373-379 Knickerbocker Avenue - Massey Knakal
373-379 KNICKERBOCKER AVE 75’ WIDE MIXED-USE BUILDING WITH DEVELOPMENT POTENTIAL PRIME BUSHWICK, BROOKLYN NY
ASKING PRICE: $10,500,000 Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 373-379 Knickerbocker Avenue, a significant mixed-use conversion opportunity, located in the heart of Prime North Bushwick.
feet of air rights, less existing structure. The zoning allows up to 2.2 FAR of residential use or 16,390 square feet, the remaining FAR of 8,940 square feet can be allocated to retail or commercial use.
373-379 Knickerbocker Avenue is an assemblage of three consecutive mixed-use properties with an aggregate of 16,390 square feet, plus full basement. The ground floor is built full, presenting 7,450 gross square feet for retail use. The upper two floors are built 74.5’ x 60’, allowing for 8,940 square feet for residential-use. The retail is currently leased to three separate tenants, at 50% of market value, all set to expire in the next 4-5 years. The four residential units at 373 Knickerbocker Avenue are occupied by month to month tenants and are not rent regulated. The residential space above 375-379 Knickerbocker Avenue is currently vacant, and in need of a complete gut renovation.
The location is prime for both retail and residential with retail rents leasing at upwards of $75 per square foot and residential rents approaching $50 per square foot. Condo conversion is also an option with the average sellout value approaching $1,000 a square foot for new projects. Neighboring retailers include Bank of America, Blink Fitness, and Foot Locker, among numerous local bars and restaurants. Multiple transportation options are available within three blocks with the M train at Knickerbocker Avenue Station and the L train as DeKalb Avenue Station, both options offering access to Williamsburg and Manhattan within 15-20 minutes. 373-379 Knickerbocker Avenue offers an unmatched opportunity to own a substantial asset in the epicenter of Bushwick.
The property is zoned C4-3, with a total FAR of 3.4, allowing for 25,330 buildable square feet, or 8,940 square
For further information, please contact exclusive agents:
For financing information contact:
DJ Johnston Director 718 307 6515 [email protected]
Seth Pollack Director 201 508 5322 [email protected]
William Cheng Director 718 606 7037 [email protected]
Bryan Kirk Associate 718 307 6516 [email protected]
Joshua Sabzevari Associate 718 307 6521 [email protected]
Jeremy Korer Director 718 307 6541 [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.
373-379 KNICKERBOCKER AVE PRIME BUSHWICK, BROOKLYN NY
PROPERTY FEATURES LOCATION
Northeast Side of Knickerbocker Ave Between Stockholm and Stanhope Sts. 3258 / 2, 3, 4
BLOCK & LOT BUILDING HIGHLIGHTS
16,440 (APPROX.)
BUILDING SF
74.5' X 100' (APPROX.)
RETAIL DIMENSIONS
74.5' X 60' (APPROX.)
RESIDENTIAL DIMENSIONS UNIT MIX
3
RETAIL UNITS RESIDENTIAL UNITS
12
TOTAL UNITS
15
LOT INFORMATION / ZONING SPECIFICS C4-3
ZONING COMMERCIAL FAR
1.2
RESIDENTIAL FAR
2.2
MAX AS-OF-RIGHT FAR
3.4
DEVELOPMENT RIGHTS COMMERCIAL BUILDABLE SF
8,940 (APPROX.)
RESIDENTIAL BUILDABLE SF
16,390 (APPROX.)
TOTAL BUILDABLE SF
25,330 (APPROX.)
TAX INFORMATION $547,445
ASSESSMENT ('16/'17)
$61,449
R.E. TAXES ('16/'17)
REVENUE Tenant
CURRENT REVENUE Size
Lease Exp.
$ / SF
Rent / Mo.
PROJECTED REVENUE Annual Rent
$ / SF
Rent / Mo.
Annual Rent
Dollar Giant Market
3,500
4/30/22
$27
$7,959
$95,508
$75
$21,875
$262,500
Nam Hur
1,500
10/31/20
$46
$5,700
$68,400
$75
$9,375
$112,500
Payless Shoe Source
2,500
6/30/21
$38
$8,000
$96,000
$75
$15,625
$187,500
Residential Income
8,940
--
--
--
--
$50
$37,250
$447,000
Total
16,440
$16
$21,659
$259,908
$61
$84,125
$1,009,500
For further information, please contact exclusive agents:
For financing information contact:
DJ Johnston Director 718 307 6515 [email protected]
Seth Pollack Director 201 508 5322 [email protected]
William Cheng Director 718 606 7037 [email protected]
Bryan Kirk Associate 718 307 6516 [email protected]
Joshua Sabzevari Associate 718 307 6521 [email protected]
Jeremy Korer Director 718 307 6541 [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.
