Park facing 25’ wide four-family located one block from the subway, 50 Prospect Park Southwest presents multiple opportunities for the savvy investor. Extremely rare, the property is improved by two (2) historic buildings: each one 25’ wide with three stories and two free market rentals (four apartments in total). The two buildings are separated by a quaint, shared garden courtyard.
As an investment, the present rent roll returns a healthy, above market return of 4.8% -- with low real estate taxes and strong rental income (with additional upside). As a live-invest strategy, one could live rent or mortgage free in a wide, park-front townhouse and rent out the back house covering the bulk of expenses. Finally, as a development play, the site affords over 6300 SF of residential FAR on a non-landmarked block readily convertible to a single family mansion or luxury boutique condo scheme.
50 Prospect Park Southwest faces Prospect Park and is located immediately in front of a park entrance with bike and jogging paths and the dozen soccer fields and baseball diamonds of the Long Meadow Ballfields directly at your fingertips. The site is 1 block from the F/G subway at 15 St–Prospect Park, providing access to lower Manhattan in under 20 minutes. The location is at the nexus of Park Slope and Windsor Terrace, surrounded by neighborhood hot spots including Krupa Grocery and Double Windsor, and soon to come the second location of New York’s premier dine-in movie theatre, Nitehawk Cinema, also located in Williamsburg.