Assignments

Trophy Greenpoint Corner Commercial Building

896 Manhattan Ave, Brooklyn, NY 11222

896 Manhattan Ave, Brooklyn, NY 11222

under contract

Asking
Sale Price
$
7600000

Property Details

Status
For Sale
Property Type
Retail + Office
Price Summary
$
7600000
Sale Price
$
Buildable SF
12288
Building SF
12288
LOT SF
12288
Cap RATE
6
%
Zoning
C4-3A

Highlights

  • Long Term Credit Tenant in Place on Ground Floor – Citizens Bank (BBB+ Credit Rating)
  • Potential to reposition the upper floors as leases expire
  • Located directly in frontt of the G Train Subway Stop (Manhattan Avenue)
  • City of Yes allows for the conversion of the upper floors to residential using an FAR of 3.9 (UAP) for a total buildable of 14,332 SF with NO PARKING REQUIREMENT
  • Low Taxes - $63,713

Property DEscription

Landair Property Advisors has been hired to sell the commercial building located at 894-896 Manhattan Avenue at the corner of Greenpoint Avenue. The property consists of a ground floor retail space leased to Citizens Bank as well as 2 floors of commercial spaces leased to a variety of businesses. The property consists of 11,025 square spread over 3 levels as well as a full basement. This property falls under C4-3 zoning on a wide street, allowing for a diverse range of commercial and potential residential development. Currently, the building is 92.5% leased with 7 commercial tenants, contributing to a stable and high-performing investment opportunity. The upper floor rents are significantly below market allowing for a new owner to increase cash flow without significant investment. Additionally, the longest lease expires in 2029, allowing for the potential to reposition the upper floors and appeal to a single credit tenant. Located right in front of the Greenpoint Avenue G Train subway stop, 894-896 Manhattan Avenue benefits from high pedestrian traffic and excellent accessibility, enhancing its value as a retail and office destination

Map

Anand Melwani
Partner
(516) 658-1222
am@landairnyc.com

Documents

Offering Memorandum
Data Room

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