894-896 Manhattan Ave - Loft/Creative Space FOR SALE


Brooklyn, NY 11222- Greenpoint
$7,600,000 USD
212-464-8815
894-896 Manhattan Ave, Brooklyn, NY for Sale
$7,600,000 USD
Loft/Creative Space - FOR SALE
1/8
null | 5.99% Cap Rate

894-896 Manhattan Ave
Brooklyn, NY 11222
Greenpoint


HIGHLIGHTS

  • Long Term Credit Tenant in Place on Ground Floor – Citizens Bank (BBB+ Credit Rating)
  • Potential to reposition the upper floors as leases expire
  • Located directly in front of the G Train Subway Stop (Manhattan Avenue)
  • City of Yes allows for the conversion of the upper floors to residential using an FAR of 3.9 (UAP) for a total buildable of 14,332 SF with NO PARKING
  • Low Taxes - $63,713

OVERVIEW

Landair Property Advisors has been hired to sell the commercial building located at 894-896 Manhattan Avenue at the corner of Greenpoint Avenue. The property consists of a ground floor retail space leased to Citizens Bank as well as 2 floors of commercial spaces leased to a variety of businesses. The property consists of 11,025 square spread over 3 levels as well as a full basement. This property falls under C4-3 zoning on a wide street, allowing for a diverse range of commercial and potential residential development. Currently, the building is 92.5% leased with 7 commercial tenants, contributing to a stable and high-performing investment opportunity. The upper floor rents are significantly below market allowing for a new owner to increase cash flow without significant investment. Additionally, the longest lease expires in 2029, allowing for the potential to reposition the upper floors and appeal to a single credit tenant. Located right in front of the Greenpoint Avenue G Train subway stop, 894-896 Manhattan Avenue benefits from high pedestrian traffic and excellent accessibility, enhancing its value as a retail and office destination.

FOR SALE DETAILS

PRICE

$7,600,000 USD

PRICE/SF

$689 USD /SF

CAP RATE

5.99%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Loft/Creative Space

ADD'L SUBTYPES

Bank, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

C

YEAR BUILT

1931

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.1 AC

LAND SF

4,356 SF

ZONING

C4-3A (R6A Equivalent)

APN/PARCEL ID

02574-0001

ASK ABOUT THIS PROPERTY

Anand MelwaniLandair Property AdvisorsMore Info
212-464-8815

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Anand MelwaniLandair Property AdvisorsMore Info
212-464-8815

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.