PARTNERS: Private Investors
PROPERTY: 3 stories; 4 residential units, 1 retail unit
Hidrock Properties recently purchased 32-34 Fifth Avenue, a vacant, 3-story, mixed-use building down the block from the Barclays Center in highly desirable Park Slope and just steps from convenient mass transit.
Upon acquisition, which took place in November of 2015, the building’s residential and retail spaces will be fully renovated and leased.
There are four total residential units (two each on the 2nd and 3rd floors) which will receive new electrical, plumbing, oak wood flooring and new kitchens and bathrooms, including all new fixtures and appliances. These units will each be two bedrooms and will appeal to renters seeking all that the area has to offer, combined with a short commute to Manhattan.
There are currently three retail units on the ground floor which are separated by the residential entrance and hallway. The entrance and hallway will be relocated to the rear of the building allowing for the creation of a single contiguous retail space which will be ideally situated to take advantage of the huge demand and foot traffic created by the arena and its 150+ events per year, including 80+ combined home basketball and hockey games per season.