Overview
Denham Wolf Real Estate Services, as exclusive agent, is pleased to present the opportunity to purchase a corner development site in one of Brooklyn's most desirable emerging neighborhoods. The property presents a prime opportunity for a developer to create a residential or mixed-use scheme or for an owner-user to either utilize the existing residential/community facility buildings or create their own bespoke facility.
172-180 St Nicholas Avenue (including 399a Himrod Street), just steps away from the Dekalb Avenue L train, is located in the heart of Bushwick. The property is a short distance from Maria Hernandez Park and three blocks from Knickerbocker Avenue, the main commercial and social center of this trendy neighborhood. The subway provides quick and direct access to Manhattan and the rest of Brooklyn.
The existing buildings total approximately 11,300 SF with the ability to mass 19,800 SF of residential or 43,200 SF of mixed use/community facility on the lot.
Ownership encourages proposals that include the option for Seller to buy-back a 5,000 SF, white-box community facility within a new building developed by purchaser.
Investment Highlights
- Vacant Possession: The building will be delivered fully vacant, allowing for immediate use by an owner-user or redevelopment by a developer.
- Desirable Redevelopment Opportunity: Preliminary analysis indicates that a maximum FAR of 2.20 is permissible for Residential development. This equates to 8,500 SF of additional development rights and a gross building area of up to 19,800 SF buildable as-of-right.
- Prominent Corner Position: The property is located on a corner lot, offering increased visibility, natural light, and design flexibility.
- Charming & Popular Residential Market: Bushwick has become one of the most desirable neighborhoods in New York City due to its proximity to Williamsburg and Greenpoint. A wave of developers continue to close in on the area bringing new luxury developments, trending dining, and entertainment venues.
- Excellent Transportation: The Property is located less than .1 miles from The DeKalb Avenue station, providing access to the L subway line which allows for transportation through Brooklyn and Manhattan.
- Rapidly Evolving Neighborhood: Bushwick is rapidly evolving from its industrial heritage. It is truly a blend of old and new as seen by the industrial warehouses conversions as well new developments. There is a vibrant artistic and cultural scene, as seen by the murals and creative spaces throughout Bushwick along with energetic and creative food, beverage, and nightlife options. It is a great time to capitalize on a rapidly evolving neighborhood. The current pace of neighborhood transformation is reshaping Bushwick into one of Brooklyn’s most compelling emerging markets.
- Condo Buy Back: Seller prefers to buy back a 5,000 SF community facility.
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Sales Team
