815-823 Flatbush Avenue, Brooklyn, NY 11226

Flatbush, Prospect Lefferts Gardens, Brooklyn, New York 11226

$10,900,000  

Listing ID Number

24983

Property Description

Cushman & Wakefield has been hired on an exclusive basis to arrange for the sale of this mixed-use redevelopment opportunity in Flatbush, Brooklyn. The property has over 220 feet of street frontage, 100' of which is on prime Flatbush Avenue, one of Brooklyn's most valuable retail corridors. The existing building consists of 11,456 square feet, much of which is within a former bank branch location, with significant architectural features. The property has potential for development of approx. 35,928 SF of additional air rights, presenting opportunity for residential development on upper floors. Flatbush, particularly areas near the subject property (along border of Prospect Lefferts Gardens), has nearly 1,250 residential units currently under construction, with an additional 1,000 units in the planning / permitting phase. This can be attributed to increased demand from tenants getting priced out of saturated markets along the park, who still want to be within a 30 minute train ride from Manhattan and Downtown Brooklyn.

Overview

Building Type:Commercial Buildings, Development/Conversion Sites, Mixed-Use Investment Buildings
Location:SE Corner of Flatbush Avenue and Caton Avenue
Block/Lot:5083/3
Lot Dimensions:102.42 x 121.42
Approx.
Lot Sq Ft:11,846
Approx.
Buildable Sq. Ft:47,384
Approx.
Available Air Rights:35,928
Approx.
Stories:1 + Mezzanine
Commercial Units:2
Zoning:R7A / C2-4
FAR:4.00
Assessment Value:$917,550
Taxes:$87,943
Building Sq Ft:11,456
Approx.
Building Dimensions:102' x 105'
Approx.

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Edward Gevinski
Senior Director
(718) 307 6502
edward.gevinski@cushwake.com

Robert Moore
Director
(718) 606 7046
robert.moore@cushwake.com

Brian Streilein
Director
(718) 307 6505
brian.streilein@cushwake.com

Salvatore Falcone
Associate
(718) 307 6503
salvatore.falcone@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.