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236-240 Atlantic Ave 71,240 SF Retail Condo Unit in Brooklyn, NY 11201
PROPERTY FACTS
| Total Building Size | 123,000 SF | Typical Floor Size | 24,000 SF |
| Property Type | Multifamily (Condo) | Year Built | 2016 |
| Property Subtype | Apartment | Lot Size | 0.67 AC |
| Building Class | B | Parking Ratio | 2/1,000 SF |
| Floors | 5 | ||
| Zoning | C2-4/R6/DB - Commercial district predominantly residential in character | ||
| Total Building Size | 123,000 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | B |
| Floors | 5 |
| Typical Floor Size | 24,000 SF |
| Year Built | 2016 |
| Lot Size | 0.67 AC |
| Parking Ratio | 2/1,000 SF |
| Zoning | C2-4/R6/DB - Commercial district predominantly residential in character |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Fitness Center
- Elevator
1 UNIT AVAILABLE
Unit Retail
| Unit Size | 71,240 SF | Sale Type | Investment or Owner User |
| Condo Use | Retail | No. Parking Spaces | 5 |
| Unit Size | 71,240 SF |
| Condo Use | Retail |
| Sale Type | Investment or Owner User |
| No. Parking Spaces | 5 |
DESCRIPTION
The Property consists of the commercial portion of a mixed-use building. The commercial portion is not part of the residential condominium on the upper floors. Therefore, there are not any condominium fees payable and the Property is not subject to condominium association bylaws or control.
SALE NOTES
Cushman & Wakefield has been exclusively retained to offer the commercial portion of 236-240 Atlantic Avenue and 80 Boerum Place and 219-231 Pacific Street, Cobble Hill, Brooklyn, NY 11201 (the “Property”) for sale.
The Property consists of the commercial portion of a mixed-use building. The commercial portion is not part of the residential condominium on the upper floors. Therefore, there are not any condominium fees payable and the Property is not subject to condominium association bylaws or control.
The Property, completed in 2016, is in excellent condition and requires minimal maintenance by the owner. The building is not landmarked nor is it located within a historic district. The offering presents a rare opportunity for an investor, user, or developer to acquire a 100% fee simple interest in a corner commercial property in one of Brooklyn’s most desirable neighborhoods.
The property has a total of 435 feet of frontage on the three streets it faces. There is over 71,000 rentable square feet of retail space and public parking garage space plus rentable billboard space and cell tower space.
The Property’s largest tenant is PetSmart. The corner retail space is currently vacant. Negotiations are underway with quality tenants. Possible to deliver corner store vacant. In addition, there is a public parking garage and a hair salon. Value can be added by leasing the billboard space on the side of the building and cell tower space on the roof.
There is an assumable mortgage with a very low interest rate and interest-only payments due until maturity. The mortgage payments will create an opportunity for positive leverage. There is a 25 year ICIP Exemption on the Property so the real estate taxes will be very low for many years to come. Inquire for details about mortgage and ICIP.
The property is easily accessible by car and public transportation to/from most areas of NYC and New Jersey. Favorable demographics, high traffic counts, high quality residences and amenities make this neighborhood one of the city’s best.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 42 | - | - |
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236-240 Atlantic Ave
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