Crown Heights Buildings for Sale as Rents Rise

A vacant six-story multifamily building at 1297 St. Marks Avenue in Crown Heights is being renovated and is for sale for $800,000, said real-estate firm TerraCRG, which is marketing the property. The original exterior details on the wood frame building are intact (click through below to see a photo). The firm is also selling four other multi-family and mixed-use properties throughout Brooklyn, including a half-empty eight-unit brick building at 1444 Pacific Street in Crown Heights, pictured above. That one is asking $1.35 million, and each apartment contains three bedrooms. Investors are interested in Crown Heights as rents rise there, said Yona Edelkopf, vice president of investment sales at TerraCRG. “Central Brooklyn neighborhoods, especially Crown Heights, Prospect Lefferts Gardens and Flatbush are among the latest beneficiaries of Brooklyn’s revitalization as these areas have become attractive alternative for residents priced out of nearby Park Slope and Prospect Heights. As a result of the transformation taking place in Brooklyn, owners and foreign investors are taking advantage of these trends and Brooklyn’s escalating real estate market.”