The Real Deal New York

Boutique Park Slope rental development for sale

March 22, 2012 04:00PM

A boutique condo-turned-rental development at 137 Fifth Avenue in Park Slope has hit the market this week with an asking price of $4 million, according to the exclusive marketer, TerraCRG.

A spokesperson for Terra indicated that the current owner, Martin Handler, is also the building’s developer. The 6,830-square-foot building offers four market-rate residential apartments as well as ground‐floor retail space, according to a statement from Terra.

The five-story building, at St. Johns Place, is comprised of a commercial duplex (the cellar and ground floor), three two‐bedroom apartments, and a single one‐bedroom apartment. The asking price represents a capitalization rate of 5.8 percent, according to a spokesperson for Terra.

Three of the four residential units have signed leases that will commence April 1, the spokesperson said, and a clothing store is signed up to occupy the ground-floor, although the lease has not been finalized.

The projected gross income for the building is $273,000 annually, with estimated annual expenses of $39,000, according to the statement.

When construction on the building was first completed, in 2011, Curbed noted how the brownstone-esque architecture neatly melded with the look of the rest of the neighborhood. — Guelda Voien