Prime Court Street property sold for $1.575M:
The CPEX Mixed-Use Investment Sales Team is proud to announce the sale of 546 Court Street. Located on the corner of Court and West 9th Streets, the property consists of two buildings on the same tax lot, both of which were delivered vacant. The three-story, 3,000 square foot commercial building is comprised of an office on the ground floor and storage on the second and third floor, while a separate two-story, 800 square foot carriage house is situated farther up West 9th Street.
The sale price was $1,575,000, all cash. The property sold for $414 per square foot. CPEX’s Mixed-Use Team, consisting of Managing Director Scott Burk, Esq. and Associate Director Andre Sigourney, represented the seller and procured the purchaser in the transaction.
Tim Dumbleton, a partner in the joint venture purchase by PRES NYC and Minetta Brook Partners, said, “We are excited to be investing in Carroll Gardens. We have great plans for renovating and reinvigorating the corner of
Court and West 9th Street.” Burk added, “The recent sale of 546 Court Street a block away from the Fort Hamilton Expressway is evidence of Court Street’s rapidly changing retail landscape, which is spreading to the southernmost part of Carroll Gardens. The conversion of an underutilized office building and vacant carriage house to a mixed use project will further add to the number of new restaurants and other new businesses that are starting to pop up in the area. Retail services are catching up with the seemingly insatiable demand for residential units in the neighborhood.”
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