86 Amity Street - Cobble Hill, New York
86 Amity Street is a rare 4 story plus cellar, 25' wide Federal Brick townhouse located in the most desirable part of Cobble Hill. Currently configured as an 8 family building and delivered vacant, built 25' x 50+' and over 5500 square feet with a large backyard, this is a rare opportunity to purchase at under $750 per foot. Additionally, with an allowable FAR of 2.43, this property can be expanded to 6075 square feet in addition to its full cellar. This property presents the possibility to create an incredible 1 or 2 family mansion renovated to your exact tastes or it could also be a superb investment opportunity. Curate the home of your dreams at significantly less than it costs to purchase an inferior product from a developer. As an investment the numbers work for either an income property which will earn approximately a 5% cap rate or could make a superb condo conversion. A projected condo sellout is approximately $9 million. Located in the heart of Cobble Hill very close to world class shopping and dining on Atlantic Ave, Court, Smith, and Montague Streets which offer local boutiques and national brands like Trader Joes, Equinox, Barnes and Noble, Barneys. Some of NYCs best public and private schools, 85 acre Brooklyn Bridge Park, and all Subway lines are a very short walk. This is a superb purchase for a savvy buyer.
This listing courtesy of Douglas Elliman