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Warehouse

73 Kent Avenue

73 Kent Ave, Brooklyn, NY 11249

Listing Price: $24,950,000

Cap Rate
1.00%
Gross SF
25,520
Price/Gross SF
$977.66
Lot Size
0.29 acres
Year Built
1960
Rentable SF
25,520

Investment Overview

PROPERTY DESCRIPTION 73 Kent Avenue is currently a two-story commercial building located on the corner of N 9th Street and Kent Avenue in an irreplaceable North Williamsburg waterfront location. The property is situated on a 124’ x 100’ lot and consists of 25,520 existing SF throughout the 2 floors of commercial space. The property has an extremely rare 224’ of combined frontage with 124’ of frontage on Kent Avenue and 100’ of frontage on N 9th Street. 73 Kent is zoned M1-2 with an as of right FAR of 2.0 and the ability to achieve the same 4.8 FAR which nearby 25 Kent Avenue received via the ULURP process. OPPORTUNITY The property is a once in a generation opportunity for investors and potential end users as 73 Kent Avenue’s blank canvas will allow someone to create an internationally recognized flagship boutique, experiential retail, office, and/or entertainment venue in one of the best locations in the world. There are a number of tenants in the immediate vicinity to the property that provide proof of concept for the myriad of potential uses noted above. There are extremely successful experiential tenants like Vital Climbing Gym and Brooklyn Bowl along with top echelon retail brands like Glossier, Lululemon, Nike, and Hermes among numerous others all within 3 to 4 blocks of the asset proving the optionality for the redevelopment of the 73 Kent space. The property is an ideal blank canvas as it contains substantial power running into the building along with open floorplates. The large roll up gates on the N 9th side will provide potential tenants the ability to easily load and unload product into and out of the space. In addition, the frontage and visibility of the site along with potential signage on the rooftop and/or the façade of the property can be utilized to create an unheard of marketing opportunity in the heart of one of the hottest international tourist destinations. The real home run hitter for potential tenants and developers alike is the unprecedented 12,500 SF of rooftop space which can be transformed into a one of a kind entertainment venue. The rooftop area contains unobstructed views of the Manhattan skyline and overlooks Marsha P. Johnson and Bushwick Inlet Parks. This view will be enhanced even further in the very near future upon the demolition of the CitiStorage property just to the north of 73 Kent Avenue. The City has committed almost $100MM to expand Bushwick Inlet Park onto the site which will substantially increase foot traffic to and from the area. Moreover, the daily population to the area will only be exploding in numbers over the next 2 to 3 years with brand new office and retail towers being built at 1 Wythe Avenue, 12 Franklin Street, and the entire block of where Acme Smoked Fish is located. REZONING 73 Kent Avenue also offers additional optionality to a developer who chooses to go through the ULURP process to receive a permit to build a commercial building similar to the recently completed 25 Kent Avenue. Through this ULURP process a developer will receive 4.8 FAR to build a mixed use asset that consists of retail space, office, and a small portion of light manufacturing. 4.8 FAR would more than double the as of right buildable SF to 61,248 SF. There is clear precedent for approvals as 25 Kent, 12 Franklin, and 1 Wythe Avenue have all received approvals to build 4.8 FAR.

Investment Highlights

  • 12,760 SF Lot Size
  • 25,520 Existing SF | 61,248 Buildable SF With ULURP
  • 224 FT Street Frontage
  • $93,342 Annual Taxes (22/23)

Exclusively Listed By

Warehouse

73 Kent Avenue

Listing Price: $24,950,000

Cap Rate
1.00%
Gross SF
25,520
Price/Gross SF
$977.66
Lot Size
0.29 acres
Year Built
1960
Rentable SF
25,520

Investment Highlights

  • 12,760 SF Lot Size
  • 25,520 Existing SF | 61,248 Buildable SF With ULURP
  • 224 FT Street Frontage
  • $93,342 Annual Taxes (22/23)

Investment Overview

PROPERTY DESCRIPTION 73 Kent Avenue is currently a two-story commercial building located on the corner of N 9th Street and Kent Avenue in an irreplaceable North Williamsburg waterfront location. The property is situated on a 124’ x 100’ lot and consists of 25,520 existing SF throughout the 2 floors of commercial space. The property has an extremely rare 224’ of combined frontage with 124’ of frontage on Kent Avenue and 100’ of frontage on N 9th Street. 73 Kent is zoned M1-2 with an as of right FAR of 2.0 and the ability to achieve the same 4.8 FAR which nearby 25 Kent Avenue received via the ULURP process. OPPORTUNITY The property is a once in a generation opportunity for investors and potential end users as 73 Kent Avenue’s blank canvas will allow someone to create an internationally recognized flagship boutique, experiential retail, office, and/or entertainment venue in one of the best locations in the world. There are a number of tenants in the immediate vicinity to the property that provide proof of concept for the myriad of potential uses noted above. There are extremely successful experiential tenants like Vital Climbing Gym and Brooklyn Bowl along with top echelon retail brands like Glossier, Lululemon, Nike, and Hermes among numerous others all within 3 to 4 blocks of the asset proving the optionality for the redevelopment of the 73 Kent space. The property is an ideal blank canvas as it contains substantial power running into the building along with open floorplates. The large roll up gates on the N 9th side will provide potential tenants the ability to easily load and unload product into and out of the space. In addition, the frontage and visibility of the site along with potential signage on the rooftop and/or the façade of the property can be utilized to create an unheard of marketing opportunity in the heart of one of the hottest international tourist destinations. The real home run hitter for potential tenants and developers alike is the unprecedented 12,500 SF of rooftop space which can be transformed into a one of a kind entertainment venue. The rooftop area contains unobstructed views of the Manhattan skyline and overlooks Marsha P. Johnson and Bushwick Inlet Parks. This view will be enhanced even further in the very near future upon the demolition of the CitiStorage property just to the north of 73 Kent Avenue. The City has committed almost $100MM to expand Bushwick Inlet Park onto the site which will substantially increase foot traffic to and from the area. Moreover, the daily population to the area will only be exploding in numbers over the next 2 to 3 years with brand new office and retail towers being built at 1 Wythe Avenue, 12 Franklin Street, and the entire block of where Acme Smoked Fish is located. REZONING 73 Kent Avenue also offers additional optionality to a developer who chooses to go through the ULURP process to receive a permit to build a commercial building similar to the recently completed 25 Kent Avenue. Through this ULURP process a developer will receive 4.8 FAR to build a mixed use asset that consists of retail space, office, and a small portion of light manufacturing. 4.8 FAR would more than double the as of right buildable SF to 61,248 SF. There is clear precedent for approvals as 25 Kent, 12 Franklin, and 1 Wythe Avenue have all received approvals to build 4.8 FAR.

Exclusively Listed By

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