South of EP: 235 Rogers at President, you might be next

The entire corner is being re-leased to all new operators, creating an exciting retail opportunity.

http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?LID=17964399&AID=El31OXu1g&FromLocation=&NoBrandingView=true&fname=Shawn&lname=Mullahy&17964399=Mll0Bud0A&PgCxtCurFLKey=&ProfileFromLocation=professionalprofile&PgCxtGuid=0b03220c-cb08-4c84-8bd0-40e051600393&PgCxtFLKey=&PgCxtCurFLKey=&PgCxtDir=Down

1148 Union as well....

1100 Square Feet of Raw retail space. Corner Lot. Excellent Frontage. Original tin ceilings in place and floor almost completely ...

1,100 SF

$54.55 /SF/Year

1 Space

9,720 SF Bldg

Street Retail

http://www.loopnet.com/profile/15623699620/Shawn-Mullahy/Listings/

I suppose you could just cut to the chase and list them all.

http://www.loopnet.com/profile/15623699620/Shawn-Mullahy/Listings/

I could, but I like creating seperate threads for each property.

It allows me to do before and after posts. It is a form of neighborhood perservation.

1148 Union (corner of Rogers) is totally gutted, you can look right through it. Brand new aptarments are being put in. The ground floor seems to still be for rent as commercial space.

photo of 1148 Union, aka 196 Rogers:

Today, my dog and I had the opportunity to walk the area bounded by President St, Rogers, Union and Washington Avenue.

Signs of neighborhood change (call it "gentrification" if you must) are readily apparent to people with mildly trained eyes.

-lots of police presence

-young, college educated people

-dumpsters on the streets from gut renovations

-tended flower pots

I expect the demographics of the residents and the businesses to significantly change over the next year.

Just a few doors away from 235 Rogers, 230 Rogers is also for sale:

The building with the covered motorcycle in front of it will run you $700k

http://www.terracrg.com/setups/230_Rogers_Avenue.pdf

I saw the 1148 Union site was on Craigslist today. It seems to still be available....

Ideal Restaurant/Bar Space Available

Located on Corner Lot with Great Frontage

1,100 Square Feet

Some Basement Space Available

Located One Block to Eastern Parkway

Quick Access to 2/3/4/5 Trains

Open to Any Ideas, Please Contact with Questions, etc.

Jeff 413-454-7782

$5000 / 1100ft² - Corner Storefront Lot ~ Perfect Restaurant, Bar Space (Crown Heights)

http://newyork.craigslist.org/brk/off/4029528298.html

...it looks like it has been vacant for a few decades.

Sound the alarm! This block is flipping...

http://www.terracrg.com/setups/230_Rogers_Avenue.pdf

230 rogers

241 Rogers (Corner of President and Rogers) is currently under construction to become a restaurant.

There are probably 5 store fronts on this stretch that are for rent... the others look to be vacant or converted to apartments.

Many of the 2 story row houses (note: not "brownstones") in the immediate area have already been renovated.

This is a situation in which the business mix is catching up to the residential mix.

It looks as if it is going to do it in a burst.

$5000 a month on a block that has very little foot traffic? Granted, there aren't a lot of sit down options nearby, but even with the arrival of the B44 on Rogers, I just don't see how someone is going to be able to do $5000 a month just for rent.

It is a risky bet.

I think the bet is premised on the belief that the area does not have foot traffic because it does not yet have open businesses.

The spenders may be presently walking to Franklin and Nostrand, but that could change once a few brave businesses open on Rogers.

There are plenty of spots (i would say most) that are not $5000. It seems to me $2500 is closer to average for a non-corner space.

In fact, i would argue that if i was a young entrepreneur that was looking to venture into a retail/restaurant business, the types of spaces on Rogers would be a safer bet.

The cost to make rent is lower and you would be afforded the opportunity to make rookie mistakes without a giant loan to cover rent. You could get by without having a full house on every night. Plus if you sign a long term lease you'll reap the benefits you sew by creating a micro commercial area.

Dmiami, absolutely at $2500. But it's going to be such a steep hill to climb at $5000.

Needless to say, the corner location looks as if it will need extensive renovation.

Such investments take a while to recoup.

...1148 Union is not as prime of a location as the one selected by Cafe Rue Dix (on Rogers).

