Ditmas Park Property Sells for $2 Million Cash

A large but low-slung commercial building at the corner of Cortelyou and Stratford Roads in Ditmas Park has sold for $2,000,000, Ditmas Park Corner reported. Massey Knakal handled the sale of 1029-1035 Cortelyou Road and told the blog there were over 20 cash offers on the property. The 3,578 square foot property sits on a 60-foot-by-71-foot lot and sold above asking price at $559 per square foot.

Currently used as storage (and antique store on Saturdays only), the building could be used for retail or developed up to 8,416 square feet, according to the Massey Knakal listing. Considering the location, a mixed-use residential development seems likely. GMAP

Building on Corner of Stratford and Cortelyou Sells for $2 Million [Ditmas Park Corner]
1029-1035 Cortelyou Road [Massey Knakal]
Photo by lwitler via Ditmas Park Corner

3 Comment

  • This price makes a ton of sense when you look at buildable square feet, not existing square feet.

    I smell glassy condos priced around $450 per foot – healthy upside opportunity here.

  • The blocks of Flatbush between Ditmas and PLG are going to catch fire like everyhwere else around the park and this is just another piece of the puzzle.

  • There is very little available in Ditmas Park besides co-ops and $1.5 million+ Victorians. Almost nothing in the 600k-1.2mil range, almost no 2 or 3 family houses, and very few condos. Tough if you’ve got a dog, you want 3 bedrooms, you want a backyard but you aren’t loaded, or you don’t like co-ops.
    Meanwhile, it has all of the gentrification infrastructure in place. So this seems like winning solution.
    The neighborhood has reached the point per sq ft. when underused structures like this are getting eyed for making money.
    In Kensington/southern Windsor Terrace there are still plenty of spaces like this along with many empty lots.