Real Estate

Feel Like Cuddling With Barclays? New Rental/Retail Will Be Just Across Street

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32-24 5th Avenue
Image via Google Maps

Ah, the frustration of rushing out the door and forgetting your Nets tickets. Even worse, you only realize it at the front entrance of Barclays Center. Now, you have to book it home to retrieve them so you don’t miss opening tip-off!

Not to worry, if you live right across the street, right? Of course, convenience will surely not come cheap.

Real Estate Weekly reports that Hidrock Properties has bought 32-34 5th Avenue for $6.6 million. The property sits at the corner of 5th Avenue and Dean Street and is about a minute trot to both Barclays and the Atlantic Terminal.

The three-story, 5,600 square-foot space is currently vacant, which “allow[s]  the firm to commence its plans to gut renovate the residential spaces, and reconfigure the three retail spaces to create a single contiguous retail unit with a courtyard and useable [sic]  basement with over 100 feet of frontage,” according to Real Estate Weekly.

Hidrock also owns the property for the Pavilion Theater Project on Bartel-Pritchard Square that has been recently approved by the Landmarks Preservation Commission, much to the chagrin of some neighbors in the area. However, this new project will be very different. There won’t be any issues with the LPC because preservation status doesn’t factor in.

The property was purchased from investor Chaim Miller, who has been in hot water over multiple properties. According to The Real Deal, Miller owns at least 17 properties across the city, while being hit with 18 lawsuits. Most recently, a settlement was reached in a case involving Miller and his ownership of 45 John Street in Manhattan, which he acquired for $60 million in March 2014.

In order for Miller to sell 32-34 5th Avenue to Hidrock, a bankruptcy judge had to lift an injunction so the deal could move forward, according to The Real Deal.

While Miller is out of the picture, construction in an already congested area and high rents may cause more than a few headaches for local residents.

We’ve reached out to Hidrock to ask about plans and renderings, but have not heard back. We will follow up when we receive further details.

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