Dixon Advisory USA (an Australian yet N.J. based Investment Company) has a different plan for the storefronts at 132 Kane St. and 6-8 Cheever Place in the historic district of Cobble Hill. They are converting two retail storefronts into two residences for rent.
According to Carol Santana, Dixon's building code and permit manager they do not do commercial leasing. Asking rents have not been decided yet.
The Landmarks and Preservation Commission has proposed a plan for the storefronts restoration. At the moment both stores have graffiti, plastic and plywood on them.
Dixon Advisory USA is part of US Masters Residential Property Fund, which is on the Australian Stock Exchange.
132 Kane Street was purchased by Dixon in 2013 for $3.1M.
Property values and residential rents have skyrocketed in the Cobble Hill neighborhood over the last few years. It is very interesting and certainly a different approach to see that Dixon is converting these storefronts into rental apartments. The rental market is very strong in Cobble Hill on the one hand and retailers may still be struggling on the other hand.
For more information on Cobble Hill real estate or if you are interested in selling your residential, commercial, investment or mixed use property call Jeff or Anna at 718-375-2065. You will be very happy that you did.