356-360 Union Street

Two Prewar Multifamily Buildings For Sale

356-360 Union Street, Brooklyn, NY 11231
Asking Price Submit Offers
Type Multifamily
Neighborhood Park Slope
Properties 2
Lot Size 356 Union: 37.33' x 98' | 360 Union 36.37' x 98'
Zoning Code R6B (Overbuilt)
Size 356 Union: 14,050 Gross SF | 360 Union: 10,248 Gross SF
Stories 356 Union: 5 Stories | 360 Union: 4 Stories
Units 356 Union: 20 Units | 360 Union: 16 Units
Air Rights

Investment Highlights:

Meridian Investment Sales is pleased to present the Exclusive Offering for 356 and 360 Union Street, two prewar multifamily buildings with a total of 36 apartments in prime Carroll Gardens – just one block from the Smith Street retail corridor.

Situated on Union Street, a key residential corridor connecting Park Slope, Gowanus and Carroll Gardens, this is one of the most desirable residential and commercial locations in all of New York City.

The property is being disposed of by long-term family ownership and offers significant upside in the rental income. Prime multifamily assets rarely trade on Union Street in Carroll Gardens, and rarer still is the opportunity to acquire buildings of scale in this area from long-term ownership.

356 Union Street has 20 total apartments and offers a mix of rent regulated and free market units, allowing potential investors a strong in-place cash flow with significant upside as units vacate. The average rent in the building is $2,170, approximately 30% below market and 16 of the 20 apartments have preferential rents in place.

360 Union Street has 16 total apartments and offers a mix of rent regulated and free market units, allowing potential investors a strong in-place cash flow with significant upside as units vacate. The average rent in the building is $1,744, approximately 35% below market and 6 of the 16 apartments have preferential rents in place.

The Offering benefits from immediate access to prime transportation, with the F & G trains just 1 block away, offering easy access to Manhattan.

Smith Street is less than a block east of the Property. Smith Street is one of the premier retail corridors in Brownstone Brooklyn and is achieving the some of highest retail rents in the borough, averaging up to and in some cases over $150 per square foot. Close by you also have the Court street retail corridor which is also achieving some of the high retail rents in the borough, averaging up to and in some cases over $150 per square foot. Nearby retailers include Rag and Bone, Lululemon, CVS Pharmacy, Lucali, Brooklyn Social and Starbucks.

• Located in the heart of Carroll Gardens and adjacent to Park Slope and Gowanus
• Significant upside in rental income with below market rents
• Long term ownership
• 22 of the 36 units have preferential rents
• $225,000 delta between legal rents and preferential rents.
• Steps from the Smith Street and Court Street retail corridors
• Easily accessible by subway as location is 1 block from F & G trains

Location:

On Union between Smith and Hoyt Street

Property Listing Contact:

Adam Hess // Senior Managing Director // One Battery Park Plaza, New York, NY 10004 // 718.534.9201 // ahess@meridiancapital.com

Eddie Setton // Vice President // One Battery Park Plaza, New York, NY 10004 // 718.534.9202 // esetton@meridiancapital.com

Aaron Birns // Associate // One Battery Park Plaza, New York, NY 10004 // 718.534.9203 // abirns@meridiancapital.com