27 Smith St

27 Smith Street is an existing ~9,000 SF commercial building with retail on the ground floor, and four stories of office above. The Property is located on the east side of Smith Street between Fulton Street and Livingston Street in Downtown Brooklyn, with Brooklyn Heights to the west and Boerum Hill to the south. The Property is surrounded by a number of new construction multifamily assets and is among the most dense retail corridors in Brooklyn. 27 Smith Street is also ICAP eligible.
With in-place leases that expire in 2025-2027 and leases that are terminable, 27 Smith Street allows an investor or developer to cash flow the asset while developing a plan or immediately vacate the asset and develop. More specifically, The Property is zoned DB (C5-4) which permits a 12.00 FAR for residential development. Additionally, the opportunity provides a developer the opportunity to take advantage of the new 485X Tax Abatement Option B. As a result, The Property offers the optionality to lease up the remaining floors of office space to increase revenue and yield, or capitalize on the favorable zoning and the new 485X Tax Abatement Option B. As-is, the Property is 63% percent leased. With leases expiring in 2025-2027 and leases that are terminable, 27 Smith Street offers an investor, local owner or user the perfect opportunity to lease up the remaining space, or use space, and lease up the remainder. There is tremendous optionality with this Property.