Bankruptcy sale: 1777 Nostrand avenue, Brooklyn

• Bankruptcy Sale: Opportunity to acquire a near-complete multifamily property at a distressed price.
• Prime Location: Situated in Flatbush, Brooklyn, a vibrant and diverse neighborhood with strong demand for residential units.
• 9 Residential Units: Includes a duplex penthouse, providing a mix of unit types to attract different tenant profiles.
• 90% Complete: Construction is nearly finished, allowing for a quicker turnaround to occupancy and income generation.
• 5,570 SF Building: Spanning five stories on a 2,000 SF lot, maximizing the use of space.
• 421A Tax Abatement: Significant tax savings approved, enhancing the property’s financial attractiveness.
• Zoning Flexibility: R6 and C2-3 zoning allows for potential mixed-use development.
• Proximity to Transit: One block from Newkirk Ave Subway Station (2 and 5 trains), offering excellent connectivity.
• Retail Corridor Nearby: Close to Flatbush Ave retail corridor, providing convenience and amenities for residents.
• Average Floor Size: Each floor averages 1,114 SF, optimizing rental income potential.

Property Description

Opportunity to acquire a near-complete 5-story multifamily building at 1777 Nostrand Avenue, Brooklyn, NY. This prime Flatbush property features 9 residential units, including a duplex penthouse, totaling 5,570 SF. The building is 90% complete and set on a 2,000 SF lot with R6 and C2-3 zoning. Approved 421A tax abatement offers significant savings. Located one block from Newkirk Ave Subway Station (2 and 5 trains) and near the Flatbush Ave retail corridor, this property combines strategic location and strong investment potential.