FOR SALE
166 N 12TH STREET Williamsburg, Brooklyn
COMMERCIAL BUILDING WITH DEVELOPMENT POTENTIAL
5% PROJECTED CAP RATE*
DELIVERED VACANT
* Based on blended projected rent of $80 / SF with 20% estimated expenses.
PROPERTY FEATURES Location
Located on the south side of North 12th Street between Berry Street and Bedford Avenue
Block / Lot
2290 / 15
Lot Dimensions
50’ x 100’
Lot SF
5,000 approx.
Building Dimensions
50’ x 94’
Building SF
9,400 approx.
Zoning
R6A
Residential FAR
2.70 (up to 3.60 with Inclusionary Housing)
Total Buildable SF
13,500 approx. (up to 18,000 with IH)
Available Air Rights (SF)
4,100 approx. (up to 8,600 with IH)
Tentative Assessment (16/17) $252,094 (Tax Class 4) Tentative Taxes (16/17)
$26,863
Tax information is based on the DOF tentative assessment for January of 2016 and tax rates for 15/16. These figures are not guaranteed and are subject to change.
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166 N
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a two-story, 9,400 SF building located at 166 N 12th Street in Northside Williamsburg, Brooklyn. The existing structure will be delivered vacant and may continue to be used as a commercial building under legal nonconforming use. Side street retail rents in Northside Williamsburg range from $100-$150/SF while upper-level commercial and office rents range from $60-$80/SF. Zoned R6A, the property can also be repositioned into a residential apartment or condominium building utilizing the additional air rights. With residential rents asking north of $65/SF and recorded condominium sellouts in the $1,500-$2,000/SF range, 166 N 12th Street offers a unique value-add opportunity in one of Brooklyn’s most sought-after neighborhoods. The property is located ideally within 5-6 blocks of two train stations, the L on Bedford Avenue and the G on Nassau Avenue. 166 North 12th Street directly abuts McCarren Hotel & Pool and is just 100 feet from Bedford Avenue – home to many of the neighborhood’s popular shops, restaurants and bars. McCarren Park is directly across the street, offering the added benefit of unobstructed views.
ASKING PRICE
$12,500,000 CUSHMAN & WAKEFIELD 205 Montague Street, 3rd Floor, Brooklyn, NY 11201 cushmanwakefield.com
12th
STREET
N 6th Street / North Williamsburg East River Ferry
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Williamsburg G
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L
L For more information, please contact: Brendan Maddigan, Director 718.307.6507
[email protected] Mark Lively, Associate Director 718.307.6524
Ethan Stanton, Senior Associate 718.307.6553
[email protected] [email protected] Michael Gigante, Associate 718.307.6555
Bogdan Trach, Associate 718.307.6554
[email protected] [email protected] Matthew Beckelman, Associate 718.307.6523
Eddie Esses, Associate 718.606.7064
[email protected] [email protected] Cushman & Wakefield copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.