30 Franklin Street

Greenpoint, Brooklyn, New York 11222

$11,000,000  

Listing ID Number

25167

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a commercial building with development potential in Greenpoint, Brooklyn.

The assemblage poses a unique opportunity for a flagship retail development in a rapidly evolving commercial and cultural hotbed of North Brooklyn. The entire assemblage runs blockthrough between Franklin and Banker Streets and offers over 200 feet of combined frontage. 30-38 Franklin Street will be delivered vacant, allowing for immediate development/conversion.

The parcel is currently improved by a single-story commercial building on Lots 11 and 14, a three-story commercial building on Lot 15, which is overbuilt by approximately 2,660 SF and a single-story shed not counted toward ZFA on Lot 26. Retaining the existing 3-story building would allow a developer to maximize permitted floor area and capitalize on virtually unobstructed views of Manhattan.

30-38 Franklin Street benefits from close proximity to several means of public transport. The G train station on Greenpoint Avenue is just 7 blocks away. There are several CitiBike stations and MTA bus stops within 3 blocks of the property and the East River Ferry terminal is also in close proximity.

With over 7,000 new residential units in the pipeline, the Greenpoint waterfront developments are expected to dramatically increase foot traffic and the resulting retail rents along Franklin Street. A similar progression occurred just south of the property along Kent and Wythe Avenues where retail rents more than tripled after the Williamsburg waterfront was developed.

Overview

Building Type:Development/Conversion Sites
Location:Located blockthrough between Franklin Street and Banker Street
Lot Sq Ft:16,157
Combined
Buildable Sq. Ft:18,817
Includes overebuilt floor area on lot 15
Stories:1-3
Zoning:M1-1
Building Sq Ft:15,625
Combined

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

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

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

Mark L. Lively
Director
(718) 307 6524
mark.lively@cushwake.com

Michael Gigante
Senior Associate
(718) 307 6555
michael.gigante@cushwake.com

Michael Purcell
Associate
(718) 307 6550
michael.purcell@cushwake.com

Bob Husni
Associate
7183076523
bob.husni@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.