3208 Fulton StBrooklyn, NY 11208
3208 Fulton Street
Asset ClassSpecial Purpose, Office, Mixed Use, Retail
Overview
Lee & Associates NYC is pleased to present exclusively for sale the community facility asset located at 3208 Fulton Street, Brooklyn, NY 11208 (the “Property”). Situated on the corner of Fulton Street and Richmond Street in the East New York neighborhood of Brooklyn, the Property is leased and occupied by NYC Department for the Aging (“DFTA”) until February 2028. In addition to its as-is condition, the site features up to approximately 40,210 square feet of development rights depending on use. The Property represents the opportunity to collect stable cashflow through government tenancy while preparing to redevelop the site to its highest and best use.
Investment Highlights
- STABLE, CREDIT GOVERNMENT TENANCY: The Property is fully leased to the NYC Department for the Aging through February 2028, providing reliable, government-backed cash flow. The tenancy offers strong credit quality and operational stability, making the asset well-suited for investors seeking predictable income during the hold period.
- IN-PLACE INCOME WITH CLEAR REDEVELOPMENT PATH: Investors can benefit from immediate cash flow while evaluating redevelopment or repositioning strategies upon lease expiration. The current tenancy effectively carries the asset while future plans are advanced.
- SUBSTANTIAL DEVELOPMENT RIGHTS: The site features up to approximately 40,210 square feet of development rights, subject to zoning and use, offering meaningful long-term upside. The Property presents a compelling opportunity to unlock additional value through redevelopment to its highest and best use.
- CORNER LOCATION WITH STRONG EXPOSURE: Situated at the intersection of Fulton Street and Richmond Street, the Property benefits from corner visibility, multiple points of access, and a strong neighborhood presence within East New York.
- COMMUNITY FACILITY USE WITH FLEXIBILITY: The existing community facility designation supports a range of institutional and residential redevelopment scenarios, providing flexibility for future ownership depending on market conditions and use requirements.
- AS-IS, VALUE-ADD INVESTMENT OPPORTUNITY: Offered in as-is condition, the Property is well-positioned for investors seeking a value-add or redevelopment play with current income, downside protection, and long-term appreciation potential.
3208 Fulton StBrooklyn, NY 11208
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