GFI Realty Services LLC is pleased to present the exclusive offering of 4202 2nd Avenue (aka 174-184 42nd Street), a 19,750 sf single-story warehouse located at the intersection of 2nd Avenue and 42nd Street in the Sunset Park section of Brooklyn. The property is located in a prime opportunity zone. The asset is occupied by a single tenant; there is a (49)-year NNN lease in-place with 3.5 years remaining and an annual income of $19,200. The annual real estate taxes are $44,639; tenant pays all expenses including real estate taxes due to NNN lease in-place. The asset has 200 amps of power, 16-20’ ceilings, a wet sprinkler systerm and eight drive-in doors and platforms.
There are approximately 20,000 sf of air rights available presenting a future investor with a great redevelopment opportunity. The parcel is zoned M3-1 with a maximum allowable floor area ratio of 2.0.
The asset is ideally situated just blocks from the waterfront, Bush Terminal Piers Park and South Brooklyn Marine Terminal. The asset is surrounded by numerous attractions and retailers including the Brooklyn Flea, Costco Wholesale, Sunset Park and Industry City, a massive complex of historic warehouses along Sunset Park’s waterfront that have been converted into creative office and retail space.
The property is located at the center of the development activity in Sunset Park. In 2017 the city announced $136 million plan to renovate two buildings at the nearby Bush Terminal for a fashion, film and food manufacturing campus. Since 2013, more than $200 million has been invested in restoring the 16-building, 30-acre property of Industry City, which has seen its workforce triple to about 6,000, during that same period. The development of Industry City has resulted in an increase in residents who are looking to live and work in close proximity to one another.
This acquisition presents an investor with the unique opportunity to acquire a 19,750 sf commercial building with an additional 20,000 sf of air rights available located in a prime area of Brooklyn. The asset is just blocks from Industry City and the waterfront. Several large national retailers have already opened in the neighboring area including Bed, Bath and Beyond and Saks Off Fifth. The property is easily accessible via the D, N, R & W subway lines, which are located just a short walk away. The Gowanus Expressway is located just two blocks away from the building.