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HIGHLIGHTED NEIGHBORHOOD DEVELOPMENTS: RETAIL
3
2
25
25
24.5
100
4
KNICKERBOCKER AVENUE
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
Brooklyn Now Wow Milk and Pull Sol DeQuito Chimy Express Amaranto El Paisa Sushi & Noodles Mominette Bistro Fortunata’s Pizza NYC Pet AG Hardware & Paint
12. 13. 14. 15. 16. 17. 18.
Cisci’s Pastry Shop Dollar Tree Pasteles Capy Payless Shoe Source Foot Locker Twin Suns Tony’s Pizzeria And Restaurant 19. V.i.m 20. McDonald’s 21. TMobile
For further information, please contact exclusive agents:
22. 23. 24. 25. 26. 27. 28. 29. 30. 31.
Bank of America Game Stop Dweebs Coffee The Wheel House Molasses Books Wilson’s Tea & Coffee Liberia Cristiana El Kucho Le Garage L Train Vintagew
For financing information contact:
DJ Johnston Director 718 307 6515 [email protected]
Seth Pollack Director 201 508 5322 [email protected]
William Cheng Director 718 606 7037 [email protected]
Bryan Kirk Associate 718 307 6516 [email protected]
Joshua Sabzevari Associate 718 307 6521 [email protected]
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31
21
Jeremy Korer Director 718 307 6541 [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.
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Block 3258
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ASKING PRICE: $10,500,000 Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 373-379 Knickerbocker Avenue, a significant mixed-use conversion opportunity, located in the heart of Prime North Bushwick.
feet of air rights, less existing structure. The zoning allows up to 2.2 FAR of residential use or 16,390 square feet, the remaining FAR of 8,940 square feet can be allocated to retail or commercial use.
373-379 Knickerbocker Avenue is an assemblage of three consecutive mixed-use properties with an aggregate of 16,390 square feet, plus full basement. The ground floor is built full, presenting 7,450 gross square feet for retail use. The upper two floors are built 74.5’ x 60’, allowing for 8,940 square feet for residential-use. The retail is currently leased to three separate tenants, at 50% of market value, all set to expire in the next 4-5 years. The four residential units at 373 Knickerbocker Avenue are occupied by month to month tenants and are not rent regulated. The residential space above 375-379 Knickerbocker Avenue is currently vacant, and in need of a complete gut renovation.
The location is prime for both retail and residential with retail rents leasing at upwards of $75 per square foot and residential rents approaching $50 per square foot. Condo conversion is also an option with the average sellout value approaching $1,000 a square foot for new projects. Neighboring retailers include Bank of America, Blink Fitness, and Foot Locker, among numerous local bars and restaurants. Multiple transportation options are available within three blocks with the M train at Knickerbocker Avenue Station and the L train as DeKalb Avenue Station, both options offering access to Williamsburg and Manhattan within 15-20 minutes. 373-379 Knickerbocker Avenue offers an unmatched opportunity to own a substantial asset in the epicenter of Bushwick.
The property is zoned C4-3, with a total FAR of 3.4, allowing for 25,330 buildable square feet, or 8,940 square
For further information, please contact exclusive agents:
For financing information contact:
DJ Johnston Director 718 307 6515 [email protected]
Seth Pollack Director 201 508 5322 [email protected]
William Cheng Director 718 606 7037 [email protected]
Bryan Kirk Associate 718 307 6516 [email protected]
Joshua Sabzevari Associate 718 307 6521 [email protected]
Jeremy Korer Director 718 307 6541 [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.
373-379 KNICKERBOCKER AVE PRIME BUSHWICK, BROOKLYN NY
PROPERTY FEATURES LOCATION
Northeast Side of Knickerbocker Ave Between Stockholm and Stanhope Sts. 3258 / 2, 3, 4
BLOCK & LOT BUILDING HIGHLIGHTS
16,440 (APPROX.)
