Alpha Realty announced that the company has brokered the sale of a former homeless shelter to an apartment developer.
Lev Mavashev, principal, along with associate Eli Yusupov, represented both the seller and the buyer in the $10.25 million sale of 1071-1079 Fulton Avenue.
Situated in Clinton Hill on the corner of Fulton and Classon Avenue, the seven-story multifamily building was originally developed by Alfred Thompson of New Start Development. This is the first sale of the building since it was constructed in 2004.
The property is 30-unit elevatored apartment building consisting of 26,000 s/f. Each unit is approximately 800 s/f and the property features a common lounge area, laundry room and 10 parking spaces.
Previously utilized as a homeless shelter which vacated the property earlier this year, 1079 Fulton is zoned R7A with a C2-4 overlay, which supports medium-density apartment development with local retail services.
Mavashev commented, “With the market stabilizing following the pandemic disruption, 1079 Fulton was positioned as a prime development opportunity in a thriving family neighborhood. The seller was anxious to see this legacy building in the hands of someone with the community’s benefit in mind and we are delighted to have identified a buyer with a successful track record of apartment development in Brooklyn who has the ability to transform the property.”
While the buyer continues to consider plans for the site, Mavashev anticipates a development that will breathe new life into the area, where residents have been critical of the property’s demise in recent years to become an eyesore in an otherwise charming neighborhood.
Bordered by the Bed-Stuy and Prospect Heights neighborhoods in Clinton Hill, the property is close to two local playgrounds and a public library and within proximity to Atlantic Avenue, which provides a variety of shopping, dining and transportation options, including the Franklin Avenue Station.