Invictus Property Advisors presents the recent sale of 201 Troy Avenue in Crown Heights, Brooklyn. The subject property is a corner lot that consists of three buildings, 201 Troy Avenue, 1246 Park Place, and 1252 Park Place. The lot has 122' of wraparound frontage and all the residential units are free market, vacant, and require a full gut renovation.
201 Troy Avenue, located at the front of the lot along Troy Avenue, is a vacant shell that requires a full gut renovation. Ownership replaced the roof and installed stairs leading up to the second and third floors. Future ownership can put two (2) apartments on each of the second and third floors and a retail store on the ground floor.
1246 Park Place, located in the middle of the lot with frontage on Park Place, is currently occupied by a grocery store tenant. 1246 Park Place is registered as two commercial spaces but the current tenant elected to merge both spaces. The commercial tenant's lease expires in 2024, has lease escalations of 5% per year and currently pays a portion of the water bill.
1252 Park Place, located at the rear of the lot with frontage on Park Place, is currently a vacant shell that requires a full gut renovation. Future ownership can create apartments with one on each floor.
The building is located 0.4 miles away from the Utica Avenue 3,4, & 5 subway lines and several MTA lines canvas the area.
