Investment Overview

Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 149 12th street. The subject property is a four-story commercial building located between 2nd and 3rd Avenues in the Gowanus neighborhood of Brooklyn, NY (Block: 1020 Lot: 45). The building is currently occupied by two tenants with leases expiring in Q3 2024. The property is conveniently located three blocks away from the 4th Avenue / 9th Street F, G & R subway station. 149 12th Street totals 14,340 SF spread across four levels. The subject property is built full, 47 x 100 feet on the ground floor and the 2nd floor mezzanine space. The second floor mezzanine square footage is not listed on the certificate of occupancy. The 3rd floor is built 47 x 80 feet and features a 47 x 20-foot rear terrace. The 4th floor is built 47 x 40 feet and features two 47 x 20-foot terraces on the front and back of the building. The building features a 6,000-pound freight elevator servicing all floors except the 2nd floor mezzanine and three 940 SF outdoor terraces across the 3rd and 4th floors (see floor plans). 149 12th Street is zoned M2-1. However, the city planning commission recently approved a zoning variance to C4-4A on a nearby property at 506 3rd Avenue. The resulting zoning change encompasses the entire block from 11th street to 12th Street within 100 feet of 3rd Avenue. A 25 x 100 feet section of the subject properties zoning lot falls within the new C4-4A district, while the remaining 22 x 100 feet is zoned M2-1. The C4-4A zoning overlay offers the potential for future residential uses and conversions. 149 12th street is located just a few blocks away from the recently approved Gowanus rezoning. This 82-block swath of Gowanus is projected to contribute approximately 8,500 units of new housing, 3,000 permanently affordable; 6 acres of new open space along a cleaned-up Gowanus Canal; new commercial and community space; and thousands of jobs. The subject property offers owner-users, investors and developers the unique opportunity to purchase a sizable commercial property nestled within one of the borough’s most dynamic neighborhoods.