151 Kent Avenue

Williamsburg, Brooklyn, New York 11249

$52,000,000  

Listing ID Number

25426

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a brick three-story residential loft building with development potential located at 151 Kent Avenue in Williamsburg, Brooklyn.

The 56,550-square-foot structure with additional 18,850 square feet of unencumbered basement space hosts a total of 46 units, 34 of which are IMD loft units. The building is currently fully-leased at roughly 60% of market rent, constituting stable cash-flow with considerable future upside.

151 Kent carries additional 11,355 buildable square feet of available residential air rights (up to 33,990 buildable square feet with Inclusionary Housing) allowing for possible expansion of rentable floor area, while mixed-zoning designation and roughly 450 feet of prime retail frontage may allow for partial future retail conversion of the ground floor.

The property offers unparalleled location bound by one of Williamsburg’s busiest corridors, within a block of several waterfront parks and among iconic neighborhood buildings like the Austin Nichols House, One North Fourth and Level residences as well as the rising 25 Kent office building and the Domino Refinery mega-development. The property is in close proximity to the East River Ferry terminal and the L train providing a direct connection to Manhattan. Furthermore, 151 Kent is situated along the proposed path of the highly anticipated Brooklyn Queens Connector (BQX) adding to the attractiveness of the offering.

Overview

Building Type:Apartment Buildings
Available Air Rights:11,355 BSF
33,990 BSF w/ IH Bonus
Stories:3
Units:46
Zoning:M1-2/R6A
Residential FAR:2.70
Up to 3.60 w/ IH Bonus
Commercial FAR:2.00
Building Sq Ft:56,550 SF
Plus 18,850 SF basement
Building Dimensions:94.25' x 200'

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

Bogdan Trach
Senior Associate
(718) 307 6554
bogdan.trach@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.