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238 Melrose St 22,500 SF 100% Leased Office Building Brooklyn, NY 11206 $9,500,000 ($422.22/SF)
Executive Summary
Serhant is pleased to present 238 Melrose Street, a four-story, 22,500 SF masonry mixed-use building situated on a 4,792 SF lot in the heart of Bushwick's North Brooklyn submarket. The property will be delivered fully vacant at closing — the ground-floor laundromat is owner-operated and vacates upon sale, and upper-floor office tenants occupy on short-term six-month license agreements, providing an incoming owner with complete operational control from day one with no lease risk or tenant obligations of any kind.
At 22,500 SF built on a 4,792 SF lot, the property carries a built FAR of 4.70 — representing 10,350 SF in excess of what R6 zoning would permit on a new construction basis today. This grandfathered density is irreplaceable: a buyer acquires significantly more building than the land could yield, making this a rare value-add and redevelopment opportunity at well below replacement cost.
The building is fully sprinklered, served by both a passenger elevator and an 8×10 freight elevator, carries 120 lb/SF floor load capacity, and is equipped with dual high-pressure boilers — institutional-quality infrastructure in a North Brooklyn creative-district asset.
At 22,500 SF built on a 4,792 SF lot, the property carries a built FAR of 4.70 — representing 10,350 SF in excess of what R6 zoning would permit on a new construction basis today. This grandfathered density is irreplaceable: a buyer acquires significantly more building than the land could yield, making this a rare value-add and redevelopment opportunity at well below replacement cost.
The building is fully sprinklered, served by both a passenger elevator and an 8×10 freight elevator, carries 120 lb/SF floor load capacity, and is equipped with dual high-pressure boilers — institutional-quality infrastructure in a North Brooklyn creative-district asset.
Property Facts
Sale Type
Investment or Owner User
Sale Condition
High Vacancy Property
Property Type
Office
Property Subtype
Office/Residential
Building Size
22,500 SF
Building Class
C
Year Built
1983
Price
$9,500,000
Price Per SF
$422.22
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
4,500 SF
Building FAR
4.70
Lot Size
0.11 AC
Zoning
R6 - Medium density residential district
Amenities
- High Ceilings
- Natural Light
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Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 03164-0010 | Improvements Assessment | $945,000 |
| Land Assessment | $112,500 | Total Assessment | $1,057,500 |
Property Taxes
Parcel Number
03164-0010
Land Assessment
$112,500
Improvements Assessment
$945,000
Total Assessment
$1,057,500
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238 Melrose St
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