2553 Church Avenue, you are next. - Brooklynian

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2553 Church Avenue, you are next.

Quote:

"As you may have heard, TerraCRG has been retained to exclusively represent ownership in the sale 2553 Church Avenue. This six unit building is located between Rogers Avenue and Bedford Avenue in the Flatbush neighborhood of Brooklyn, just south of the Prospect Lefferts Gardens border.

The building’s 6 apartments are all rent stabilized and produce a gross annual income of $82,171. There are currently 5 three-bedroom apartments and 1 two-bedroom apartment in the building. There is significant upside in the building as average rents for three bedroom units are $1,240 in an area where renovated three bedroom units are achieving $2,250. The two bedroom unit is rented at $645/month, two bedrooms in the area rent for ~$2,000/month.

The property is located within a short walking distance of the area’s busy retail corridors including Flatbush Avenue, Bedford Avenue, Rogers Avenue and Nostrand Avenue. There are diverse restaurants, boutique shops and supermarkets nearby. National tenants from the banking sector have also sought to cater to newer younger residents looking for cheaper housing in Flatbush including Chase, CitiBank, Bank of America, HSBC and Capital One.

The property is conveniently located one block from the 2 and 5 express train at the Church Avenue subway stop providing access to Manhattan in just 25 minutes.

Download link for more information: http://www.terracrg.com/setups/2553_Church_Avenue.pdf

For more information and to discuss this and other Brooklyn assets further, please call my office and speak with me or any members of my team at 718-310-3296."

Eddie

Eddie Setton | Associate | TerraCRG | 592 Pacific Street, Suite B | Brooklyn, NY 11217 |
T: 718-310-3296 | F: 718-768-6288 | esetton@terracrg.com | www.terracrg.com

TerraCRG is hiring http://www.BrokerBrooklyn.com

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Comments

  • It seems like the past few weeks/months have seen an explosion of new residential development in the southern PLG/East Flatbush area. I'm wondering if anyone has seen new business development coming to that area also? Or does that have to wait until the new buildings are actually complete and attracting new residents?
  • edited March 2015
    Businesses usually wait until they perceive there are enough residents to support the goods and services they wish to offer.

    In that way, they are similar to real estate flippers, who wait until there is a a great enough difference between the rent stabilized price and the potential market price before they buy a building.

    Neither the new burrito shop, or the recently purchased building filled with newly vacant apartments filled with newly installed IKEA cabinets, can survive only partially utilized for very long.
  • edited March 2015
    It seems like the past few weeks/months have seen an explosion of new residential development in the southern PLG/East Flatbush area. I'm wondering if anyone has seen new business development coming to that area also? Or does that have to wait until the new buildings are actually complete and attracting new residents?
    Sometimes it's not just about new businesses coming to the area, catering to (potential) new residents. Existing businesses may adapt as well. For example, a few months ago I stopped in a Rite Aid on Church Avenue. (I believe it is somewhere between Bedford and Nostrand.) The snacks section had natural/organic brands like Nature's Path, Kashi, and Sahale along with snacks by conventional brands. Plus, it looks like it got a makeover. I also noticed this in the Rite Aid by the Junction and on Flatbush by Church Avenue. The Rite Aid near me isn't stocking as many brands like that yet. Five years ago I doubt those Rite Aid locations would have been carrying these items.

    ETA: It's interesting that this rent-stabilized building has changed hands. I wonder what's that going to mean for existing tenants. Hmmm.

  • edited March 2015
    I can't say I wonder.

    I know that that whoever buys this building is going to lose money if they keep the current tenants in place, and therefore will pursue a variety of methods to get them to leave.

    As seen in other buildings, some of these methods are illegal but most are legal.

    http://www.brooklynian.com/discussion/38474/new-building-owners-raising-rent-in-crown-heights/p1
  • The building is in a great spot, but there are tenants the return is positive, but it would take forever to cover the cost you've paid. Whomever buys this will probably try to get tenants out, personally I try to stay away from heartbreakers. When I bought my house for every 10 we saw 8 of them were filled with tenants to the max, it's a tough situation. 

    On one hand it is nice to see the neighborhood getting spruced up. On the other for people that rent I would bet that Bedstuy was just the beginning; neighborhoods like PLG, Flatbush, East Flatbush don't have any projects, they have lower crime rates, and better transportation options. Development will be fast and furious.
  • Proximity to Prospect Park seems to be a major driver.
  • oh man! i've been looking at this corner for a while now. Church at Rogers, in my opinion, has a very cute presence and actually a huge draw for an investor. I can picture it becoming a nice intersection. The B44 SBS to williamsburg stops right on the corner, after all. 2553 Church is exactly like the row of buildings around the corner from it, on Rogers between church and martense, which i really love:  

    rogers

    some of them have fared less well than others (the one on the corner was very recently fixed up; i see it now has all-new windows) but i can picture it being a very nice place to live.

    Not to mention residents of 2553 Church see the handsome church yard of Holy Cross right across the street from them: 

    holy cross church

    it's no st patrick's cathedral, but you could do much worse for views in this neighborhood. not to mention they do a great job of maintaining their greenery. A much different story from the other Bedford end of the block!
  • but yes, doublen00b i know what you mean about the heartbreakers. i saw some of those myself :\ way too many people to a tiny house. my partner found one finally that was only 2 units (most like it had an extra unit crammed in the basement) and was occupied by the owner and her happy looking children, and a single tenant who was very clean and organized. the owner even owned another much larger house with her sister elsewhere, so she already had a place to live. needless to say that was by far the winner
  • I went to one in crown heights that was really tough to see. The house was on an okay block, the realtor shows up about 15 minutes late and there were 5 or 6 of us waiting outside. He asked to check everyones ID and sort of did a once over on everyone there - then said 'the house will be vacant at closing.'

    We start in the basement, which was damp smelling, unfinished, but no big deal. Typical pipes everywhere, dust, dirt etc.. No electricity. Someone swore they heard a noise. And suddenly a door that nobody opened seemed to appear. Behind that door was an entire kitchen, two mattresses on the floor. 

    Okay.

    Go upstairs, main floor. In the living room is a mattress, in the dining room is a mattress, in both bedrooms two twin mattress. Most common rooms and bedrooms separated by sheets; the bathroom and kitchen did have doors. 

    Top floor same deal. Except there was no kitchen. So it meant you had at least 12 people sharing one kitchen, and some people in the basement (assuming 1 person per mattress). 

    A few of the people that took the tour bailed halfway through. 

    It's tough seeing places like that, and to be honest the price was a steal of deal. But that's a deal I just couldn't take. 
  • edited April 2015
    Many New Yorkers don't seem to realize that such homes exist.

    Several years ago, I managed a program which served kids under 4 y/o diagnosed with a disability. In this situation, that took the form of poor kids born to immigrant mothers who lived near Jamaica, Queens.

    One of my workers provided services to a large wooden home in Richmond Hill that was home to about 20 immigrants. The vast majority of them were single men. "Our" family was a mother of two kids who lived in the 3rd floor attic.

    They had a microwave. They had no fridge access, so they purchased what they needed each day from the local bodega.

    Needless to say, the conditions were a huge fire trap.
  • 794 Rogers, a 3 story mixed use building, slated to get an extra story and become 8 units. 

    http ://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=1&passjobnumber=321475355&passdocnumber=01

    I'm guessing that it's going to lose the decorative pediment at the top of the cornice. :(

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