1171-1173 Eastern Parkway 2 Retail Properties Offered at $4,550,000 in Brooklyn, NY

Invictus Property Advisors has been retained on an exclusive basis for the sale of 1171-1173 Eastern Parkway, a value-add opportunity in the Crown Heights neighborhood of Brooklyn.
Configuration
Both buildings currently hold a Certificate of Occupancy permitting daycare and residential use. The property will be delivered completely vacant. The daycare space previously occupied the full first floor of 1171 and the first and second floors of 1173, creating optionality to secure a new tenant, or the chance to file an Alt-1 to convert that area into additional residential units.
The second and third floors of 1171 each contain a 3 Bedroom residential unit. The third floor of 1173 includes one 4 Bedroom residential unit. All units offer direct access to private outdoor roof decks and/or courtyard access. 1173 provides 4 sides of light and air.
In addition, there is a driveway between the two buildings, as well as a shared driveway with 1179 Eastern Parkway to the right, further enhancing access and flexibility.
Redevelopment Potential
The site sits within R6 zoning, supporting up to 3.9 FAR through the Universal Affordability Preference program introduced under City of Yes, and up to 4.8 FAR for community facility use. This allows flexibility for nonprofit, educational, medical, religious and other qualifying community facility driven development paths. A full build out at the residential and community facility use mix could support roughly 6,500 square feet of community facility area and 28,411 square feet of residential area, bringing the total development envelope to more than 34,900 buildable square feet.
Neighborhood Overview
Crown Heights sits at the core of Brooklyn and continues to rank among the borough’s most sought-after submarkets. The neighborhood blends pre-war buildings and classic brownstones with ongoing ground-up development, creating lasting appeal for both investors and builders.
The asset further benefits from its direct adjacency to Lincoln Terrace / Arthur S. Somers Park, providing expansive green space views and immediate access to one of the neighborhood’s largest public recreational parks.
Major landmarks within close reach include Prospect Park, Brooklyn Children’s Museum, and Brooklyn Botanic Garden. Eastern Parkway also remains as one of Brooklyn’s most active cultural corridors, anchored by institutions including Brooklyn Museum and the Jewish Children’s Museum.
Transportation
The property is exceptionally well connected, located one block from the Crown Heights-Utica Avenue Subway Station, serviced by the 3 and 4 lines. From here, commuters have fast, straightforward access to neighborhoods across Brooklyn and into Manhattan. The location creates strong appeal for both residential and retail tenants who prioritize connectivity and daily convenience.