House with gardenBrooklyn (United States)

Price :

$2,195,000

USD

Euro € EURAmerican Dollar ($ USD)British Pound (£ GBP)

bedrooms3 bathrooms4

Priced to move at under $600 per square foot and with a multimillion-dollar neighborhood revitalization project in the works, this two-family home may well be the best investment opportunity in Brooklyn today. 332 Park Avenue is a legal two-family townhouse located in the heart of Brooklyn’s historic Clinton Hill. Delivered with one duplex unit occupied by a market-rent tenant and the upper duplex available either with a market-based tenant in place or delivered vacant, this expansive residence spans over 5,000 square feet of indoor and outdoor spaces and includes the rare luxury of private parking. Renovated with hardwood floors throughout, recessed lighting, and modern kitchens equipped with stainless steel appliances and custom cabinetry, this home offers nearly 3,700 square feet of interior living space and an additional 1,400 square feet of outdoor space. You have the option to keep the owner’s duplex and the tenant duplex above or transform the property into a full quadplex with a fully finished basement and multiple outdoor spaces. Outdoor areas include a front porch and yard, a spacious rooftop with stunning views of the neighborhood and Manhattan skyline, and two balconies. Additionally, the property features a private driveway with space to park two cars—another highly coveted asset in New York City. The home is equipped with central air, ensuring year-round comfort for all occupants. Whether you prefer to design a triplex for personal use with an additional studio rental or opt for a dual duplex configuration, the property’s flexible layout can accommodate a variety of needs. Natural light pours in from three directions—north, east, and west—creating a bright, airy atmosphere. The lower duplex, featuring two bedrooms, two baths, and two living areas, offers comfort and flexibility. The upper duplex, currently designed as a one-bedroom suite, includes an expansive roof deck, perfect for private outdoor enjoyment. This area is on the cusp of one of Brooklyn’s most promising valuation enhancements, with a $15 million neighborhood revitalization project set to begin in Summer 2025. The project will bring new trees, street lighting, sidewalks, and landscaped public spaces under the Brooklyn-Queens Expressway (BQE). It promises to have a similar impact on property values as other city revitalization projects, like Chelsea’s High Line and the DUMBO waterfront. Both projects dramatically boosted real estate values by creating new public spaces and improving infrastructure, and Clinton Hill’s transformation promises to do the same. The neighborhood surrounding 332 Park Avenue is already vibrant, with local cafes, enticing eateries, and boutique retail options offering a variety of experiences. The tree-lined streets, classic brownstones, and proximity to Pratt Institute and Fort Greene Park further enhance its appeal. At $2,195,000, this legal two-family property is priced at approximately $595 per square foot—an extraordinary opportunity in one of Brooklyn’s most desirable neighborhoods. Additionally, the property benefits from low property taxes of just $1,205 per month. Investors will appreciate the tenant-occupied unit offering immediate rental income, and the upper duplex, which can be delivered with a market-based tenant or vacant. With significant neighborhood upgrades on the horizon, 332 Park Avenue offers both current value and substantial appreciation potential, making it a truly unmatched proposition in today’s market.