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Mixed-Use

2432 Atlantic Avenue

2432 Atlantic Ave, Brooklyn, NY 11233

Listing Price: $10,000,000

Lot Size
0.40 acres
Price/Acre
$24,817,685
Land Type
Land
Buildable Square Feet
98,290

Investment Overview

Marcus & Millichap’s Matthew Peters & Jalen Wright are pleased to present the Exclusive Listing located at 2432 Atlantic Avenue in Brooklyn, NY. The property is currently being used as a 4-unit commercial property with the possibility to develop up to 98,290 square feet. This is an assemblage of 2 separate tax lots, with two sides of frontage on Atlantic Avenue & E New York Avenue in the Ocean Hill section of Brooklyn, New York (Block: 01437; Lot: 21, 23). The assemblage offers a total lot size of 17,551.87 square feet. There’s approximately 100’ of frontage on Atlantic Avenue & 105’ of frontage on E New York. These metrics we’re taken from a Survey that was done on May 22nd, 2017. The zoning on the lot offers C4-5D, with an R7D equivalent. The property falls within a mandatory inclusionary housing district, which would permit an FAR of 5.60, allowing for a total of approximately 98,290 buildable square feet, (as-of-right). The property falls within a few different development incentives, including the Fresh Zone, Transit Zone & Qualified Opportunity Zone. (Consult with Architect on how to take full advantage of incentives). There are currently four tenants occupying the existing space, paying a combined rent of $241,284 Gross. Each tenant has a 90-day kickout clause written in their lease, which allows a developer to collect income and off set their carrying costs, until they are ready to develop. The property can be delivered vacant upon request. The building is located in Ocean Hill, within 1 block of Broadway Junction, servicing 5 different train lines as well as LIRR stop across the street.

Investment Highlights

  • Located in Ocean Hill, Steps From Broadway Junction & LIRR
  • Cash Flowing Development Opportunity | 90 Day Kick-Out Clause in Place
  • Block Through Lot W/ 2 Sides of Frontage, Over 100' on Each Side
  • Phase 1 & Phase 2 Completed in 2018 - CLEAN
  • Lot size is 17,552 Square Feet, Allowing For 98,290 Buildable Square Feet w/ MIH (FAR 5.6)

Exclusively Listed By

Mixed-Use

2432 Atlantic Avenue

Listing Price: $10,000,000

Lot Size
0.40 acres
Price/Acre
$24,817,685
Land Type
Land
Buildable Square Feet
98,290

Investment Highlights

  • Located in Ocean Hill, Steps From Broadway Junction & LIRR
  • Cash Flowing Development Opportunity | 90 Day Kick-Out Clause in Place
  • Block Through Lot W/ 2 Sides of Frontage, Over 100' on Each Side
  • Phase 1 & Phase 2 Completed in 2018 - CLEAN
  • Lot size is 17,552 Square Feet, Allowing For 98,290 Buildable Square Feet w/ MIH (FAR 5.6)

Investment Overview

Marcus & Millichap’s Matthew Peters & Jalen Wright are pleased to present the Exclusive Listing located at 2432 Atlantic Avenue in Brooklyn, NY. The property is currently being used as a 4-unit commercial property with the possibility to develop up to 98,290 square feet. This is an assemblage of 2 separate tax lots, with two sides of frontage on Atlantic Avenue & E New York Avenue in the Ocean Hill section of Brooklyn, New York (Block: 01437; Lot: 21, 23). The assemblage offers a total lot size of 17,551.87 square feet. There’s approximately 100’ of frontage on Atlantic Avenue & 105’ of frontage on E New York. These metrics we’re taken from a Survey that was done on May 22nd, 2017. The zoning on the lot offers C4-5D, with an R7D equivalent. The property falls within a mandatory inclusionary housing district, which would permit an FAR of 5.60, allowing for a total of approximately 98,290 buildable square feet, (as-of-right). The property falls within a few different development incentives, including the Fresh Zone, Transit Zone & Qualified Opportunity Zone. (Consult with Architect on how to take full advantage of incentives). There are currently four tenants occupying the existing space, paying a combined rent of $241,284 Gross. Each tenant has a 90-day kickout clause written in their lease, which allows a developer to collect income and off set their carrying costs, until they are ready to develop. The property can be delivered vacant upon request. The building is located in Ocean Hill, within 1 block of Broadway Junction, servicing 5 different train lines as well as LIRR stop across the street.

Exclusively Listed By

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