Offered for sale for the first time in 48 years.
Brooklyn Heights is a fascinating and rarefied neighborhood, even by New York standards. Its tree-lined blocks of classically inspired mansions were originally home to a who's who of New York aristocracy, and they still are today. The central thoroughfare, Montague Street, stretches just four blocks, terminating at the Brooklyn Heights Promenade, and is easily among the most picturesque main-streets in The United States and a year-round destination to international travelers.
152 Montague Street is fully 25 ft. wide and offers almost 7,000 sq. ft. across five (5) above-ground floors and its Brooklyn Heights location is arguably one of the most secure growth markets anywhere in the world today. For value oriented buyers seeking strong growth in a gold-standard location, 152 Montague Street offers secure, high income today from a Class A national tenant on the ground floor, plus the opportunity to realize substantial upside from seven (7) residential apartments.
As quaint as Brooklyn Heights truly is, it's also anchored by 6 subway lines and Montague Street is at the center of four of the most important growth centers in New York City today. Walk down Montague Street two blocks west and you are at the entrance to Brooklyn Bridge Park, the new 85 acre, $400 million masterpiece of waterfront parkland and condominiums. Or walk two blocks east, and you in the new Downtown Brooklyn, the luxury sky scraper district populated with office, retail, government and home to 11 university campuses and 60,000 college students. Due north, is DUMBO, the arts and technology power-house. Due south is Cobble Hill, a luxurious brownstone neighborhood and home to River Park, a massive, new luxury residential re-development of land once owned by Long Island College Hospital transforming the water-front neighborhood.
Montague Street is at the center of all of this, and it's to see why New Yorkers and international travelers make Montague Street their destination and one of the most convenient places to live.
This property has five (5) above ground floors plus a full height cellar. The first floor store is fully leased to a class A national tenant at strong terms with escalations providing secure income. This space is an ideal selling floor for years to come and is exposed to high foot-traffic from affluent shoppers year round. Beneath the commercial space is the building's vacant 1,375 square foot cellar with high ceilings. This usable space is accessible from a convenient street entrance and leaves open the opportunity to rent one large space or multiple storage units at prevailing rates for $4,000 per month or more.
Residential tenants enter at street level through a magnificent set of ornamental wrought iron doors, into the comfortable, wainscoted vestibule with original mosaic floors that strikes just the right balance of understated luxury. Past the foyer, buyers will appreciate the stately and well-kept hallways, heavy wood banisters, solid rebuilt stairs and comfortable lighting.
The second, third and fourth floor each have two sunny, high-ceilinged apartments per floor: a large front facing apartment with large windows onto Montague Street and a rear facing apartment with large windows onto the garden. The 5th floor features one full-floor one bedroom. Buyers have the opportunity to add substantial value by updating and redesigning these desirable one bedroom apartments in a neighborhood where the average one bedroom rent is over $3,200 per month.
Other value-add options are the rear yard, which is available to be included with an adjacent unit and the building has additional development rights leaving open the opportunity to extend or add rear decks. Mechanically, this building is in excellent condition.
152 Montague Street's location, amenities and its super-charged median income of $115,000, are on par with the most desirable Manhattan locations like Gramercy, the West Village, and West Chelsea, yet similar to an undervalued stock it trades at a favorable discount, making 152 Montague a smart buying opportunity.
Listing Agent: Bren Salamon
Courtesy of: Douglas Elliman 43 5th Ave
Office Phone: 347.844.9162
Updated: 20th April, 2018 6:02 AM.
152 Montague St Brooklyn, NY