Overview
Avison Young, as exclusive agent, is pleased to present the opportunity to acquire 33 Flatbush Avenue (the “Property”), also known as the Metropolitan Exchange Building, a 47,990 SF 7-story elevator commercial property spanning Flatbush Avenue block through to Rockwell Place, between Fulton Street and Lafayette Avenue in Downtown Brooklyn. This rare offering provides investors with the chance to reposition or redevelop a historically significant asset in one of Brooklyn’s most dynamic and rapidly evolving commercial hubs.
With expansive floor plates, dramatic ceiling heights, and a highly visible location, the property is primed for a transformative redevelopment as a flagship commercial destination, creative office space, or residential conversion. Its strategic positioning in a high-density, transit-rich corridor further enhances the runway for long-term value, making it an exceptional investment opportunity in the heart of Brooklyn.
Investment Highlights
Existing Property Conditions
- 47,990 SF across seven stories with two elevators
- Frontage on both Flatbush Avenue and Rockwell Place
- Expansive full-floor commercial layouts with average floorplates of approximately 6,500 SF
- Block-through lot
- Flexible building layout provides a unique combination of historic character and modern functionality
Vacant Possession with Owner-User Potential
- Flexible zoning allows for multiple as-of-right uses
- Immediate opportunity to transform the vacant building into a mixed-use development, creative office space, or a custom-built space for an owner-user in the heart of Downtown Brooklyn
- Residential zoning flexibility
Prime Retail Repositioning
- Strong demand from national and global credit tenants
- Double height ceilings and expansive below-grade space formerly used by a bank
- Vacant possession allows for a user to take advantage of the entire building
Significant Development Potential
- Favorable C6-4 (R10) zoning
- 10.00x FAR as of right allows for 63,362 ZFA
- City of Yes bonus allows for a 12.00x FAR, offering over 76,000 ZFA
- Surging demand in Brooklyn for both residential and commercial space
Residential Conversion Opportunity Capitalizing on Newly Released 467-M Tax Exemption
- Light and Air on three sides
- Unique layout for a one-of-a-kind loft style project
- 467-M implementation allowing for 35-year benefit with a 100% tax exemption during construction followed by a 65% tax exemption for years 1-30 and a tapering exemption for the final 5 years
Exceptional Transit Access
- Proximity to Atlantic Terminal, 11+ subway lines, LIRR, and multiple bus routes
*BSF figures are approximates. Avison Young encourages any buyer to engage in a zoning analysis.
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