size 6,007 SF
Total Land Area 0.09 AC

Properties

Property Name / Address Property Type Size Year Built
74 Utica Ave, Brooklyn, NY 11213 Retail 4,000 SF 1920
72 Utica Ave, Brooklyn, NY 11213 Retail 2,007 SF -
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Sale Advisors

Sale Advisors

(914) 584-7422
Contact
DJ Johnston, Executive Vice President
(914) 584-7422
Contact
DJ Johnston stands as Executive Vice President at Matthews™ where he oversees the Investment Sales team in Brooklyn, NY.

DJ has become an indispensable figure within the industry with a career dedicated to real estate excellence and passion. To date, he has helped clients value over 2,000 properties and has personally executed the sale of 350 transactions, with an aggregate value of $1.5 billion.
Previously, he was a Partner and Senior Managing Director at B6 Real Estate Advisors, where he was the top producer for 5 consecutive years. Prior to B6 Real Estate he was he was a Director at Massey Knakal Realty, starting his career in 2009. Massey Knakal Realty was acquired by Cushman in Wakefield in 2015 where he worked for 3 years.
DJ prides himself on being a fair and transparent salesperson while always putting his client’s needs first. He is a thoughtful and creative marketer, understanding every listing is truly unique. He has a reputation for sourcing the perfect buyer on every listing and uncovering value that others may overlook.

Born and raised in Larchmont, New York, DJ graduated with a Bachelor of Science Degree in Finance from the University of Scranton. His previous work experience includes Equity Sales and Trading at Ota, LLC, Advertising Sales at ESPN, Litigation Services at Merrill Communications and Investor Relations at the hedge fund Kingstown Capital.

Outside of his professional realm, He is an avid skier and runner but, above all, enjoys spending time with his family of five – wife, Sarah, sons, James (8), and Tommy (4), and their daughter, Olivia (6).
(718) 874-8539
Contact
Henry Hill, Senior Associate
(718) 874-8539
Contact
Henry Hill is an accomplished investment sales broker, specializing in middle market transactions covering all asset classes in the vibrant landscape of Brooklyn, NY. As a dedicated Salesperson at Matthews Real Estate Investment Services™, Henry is a trusted advisor for clients in Brooklyn’s sought-after neighborhoods, including Bedford-Stuyvesant, Bushwick, Crown Heights, and Prospects Lefferts Gardens.

Henry’s commitment to client satisfaction is unwavering, evident in his relentless dedication to their financial success and long-term prosperity. Drawing upon a rich and varied real estate background, he serves as a reliable guide, enabling clients to surpass their investment goals.

Prior to his role at Matthews™, Henry honed his expertise as an Associate at B6 Real Estate Advisors, gaining valuable insights into the industry. He began his investment sales career as an Associate at Investment Property Realty Group (IPRG). Previously, he initiated his real estate journey at JDS Development Group, a prominent residential development firm based in New York City.

He currently resides in Manhattan and in his free time enjoys running, cooking, and exploring New York City.

About North Brooklyn

The North Brooklyn neighborhood includes the popular millennial enclaves of Williamsburg and Greenpoint and extends south to include Gowanus, and Prospect Lefferts Gardens. Historically a residential and industrial area, North Brooklyn's landscape has been altered by the many commercial projects that have broken ground in recent years.

This wave of supply speaks to the shifting demographics in Brooklyn, with developers betting that the robust multifamily demand continues—particularly in Williamsburg and Bushwick—and spurs a corresponding need for office and retail space. The workforce here is largely made up of both highly educated and well-compensated residents.

About the Auction Platform

Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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Auction Contact

Emily Walper
Auctioneer License: Ten-X, Inc. Vibhav Kapila RE Brkr 10991231490
  • Listing ID: 34301286

  • Date on Market: 1/10/2025

  • Last Updated:

  • Address: Value-Add / Redevelopment | Brooklyn, Brooklyn, NY