717 Driggs Avenue

For Sale$6,100,000

717 Driggs Avenue, Brooklyn, NY 11211

  • Special Purpose

717 Driggs Avenue, Brooklyn, NY 11211 - Special Purpose Space

717 Driggs Avenue is located at 717 Driggs Avenue in the Williamsburg neighborhood, NY, Brooklyn, 11211. The Special Purpose building features a total of 8,670 Sqft.

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Details

  • Sale Price $6,100,000
  • City Brooklyn
  • Neighborhood Williamsburg
  • Zip Code 11211
  • Property Type Special Purpose
  • Property Size 8,670 Sqft
  • Date Updated 16 Mar, 2020

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Description

Ariel Property Advisors has been retained on an exclusive basis to arrange the sale of the community facility condominium unit at 190 South 1st Street, also identified as 717 Driggs Avenue, Brooklyn, New York, which is part of a newconstruction 32-unit luxury condominium building. The property is situated on the southwest corner of South 1st Street and Driggs Avenue in the Williamsburg section of Brooklyn, one block away from the Bedford Avenue commercial corridor. Collectively, the unit encompasses 8,670 gross square feet, of which 2,450 square feet is on the ground level and 6,220 square feet on the upper level.

The space is fully built out and currently occupied by Guidepost Montessori School, which has a 15-year lease through October 2033. The lease includes rent escalations of 10% occurring every 5 years. Additionally, the lease has two 5-year extension options.

Transportation is facilitated by the nearby J, M, Z, G, and L subway lines. Williamsburg is one of Brooklyn’s most prolific submarkets that has undergone rapid transformation. Over the past decade, old industrial buildings have been transformed into residential loft buildings and lavish condominiums and apartments. New highrises are rapidly being developed along the waterfront. Since being rezoned in 2005, nearly 12,000 residential units have been developed. Notable projects include the Domino Sugar Factory redevelopment, which will include 2,300 units across five buildings, and 420 Kent Avenue. There is also a high demand for office and flex space. 25 Kent Avenue, which adds 350,000 square feet of office space, 80,000 square feet of light manufacturing, and 70,000 square feet of retail, is a seminal project indicative of the demand across market sectors. More recently, the neighborhood has become an influential hub for indie rock, hipster culture, and a burgeoning local art community. Lively crowds typically flood the area’s art and music venues, bars, restaurants, and boutiques.

FREQUENTLY ASKED QUESTIONS

What is the total square footage of 717 Driggs Avenue?

717 Driggs Avenue totals 8,670 square feet.

Williamsburg Demographics

The average household income in zip code 11211 is $110,045, from a total of 39,384 households. In terms of employment, there are 92.84 % white-collar and 7.16 % blue-collar jobs in zip code 11211.

Population

  • Total Population150,810
  • Male Population(49.5 %) 74,724
  • Female Population(50.5 %) 76,086
  • Median Age30.30

Income/Financial

  • Average Household Income$91,311
  • Median Household Income$51,413
  • Median Income Under 25$53,618
  • Median Income 25-44$68,275
  • Median Income 45-64$45,823
  • Median Income Over 65$18,705

Commercial Brokers Register now to add listings

Michael A. Tortorici

Ariel Property Advisors

(212) 544-9500 x 13

Shimon Shkury

Ariel Property Advisors

(212) 544-9500 x 11

David Khukhashvili

Ariel Property Advisors

(212) 544-9500 x 77

Sean R. Kelly

Ariel Property Advisors

(212) 544-9500 x 59