BUILDING SF
74.5' X 100' (APPROX.)
RETAIL DIMENSIONS
74.5' X 60' (APPROX.)
RESIDENTIAL DIMENSIONS UNIT MIX
3
RETAIL UNITS RESIDENTIAL UNITS
12
TOTAL UNITS
15
LOT INFORMATION / ZONING SPECIFICS C4-3
ZONING COMMERCIAL FAR
1.2
RESIDENTIAL FAR
2.2
MAX AS-OF-RIGHT FAR
3.4
DEVELOPMENT RIGHTS COMMERCIAL BUILDABLE SF
8,940 (APPROX.)
RESIDENTIAL BUILDABLE SF
16,390 (APPROX.)
TOTAL BUILDABLE SF
25,330 (APPROX.)
TAX INFORMATION $547,445
ASSESSMENT ('16/'17)
$61,449
R.E. TAXES ('16/'17)
REVENUE Tenant
CURRENT REVENUE Size
Lease Exp.
$ / SF
Rent / Mo.
PROJECTED REVENUE Annual Rent
$ / SF
Rent / Mo.
Annual Rent
Dollar Giant Market
3,500
4/30/22
$27
$7,959
$95,508
$75
$21,875
$262,500
Nam Hur
1,500
10/31/20
$46
$5,700
$68,400
$75
$9,375
$112,500
Payless Shoe Source
2,500
6/30/21
$38
$8,000
$96,000
$75
$15,625
$187,500
Residential Income
8,940
--
--
--
--
$50
$37,250
$447,000
Total
16,440
$16
$21,659
$259,908
$61
$84,125
$1,009,500
For further information, please contact exclusive agents:
For financing information contact:
DJ Johnston Director 718 307 6515 [email protected]
Seth Pollack Director 201 508 5322 [email protected]
William Cheng Director 718 606 7037 [email protected]
Bryan Kirk Associate 718 307 6516 [email protected]
Joshua Sabzevari Associate 718 307 6521 [email protected]
Jeremy Korer Director 718 307 6541 [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.
373-379 KNICKERBOCKER AVE AV E
.
L
FL US HI NG
PRIME BUSHWICK, BROOKLYN NY
MES
THA
ST.
NG
I SH
CY P
L
RE
ST .N
.
E AV
IC
HO
LA S
U FL
IRVING AV
AV E
.
L
ST .
8
ST .
6
AV E
.
5
ST .
G
NT
19
MR
AV E
TLE MYR
. AVE
M M
RA
LA VE
.
M
HIGHLIGHTED NEIGHBORHOOD DEVELOPMENTS: RETAIL
3
2
25
25
24.5
100
4
KNICKERBOCKER AVENUE
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
Brooklyn Now Wow Milk and Pull Sol DeQuito Chimy Express Amaranto El Paisa Sushi & Noodles Mominette Bistro Fortunata’s Pizza NYC Pet AG Hardware & Paint
12. 13. 14. 15. 16. 17. 18.
Cisci’s Pastry Shop Dollar Tree Pasteles Capy Payless Shoe Source Foot Locker Twin Suns Tony’s Pizzeria And Restaurant 19. V.i.m 20. McDonald’s 21. TMobile
For further information, please contact exclusive agents:
22. 23. 24. 25. 26. 27. 28. 29. 30. 31.
Bank of America Game Stop Dweebs Coffee The Wheel House Molasses Books Wilson’s Tea & Coffee Liberia Cristiana El Kucho Le Garage L Train Vintagew
For financing information contact:
DJ Johnston Director 718 307 6515 [email protected]
Seth Pollack Director 201 508 5322 [email protected]
William Cheng Director 718 606 7037 [email protected]
Bryan Kirk Associate 718 307 6516 [email protected]
Joshua Sabzevari Associate 718 307 6521 [email protected]
ST . ER CK EE
OD
18 20
HI
ON
.
CE
ST .
HO ST AN
ILS
31
21
Jeremy Korer Director 718 307 6541 [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.
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KH
25
St. Joseph Patron Universal Church St. Frances Cabrini Catholic Academy
13
KA L
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12
4
10
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STANHOPE ST
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ST .
RS ON JE F
FE
ME LR OS E
MARIA HERNANDEZ PARK
29
STOCKHOLM ST
W YC KO F
1
7
Block 3258
SS
