333-335 Irving Avenue, Brooklyn, NY 11237

Bushwick, Brooklyn, New York 11237

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Listing ID Number

25011

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 333-335 Irving Avenue, a significant mixed-use conversion opportunity, located in the heart of Bushwick.

333-335 Irving Avenue is an assemblage of two tax lots with 400’ of wraparound frontage. The site runs corner to corner, from Gates Avenue to Palmetto Street. Tax Lot 4 is comprised of a 12,500 SF steel enforced warehouse with 20’ ceilings and additional mezzanine space. The existing structure is in perfect condition, and would make for an ideal retail conversion or end-user property. Tax Lot 6 is a vacant 75’ x 100’ lot that, along with the transferred air rights from Tax Lot 4, offers 31,500 buildable SF. Given the zoning coverage and height requirements, all of the air rights can be built, as of right, on the vacant land. The warehouse can be delivered vacant or there is potential for a short-term leaseback that would offer the developer the opportunity to collect rent while getting approvals on plans.

The property is zoned R6, with a total FAR of 2.2, allowing for 44,000 total buildable square feet, or 31,500 square feet of air rights, less the existing warehouse. The highest and best use of this property would be to utilize the existing warehouse on Tax Lot 4 and transfer the air rights next door to Tax Lot 6 for a 31,500 BSF corner development. The residential lot coverage for corner properties is 100%, although a 30’ by 40’ court yard would be needed for interior light and air. The maximum height requirement is 55’, with a 15’ setback at 45’, suggesting over 30,000 buildable square feet in usable air rights.

The location is prime for both retail and residential development with retail rents leasing at upwards of $40 per square foot and residential rents approaching $50 per square foot. Neighboring retailers include Starbucks, Dollar Tree, and CVS, among numerous local bars and restaurants. Multiple transportation options are available within a block with the L and M trains at Myrtle-Wyckoff Station, offering access to Williamsburg and Manhattan within 15-20 minutes. 333-335 Irving Avenue offers a rare opportunity to own significant frontage.

Overview

Building Type:Development/Conversion Sites, Industrial
Location:On northeast side of Irving Avenue from Gates Avenue to Palmetto Street - Steps From Myrtle-Wyckoff L/M Station.
Lot Dimensions:200' x 100'
Wraparound Frontage Approx.
Lot Sq Ft:20,000
Approx.
Buildable Sq. Ft:44,000
Approx.
Available Air Rights:31,500
Approx.
Stories:1
Zoning:R6
FAR:2.2
Building Sq Ft:12,500
Approx.
Building Dimensions:125' x 100'
Approx.

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

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

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

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

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


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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.