946-954 Flushing Ave. is an extremely rare land assemblage comprised of two contiguous parcels totaling 23,925 square feet of land area, directly off the extremely desirable Morgan Street stop of the ‘L’ subway line, in the fast growing Bushwick section of Brooklyn, NY. The Property currently contains two cash flowing, single story, multi-tenanted commercial properties. Spirit closed on the acquisition in April of 2014.
Like SoHo, The Meatpacking District, the East Village, and Williamsburg before it, Bushwick is the next hot neighborhood in New York City, made popular by artists and musicians seeking cheaper studio and loft space. The quaint coffee shops, artisanal markets, gastropubs, and gallery space that populate the area help create an edgy, vibrant 24-hour community. The quickly gentrifying area is only 15 minutes on the ‘L’ train from Union Square, making it an attractive value for renters getting priced out of Manhattan and Williamsburg.
The Property is a highly visible site located three short blocks from the Morgan Street ‘L’ train stop, and situated along Flushing Avenue, a main East – West artery through Brooklyn.
The Property is situated in an urban area characterized by residential, commercial, retail, light industrial and institutional development. The two adjoining lots, totaling .55 acres, currently contain a brick, two story mixed used commercial building built in 1951 and concrete, one story auto repair facility constructed in 1962.
The Property, together with two smaller contiguous properties, form a triangular shaped block bounded by Flushing Avenue, Central Avenue and Forrest Street, directly across the street from the Police Patrol unit of the 83rd precinct of the NYPD as well as a Green Central Knoll Park, a 2.6 acre green space and playground.