405 Douglass Street

405 Douglass Street is a well maintained 3-family townhouse in a prime Park Slope location with loads of upside potential. The building is 20' x 50' on a 100' lot and appr. 3,000 SF. Currently configured as 3 family rentals, all the apartments are currently below market (can be delivered vacant). The high-ceilinged cellar space has windows at the front and back and steps up to the back yard and would make for an easy conversion into a garden cellar duplex, an apartment type common in townhouse condominium conversions (please see floorplan for garden/cellar duplex).

As an end user, live in one apartment (expanded or not) and collect income from the two high-income producing rentals. For the investor & end user, there is approximately 1,000 SF of FAR (air rights), which can be used either to the back, on top, or both. The current owners have an enlargement plan drawn by an architect with three enlarged apartments that shows the house as 4,000 SF above grade with a large recreation room and storage in the cellar. This plan works out to $637/buildable square feet including the appr. 1,000 SF cellar (test pits have already been done). Please inquire for a set-up.

Located in the mix of the 5th Avenue corridor with all Park Slope has at its fingertips. The house is one block over from the much-anticipated 120 5th Avenue (aka The Key Food site), which is currently in development with William Macklowe as the lead developer and designed by SLCE Architects. The site will bring 2 low-rise rental buildings (4 & 6 stories) with new retail as well as a pedestrian plaza and underground parking. No doubt a big upgrade for the surrounding area.

Please note that the backyard has been virtually staged.