373-379 Knickerbocker Avenue, Brooklyn, NY 11237

Bushwick, Brooklyn, New York 11237

$10,500,000  

Listing ID Number

24839

Property Description

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.

Overview

Building Type:Mixed-Use Investment Buildings, Mixed-Use User Buildings
Location:Northeast side of Knickerbocker Avenue between Stockholm and Stanhope Streets
Lot Dimensions:74.5' x 100'
Approx.
Lot Sq Ft:7,450
Approx.
Buildable Sq. Ft:25,330
Approx.
Available Air Rights:8,890
Approx.
Stories:3
Units:15
Residential Units:12
Commercial Units:3
Zoning:C4-3
FAR:3.4
Residential FAR:2.2
Commercial FAR:1.2
Building Sq Ft:16,440
Approx.
Building Dimensions:74.5' x 100' / 74.5' x 60'
Retail / Residential

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

DJ Johnston
Director
(718) 307 6515
dj.johnston@cushwake.com

Seth Pollack
Director
(201) 508 5322
seth.pollack@cushwake.com

William Cheng
Director
(718) 606 7037
william.cheng@cushwake.com

Bryan Kirk
Associate
(718) 307 6516
bryan.kirk@cushwake.com

Joshua Sabzevari
Associate
(718) 307 6521
joshua.sabzevari@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.