Commercial Development Site with 197,760 Buildable Square Feet

200 Morgan Avenue, Brooklyn, NY

$32,000,000

Price

Mixed Use

Development Type

3.15%

Cap Rate

Overview
Development Type
Mixed Use
Cap Rate
3.15%
NOI
$1,007,561
Lot Area
98,880 sqft
Price Per Sqft
$323.62
Zoning
M3-1
Buildable Area
197,760 sqft
Description

The Nowak Group of Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 200 Morgan Avenue, a commercial development site in the East Williamsburg section of Brooklyn, NY. The subject site is comprised of five adjacent tax lots on the east side of Morgan Avenue running block through to the English Kills between Johnson Avenue and Grand Street.

The property currently consists of several income producing tenants. This feature will allow for developers to enjoy an annual income of approximately $1M while preparing for the eventual development of the parcel. All leases are longstanding tenants with good payment histories and landlord termination clauses to allow for flexibility during planning stages of the project. Combined, the tenants account for approximately 70,000 square feet of building and lot space on the site.

The combined lot size is an irregular 221 ft x 489 ft, M3-1 zoned lot (Block: 2942 Lots: 101,207,220,160 & 157). The lot size is 98,880 square feet. Current zoning permits the subject property a total of 197,760 buildable square feet as-of-right.

200 Morgan Avenue is located four blocks away from the Grand Street "L" subway station. The property provides easy access to Manhattan via the Williamsburg and Queensboro Bridges, all three metropolitan airports, as well as easy access to Brooklyn and Queens through the BQE and LIE. 200 Morgan Avenue offers Investors, Users, and Developer the opportunity to purchase a site with over 200 feet of frontage to a high traffic corridor and a strategic location in close proximity to public transportation and highways.

Highlights
  • Unique Commercial Development Opportunity with 197,760 Total Buildable SF
  • Over 200 Feet of Frontage to MorganAvenue
  • Four Blocks From the Grand Street "L" Subway Station
  • Located Within A Federally Designated Opportunity Zone
Documents
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Location
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