Manhattan-based commercial real estate owner Hidrock Properties has acquired 32-34 Fifth Avenue in Park Slope, Brooklyn for $6.6 million.
The 5,600 s/f, three-story, mixed use property sits across from the Barclays Center. The building was delivered vacant, allowing the firm to commence its plans to gut renovate the residential spaces, and reconfigure the three retail spaces to create a single contiguous retail unit with a courtyard and useable basement with over 100 feet of frontage.
“The demand for residential and retail space in Park Slope is extremely high and this particular property is just steps from convenient mass transit and the Barclays Center,” said Eddie Hidary, CIO of Hidrock.
“This building will appeal to residential renters seeking all that the area has to offer, combined with a short commute to Manhattan and the building’s retail space will be ideally situated to take advantage of the huge demand and foot traffic created by the arena and its over 150 events per year.”
32-34 Fifth Avenue is on the corner of Dean Street and Fifth Avenue a few hundred feet away from the Barclays Center and Atlantic Terminal. Terra CRG broker Adam Hess brokered the sale for the buyer and the seller, Chaim Miller.