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199 Starr St

199 Starr St, Brooklyn, NY 11237

  • For Sale $10,700,000
  • City Brooklyn
  • Neighborhood Bushwick
  • Zip Code 11237
  • Market Brooklyn
  • Property Type Industrial
  • Property Size 22,000 Sqft
  • Lot Size 18,650 Sqft
  • Year Built 1931
  • Date Updated 22 Apr, 2021

Marcus & Millichap is pleased to present 199 Starr Street in Brooklyn, NY.

THE OPPORTUNITY

Prime Jefferson L-Train Location. This property is located 1.5 blocks from the Jefferson Avenue “L” train in the epicenter of the booming culinary, art, film, music and nightlife scene in Bushwick.

NN Industrial Lease-up and Hold. This option at approximately $30 PSF on double-net terms with LL only paying for real estate tax would yield approximately $600,000 in gross income and $500,000 in NOI (re taxes currently $76,000).

NN Retail Lease-up and Hold. This block-through site has exposure on both Starr and Troutman and could be leased to a variety of experiential or conventional retail uses. The location is home to a growing nightlife, entertainment, film and production industry. At only $50 PSF on a retail lease-up, this 20,000 SF could yield $990,000 in gross income on a NN lease with RE taxes that can be frozen at current level ($76,000) through an ICAP tax abatement producing a pro-forma NOI of $$850,000 ++

Land Bank with or w/o a short-term tenancy. If you could go back and buy 20,000 SF of “LOT AREA” a block away from Bedford Avenue or any equivalent L train location that was only then zoned M1-1 with multiple rezoning options already on the drawing board and pull the trigger, would you? This is the one of those opportunities to acquire a large lot area in one of the most dynamic pockets in the USA.

Qualified Opportunity Zone Eligible. The site is also located in an opportunity zone. further adding to the benefit of redevelopment at this location.

ICAP Tax Abatement. A new buyer will be able to secure a 15- year ICAP tax abatement, freezing taxes at the current level upon a significant renovation and conversion to retail. A longer abatement may be permissible. Please see DD room or mgnyconsulting.com for further details.

EXCELLENT OPPORTUNITY FOR THE SAVVY USER. For all the reasons listed previously that an upzoning is bound to occur at some point and you cannot touch the opportunity at today’s pricing when that has already occurred.

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Location

  • City Brooklyn, NY
  • Neighborhood Bushwick
  • Zip Code 11237
  • Market Brooklyn

Contacts

Alex Kalb

Marcus & Millichap

(718) 475-4313

Michael Kolbus

Marcus & Millichap

(718) 475-4327

FREQUENTLY ASKED QUESTIONS

What is the total square footage of 199 Starr St?

199 Starr St totals 22,000 square feet.

When was this property built?

199 Starr St was built in 1931.

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