Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 373-379 Knickerbocker Avenue, a significant mixed-use conversion opportunity, located in the heart of Prime North Bushwick.
373-379 Knickerbocker Avenue is an assemblage of three consecutive mixed-use properties with an aggregate of 16,390 square feet, plus full basement. The ground floor is built full, presenting 7,450 gross square feet for retail use. The upper two floors are built 74.5’ x 60’, allowing for 8,940 square feet for residential-use. The retail is currently leased to three separate tenants, at 50% of market value, all set to expire in the next 4-5 years. The four residential units at 373 Knickerbocker Avenue are occupied by month to month tenants and are not rent regulated. The residential space above 375-379 Knickerbocker Avenue is currently vacant, and in need of a complete gut renovation.
The property is zoned C4-3, with a total FAR of 3.4, allowing for 25,330 buildable square feet, or 8,940 square feet of air rights, less existing structure. The zoning allows up to 2.2 FAR of residential use or 16,390 square feet, the remaining FAR of 8,940 square feet can be allocated to retail or commercial use.
The location is prime for both retail and residential with retail rents leasing at upwards of $75 per square foot and residential rents approaching $50 per square foot. Condo conversion is also an option with the average sellout value approaching $1,000 a square foot for new projects. Neighboring retailers include Bank of America, Blink Fitness, and Foot Locker, among numerous local bars and restaurants. Multiple transportation options are available within three blocks with the M train at Knickerbocker Avenue Station and the L train as DeKalb Avenue Station, both options offering access to Williamsburg and Manhattan within 15-20 minutes. 373-379 Knickerbocker Avenue offers an unmatched opportunity to own a substantial asset in the epicenter of Bushwick.