Updated 10 years ago
Off Market
885 Park Ave
Bedford Stuyvesant, Brooklyn | Marcus Garvey Blvd & Broadway
Rental Property
$26,500,000
floors / apts5 / 28
Building TypeLoft
Building Amenities
- Voice Intercom
- Bike Storage
- Elevator
- Laundry Room
- Resident Lounge
- Roof Deck
- Storage
Property Description for 885 Park Ave
A 5-story, elevatored, renovated loft apartment building located on the north side of Park Avenue between Broadway and Marcus Garvey Boulevard. Originally built in the early 1900’s for the Continental Furniture & Storage Company, the former warehouse was transformed into high end, oversized loft apartments. Now known as the Continental Warehouse, the units feature wide-plank cedar floors, weathered brick walls, exposed wood beam ceilings, modern black cabinetry, and new appliances.
All of the units are free market with an average in-place rent of $31/SF, which is below market. It is located within a block of Woodhull Hospital and around the corner from the J & M subway stops. This is an excellent opportunity for an investor to acquire a low maintenance, high cash flowing asset with tremendous upside in one of Brooklyn’s trendiest and fastest growing neighborhoods. At this attractive price per square foot, a future condo conversion could also be a possibility.
Listing History for 885 Park Ave
Now
06/23/2015
POM by James P. Nelson
Cushman & Wakefield
01/13/2015
$26,500,000
Initial Price by James P. Nelson
Cushman & Wakefield
Building Details for 885 Park Ave
OwnershipRental Property
Building TypeLoft
Service LevelVoice Intercom
AgePre-War
AccessElevator
Year Built1927
Floors/Apts5/28
Transit and Citi Bike
Subway
Flushing Av
0.13 miles
Myrtle Av
0.24 miles
Citi Bike
Park Ave & Marcus Garvey Blvd
0.08 miles
Beaver St & Fayette St
0.16 miles
Bedford Stuyvesant | Brooklyn
Quick Profile
Known for its historic brownstones and tight-knit enclave, Bed-Stuy has increasingly left behind its early reputation for being a “bedroom community” and transcended into a highly desirable neighborhood.
Distinct for its aesthetic, it is populated with ornate buildings characterized by cornices, friezes, finials, fluting and other marks of classic architecture. Built up during the period from 1870 to 1900, its historic district runs to the north of Jefferson Avenue, to the east of Malcolm X Boulevard and to the west of Tompkins Avenue.
At one point known as “Brooklyn’s Little Harlem,” the shape of the area has shifted toward attracting a wider demographic of people thanks to the influx of bars, restaurants, antique furniture stores and vintage boutiques. More police enforcement paired with the decline of the crack epidemic at the beginning of the 2000s also opened the door for increased development, as well as the occupation of formerly abandoned buildings and spaces.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 57343TH
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