Williamsburg Corner Building Redevelopment
373 S 1st Street, Brooklyn, NY 11211
Multi-Unit (2-4) - Brooklyn, NY
Property size:
3,906 SFLot size:
0.06 AcresPrice / SF:
$576/SF- Added:
- Mar 13, 2025
- Days on Market:
- 453
- Last Refresh:
- Jun 8 at 5:06 am
Property Features for 373 S 1st Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bathrooms
- 3
- Rooms
- Basement, Bathroom 1, Bathroom 2, Bathroom 3
- Parking features
- Garage
- Interior features
- Corner Unit
- Exterior features
- Corner Unit
- Basement Y/N
- 1
- Standard status
- Active
- Size
- 3,906 SF
- Lot size
- 0.06 Acres
Taxes and HOA fees
- Tax Annual Amount
- 0
Building Details
- Year built
- 1930
- Year renovated
- 1930
- Flooring type
- Hardwood
- Architectural style
- Other
Listing agent Emma Barattini (646) 838-1378
Listing office EVERGREEN REALTY & INVESTMENTS 5825 Myrtle Avenue Office 2A, RIDGEWOOD, NY (646) 838-1378
Listing date Mar 13, 2025
MLS# 11450365
Listing URL
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Delivered Vacant: Ideal for immediate redevelopment or occupancy.
- Prime Williamsburg Location: High‑visibility corner building with heavy foot traffic, just off the Williamsburg Bridge.
- Exceptional Redevelopment Opportunity: Multiple paths including up to six residential units, mixed‑use, or full commercial conversion.
- Development Potential: Opportunity to add a third floor (subject to architect confirmation).
- Convenient Transportation: Steps from G, J, and M trains; easy street parking.
- Spacious Interior: Approx. 3,909 gross SF (including cellar) with 11 ft ceilings and hardwood floors.
Overview
This free-market corner building is located in prime Williamsburg, just off the Williamsburg Bridge, benefiting from heavy foot traffic. Delivered vacant, the property offers approximately 3,909 gross square feet, including the cellar, with approximately 2,606 built square feet above grade. The lot dimensions are 41.11' x 63.34' x 75.54', featuring 63 feet of frontage on Borinquen Place and 11-foot ceilings. There is potential to add a third floor, though all development potential should be confirmed by the purchaser's architect. The as-of-right legal configuration is one residential unit over commercial, but this should be verified with an architect. Currently, the property is configured as two residential lofts plus a cellar, with hardwood floors and strong natural light throughout. The high-visibility corner location experiences consistent pedestrian traffic and is steps from the G, J, and M trains, with easy street parking. This property presents an exceptional redevelopment opportunity with multiple paths, including up to six residential units, mixed-use, or full commercial conversion. The property taxes are approximately $20,698 per year. This property is intended for mixed-use, multifamily, residential income, storefront, or retail purposes.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $303.7k | $77.76 |
| − Vacancy | −$36.1k | −$9.25 |
| EGI | $267.6k | $68.51 |
| − OpEx | −$80.3k | −$20.55 |
| NOI | $187.3k | $47.95 |
3,906 SF · lease $77.76/SF/yr · vacancy 11.90% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.68M
$2.34M – $3.12M
NOI $187,311 @ 7.0% cap · market cap 8.32%
Second Best
Mixed Use
$2.03M
$1.77M – $2.36M
NOI $141,788 @ 7.0% cap · market cap 6.30%
Theoretical Best
Specialty Retail
$3.23M
$2.83M – $3.77M
NOI $226,392 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Solar Energy Design ...
Production Facility
Solar Plumbing Design, ...
Consultant
The Locker Room NYC
Theater & Performing Art Venue
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.952372
- Latitude
- 40.710705
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Free-market, vacant building near Williamsburg Bridge with high foot traffic.
Where is this mixed-use property located?
The property is located at 373 S 1st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Delivered Vacant: Ideal for immediate redevelopment or occupancy.; **Prime Williamsburg Location:** High‑visibility corner building with heavy foot traffic, just off the Williamsburg Bridge.; **Exceptional Redevelopment Opportunity:** Multiple paths including up to six residential units, mixed‑use, or full commercial conversion.