I noticed today that the corner location is being gutted... I'd imagine the landlord is doing that in preparation for the new tenant. Probably to justify the asking price.

I think it is a safe bet that the new tenant will want floor to ceiling windows that open, as well as new electrical and plumbing.

This profile of Lady Charles Desserts, on the next block south at 241 Rogers, mentions that a bridal shop is going in next door. http://www.dnainfo.com/new-york/20131008/crown-heights/little-pink-pastry-shop-brightens-up-rogers-avenue

I feel like being offended, so I am going to point out that as a 44 year old married male, I have no use for a bridal store and want this and all future businesses to cater to ALL MEMBERS OF THE COMMUNITY!

On a serious note, it is nice to see a bakery and a bridal place open: Bars and sit down restaurants don't meet all desires.

Nov 2: I looked in at the bridal shop. Looks lovely.

Renovations continue at the SW corner, 1148 Union. Guys were doing pointing work today. The storefront is in the process of getting new electrical, flooring, windows, etc.

It is going to be nice. Here's one last shot of its prior appearance:

It looks much different already. 'll try to remember to get a photo when I'm near there next.

....in other news, lots of homeowners raking up leaves in front of row houses on the surrounding blocks.

And, 225 Rogers is available for rent:

http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?LID=18399592&AID=El31OXu1g&FromLocation=&NoBrandingView=true&fname=Shawn&lname=Mullahy&18399592=PF_3xpQ5w&PgCxtCurFLKey=&ProfileFromLocation=professionalprofile&PgCxtGuid=a8047b88-f0c8-42ac-9a03-1a9382701b0d&PgCxtFLKey=&PgCxtCurFLKey=&PgCxtDir=Down

This is huge: 165 apartments planned for 267 Rogers http://www.brownstoner.com/blog/2013/11/big-apartment-building-planned-for-crown-heights-south-on-church-lot/

yes, that one is huge enough that it gets a thread of its very own.

http://www.brooklynian.com/forums/topic/sout-of-ep-the-church-at-rogers-between-carrol-and-crown-is-next-to-go

Combined with the renovation of the armory, this area will be radically different in 2015. Here's an aerial view to give folks some idea of the area. Zoom in for all the sights!

<small>View Larger Map</small>

Just before renovation:

Here is what 1148 Union looked like today, Nov 16

The brick has been sandblasted, all of the windows replaced, new electrical and plumbing throughout, the store front is ready for new windows....

The apartments ready for re-occupancy.

Attached files

Lady Charles Desserts, mentioned above:

woman with pastries = owner = Karen Charles

https://www.facebook.com/LadyCharlesDesserts

Bridal shop, Pantora Designs, mentioned above:

promo video:

Andrea Pitter

1148 Union (the corner property pictured above on Nov 16) is now on the market.renovations are done:They'd like $4250 a month for the 1100 sq ft space.http://www.loopnet.com/Listing/18275209/1148-Union-Street-Brooklyn-NY/

And, just for fun, check out this description of the property when it was for sale back in 2008. The prices make it seem like a different era:

--->INCREDIBLE DEVELOPMENT OR INVESTMENT OPPORTUNITY! This rare corner building is just waiting for you to purchase as either a long-term investment property or a condo development site. Currently built to almost 10,000 sq. ft, this 6-unit buil ding with a huge storefront, steps from the Brooklyn Museum, Prospect Park, and ever-growing Eastern Parkway, will be delivered vacant, and is a unique opportunity for an investor to de-stabilize or develop into condos. Currently configured as 6 large 3-bedroom apartments, with capital improvements this building would yield approx. $1800/month for each apartment and $3000/month for the store. Monthly rent roll of $13,800 and an annual rent roll of $165,600. This could also be developed into a great one and two bedroom unit condo project with a sellout of approx. $500/per sq. ft. <---They asked $1.5M for the building.Given everything that has changed about the neighborhood and the amount of investment and work that has put in the building, they are now asking $4250 for the store and $3600 for a 4BR, 2 BA apartment.

http://www.trulia.com/rental/3142080408-1148-Union-St-FL-Brooklyn-NY-11225

...it sounds as if they made the six 3br units into six 4br units, and hope to literally double the estimated rents that were provided in the 2008 ad.

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