Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell Mixed-Use Conversion Opportunity In North Bushwick

08/26/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell a conversion opportunity at 815 Broadway. The property is located on the corner of Broadway and Ellery Street in Brooklyn’s North Bushwick neighborhood, features 200 lineal feet of street frontage, and is a short two blocks from the J and M subway lines at the Flushing Avenue station. Ownership is requesting proposals.

The property consists of a six-story, masonry, commercial building constructed circa 1927.  It contains approximately 52,500 gross square feet including a full basement and a partial sub-basement.  The offering also includes an approximately 2,521 square foot vacant lot immediately north of the building.  In addition, the property benefits from approximately 7,300 square feet of additional zoning floor area from a neighboring property as well as all necessary light and air easements.  The adjacent lot and additional zoning floor area provide the opportunity for an extra 15,871 buildable square feet for commercial development and 13,426 buildable square feet for residential development.

Full construction plans have been developed to convert this commercial building into a 40-unit residential building on top of ground floor commercial space.  The existing building has several physical features that make it an attractive conversion opportunity, including a highly decorative masonry façade with many architectural limestone details.  It also benefits from generous floor to ceiling heights and large window openings to take advantage of the abundance of natural light on this corner property.

“Complete with distinctive architectural details, 815 Broadway presents the unique opportunity to convert a 52,500 square foot building into residential apartments with ground floor retail in a highly trafficked area,” said Massey Knakal’s Stephen P. Palmese, who is exclusively marketing this property with Michael Amirkhanian. “This corner property is the focal point of one of the fastest growing retail corridors in North Brooklyn, where the exciting transformation happening across Bushwick, East Williamsburg and Bedford-Stuyvesant all come together.  New residents swarming to the area not only get to enjoy access to all these neighborhoods have to offer, but also take advantage of easy city bound train proximity, with Manhattan only four stops away,” said Amirkhanian.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

08/26/2014 - 08:57

Source

Cushman & Wakefield Capital Markets Group New York

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