6 bedroom apartment for sale

Overview

726 Nostrand Avenue is an oversized mixed-use building in the center of North Crown Heights. Built in 1931, the building stands four stories in height, with three floors of residential apartments above a commercial space. Oversized is not an exaggeration. The lot is 3045 sq ft, 21.75' by 140'. The building contains 6688 sq ft, and because of the R6A zoning designation, there is an additional 2447 sq ft that can be built on the lot. The residential portion of the building is rent-stabilized, but the value of a mixed-use building is often determined by the quality of its commercial space, and 726 Nostrand has an amazing retail opportunity. The commercial space is absolutely huge, 21 feet wide by 117 feet in depth. All the more remarkable is that, despite its commanding size, the first floor has no interior supporting walls. All present partitions are movable. Therefore, it can be utilized as a completely open 2554 square feet, a rare but very appealing attraction to any business. The retail unit has been a hair salon for 30 years, but its huge open space begs for an easy conversion into a restaurant/bar venue. At least 1200 of the 2554 sq ft space is a one-story extension, making venting for a kitchen easy, and the placement of the kitchen and back of house highly flexible. In addition, there is 484 sq ft of outdoor space connected to the unit. The electrical was recently redone and now has 800 amps, 3 phase, coming into the commercial space, far above the normal capacity for a retail space anywhere in NYC. A backflow preventer was installed in the building in 2018. Both improvements are extremely desirable for a restaurant. Above the commercial space are six large, rent-stabilized one-bedroom apartments, all in good condition with excellent ceiling heights and space. The tenants pay on time, and the building's record with HPD is excellent. Should a new tenant commit to the commercial space at market rates ($40 ppsf), 726 Nostrand Avenue would generate a 6.8% rate of return at asking price. It would be a jewel in anyone's investment portfolio.