Ariel Property Advisors has been retained on an exclusive basis to sell 657-665 5th Avenue, a mixed-use conversion opportunity on the southeast corner of 5th Avenue & 19th Street in South Slope, Brooklyn. The 10,228 square foot lot features 120’ frontage on 5th Avenue and is currently a 23,400 square foot above grade shell, with an 8,975 square foot basement. The plans call for a conversion of the corner building into 12 residential units above retail, while the mid-block portion will become a 6-story building with 18 units above retail. The 2nd and 3rd floor of the corner building are currently occupied. In total, the new project will consist of 39,109 gross square feet, of which, 30,134 square feet will be above grade.
The owners are also willing to do a tax lot partition and sell the corner building and mid-block portion as 2 separate tax lots. If split, the corner lot would measure approximately 39’x85’ (irreg.) and total about 3,690 square feet. Per the plans, there would be 9,970 buildable square feet. The mid-block lot would measure 81’x85’ (irreg.) and total 6,538 square feet with 21,080 buildable square feet.
The subject property is a minute drive to both the Gowanus and Prospect Expressways, allowing nearly unfettered access to Manhattan, Queens, New Jersey and Long Island. It is also located 0.3 miles from the Prospect Avenue D, R and W train station, which provides transportation into lower Manhattan in less than 20 minutes. Finally, the 5th Avenue B63 busline runs directly in front of the property.
Please contact our office for more information.