For sale
Office Units
NY
Brooklyn
11220
229 55th St C1

New Commercial Condo with Abatement

229 55th St C1, Brooklyn, NY 11220

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For Sale

$1,530,000

New commercial condo in Sunset Park with tax abatement.

Type:Commercial

Property size:

3,918 SF

Price / SF:

$390/SF

HighLights

Brand new commercial condo with tax abatement.
Large cellar space offering 3028 SF.
Excellent transit score (79) and very walkable (74).
First floor community facility: 890 SF with front and rear entrances.
Suitable for various professional offices (accounting, attorney, home care, non‑profit).
Convenient location near restaurants, supermarkets, banks, pharmacies, and parks.

We can help!

Listing Contact

XueFang (Sue) Li

Learn more

For Sale

$1,530,000

New commercial condo in Sunset Park with tax abatement.

Type:Commercial

Property size:

3,918 SF

Price / SF:

$390/SF

Added:: Apr 24, 2026
Days on Market:: 53
Last Refresh:: Apr 24 at 3:19 pm

Property Features for 229 55th St C1

General Information

Standard status: Active
Size: 3,918 SF
Property subtype: Commercial

Building Details

Year Built: 2016

We can help!

Listing Contact

XueFang (Sue) Li

Listing agent XueFang (Sue) Li

Listing office Fang Fang Realty Inc

Listing date Apr 24, 2026

Source Elliman

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Fang Fang Realty Inc

HighLights

Brand new commercial condo with tax abatement.
Large cellar space offering 3028 SF.
Excellent transit score (79) and very walkable (74).
First floor community facility: 890 SF with front and rear entrances.
Suitable for various professional offices (accounting, attorney, home care, non‑profit).
Convenient location near restaurants, supermarkets, banks, pharmacies, and parks.

Overview

This brand new commercial condo is located in Sunset Park and offers a tax abatement. The first floor features 890 square feet of community facility space with both front and rear entrances. An elevator provides access to the cellar, which offers an additional 3028 square feet of space. Each level includes one bathroom and three A/C units. The property is suitable for an accounting office, attorney office, home care office, or non-profit organizations. The location is convenient to restaurants, supermarkets, banks, pharmacies, and parks. It is near the 4th and 5th Avenue commercial district and minutes away from the N, R, W train station and the B11 and B37 bus stops. The bike score is 73, indicating it is very bikeable. The walk score is 74, indicating it is very walkable. The transit score is 79, indicating excellent transit.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$197.5k	$50.40
− Vacancy	−$41.5k	−$10.58
EGI	$156.0k	$39.82
− OpEx	−$39.0k	−$9.95
NOI	$117.0k	$29.86

3,918 SF · lease $50.40/SF/yr · vacancy 21.00% · expense 25.00%

Alternative Uses

Best Use

Office B

$1.67M

$1.46M – $1.95M (±1% cap)

NOI $116,999 @ 7.0% cap · market cap 7.65%

Second Best

—

no second resolved use

Theoretical Best

Office A

$2.54M

$2.22M – $2.96M (±1% cap)

NOI $177,796 @ 7.0% cap · market cap 11.62%

Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Current Use by Public Records

Office Units

Suggested Use

Location Insight

Map
Local Demand

City: Brooklyn
County: Kings
State: New York
Longitude: -74.01888
Latitude: 40.646023

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For sale
Office Units
NY
Brooklyn
11220
229 55th St C1

What type of property is this?

Office units - New commercial condo in Sunset Park with tax abatement.

Where is this office units located?

The property is located at 229 55th St C1 Brooklyn, NY.

What is the asking price?

The asking price for this property is $1,530,000.

What are key features of this property?

This property features: Brand new commercial condo with tax abatement.; Large cellar space offering 3028 SF.; Excellent transit score (79) and very walkable (74).