838 - 840 Montgomery (corner of Troy) Sold for $8.8m on 6/1/15

southeast

I am not sure what to make of it, but I get the feeling that this building will change quite a bit.  The price seems a high for what it is currently, and it appears that all the retail spots are currently vacant.

Total Units:44 

Residential Units:38 

Primary zoning: R7-1 

Commercial Overlay: C1-3 

Floor Area Ratio: 2.94 

Max. Allowable Residential FAR: 3.44

whynot_31

$1475 for a 1 BR might be reasonable.

http://www.zillow.com/homedetails/840-Montgomery-St-APT-6B-Brooklyn-NY-11213/2101966193_zpid/

whynot_31

Has its exterior been cleaned up yet?

streetview:  https://goo.gl/maps/3XzZh

southeast

Not that I've seen.  Maybe some paint but not much else.

And as you can see by moving over to Troy, all the storefronts are empty.  At the same time I heard about the sale, it was motioned that the landlord is looking to rent all the retail space as one.

whynot_31

That's a lot of retail space.    Has it been vacant for decades?

ehgee

One store appears open in 2007, and one appears to have been recently vacated:

https://www.google.com/maps/@40.664347,-73.937106,3a,86.3y,69.76h,93.39t/data=!3m7!1e1!3m5!1sb5CxaMgReg72McJXPYqt7Q!2e0!5s20071001T000000!7i3328!8i1664!6m1!1e1?hl=en

whynot_31

Troy has a lot of retail spaces waiting to be occupied.   

The change won't be as fast as Rogers, which will go as soon this development nears completion  http://www.brooklynian.com/discussion/39022/south-of-ep-the-church-at-rogers-between-carrol-and-crown-is-next-to-go&nbsp .

Instead, it will be a more gradual change.

SROCK

The previous owner operated a food establishment from part of the retail space up until a few years ago.

whynot_31

Renovations and flipping now under way.

http://www.zillow.com/homedetails/840-Montgomery-St-APT-10A-Brooklyn-NY-11213/2098738563_zpid/