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
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
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Market Analytics Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
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 | - |
Sale Advisors
DJ Johnston, Executive Vice President
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).
Henry Hill, Senior Associate
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.