347 Berry Street

Williamsburg, Brooklyn, New York 11249

$20,000,000  

Listing ID Number

25003

Property Description

Cushman & Wakefield is pleased to present for sale a brand new loft-style mixed-use building located at 347 Berry Street in the thriving Williamsburg neighborhood of Brooklyn.


Dubbed The Ice Cream Factory, this 24-unit new-construction elevator building is situated just north of the iconic Williamsburg Bridge at the northeast corner of S 5th and Berry Streets.

The six-story structure spans roughly 21,500 square feet above-grade and hosts 23 loft-style apartments above a 600-square-foot corner retail space occupied by Butler & Co. café with a 10-year lease. Additional income is generated by a nine-space on-grade garage. The property further benefits from the 421-A tax benefit in it's initial year.

The Ice Cream Factory is conveniently located within five blocks of the Marcy Avenue J M Z train station and in close proximty to the Schaefer Landing East River Ferry Terminal, offering direct access to Manhattan within minutes.

347 Berry Street presents an attractive opportunity to acquire a high-end income-producing mixed-use asset in a thriving New York City market.

Overview

Building Type:Mixed-Use Investment Buildings
Location:Northeast corner of Berry and S 5th Streets
Lot Sq Ft:6,870
Stories:6
Units:24
Residential Units:23
Commercial Units:1
Zoning:M1-2/R6
Building Sq Ft:21,452
Building Dimensions:75' x 44'
Irregular

Summary

Price Per Sq Ft:$932
Capitalization Rate:4.64%

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Stephen P. Palmese
Vice Chairman
(718) 307 6552
stephen.palmese@cushwake.com

Brendan Maddigan
Executive Managing Director
(718) 307 6507
brendan.maddigan@cushwake.com

Michael J. Mazzara
Director
(718) 606 7052
michael.mazzara@cushwake.com

Ethan Stanton
Associate Director
(718) 307 6553
ethan.stanton@cushwake.com

James Berluti
Associate Director
(718) 606 7053
james.berluti@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.