East Williamsburg Retail Repositioning
1622 Pitkin Ave Brooklyn, NY 11212
1622 Pitkin Ave, Brooklyn, NY, 11212
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For Sale
Contact for pricing
Two-story retail building in East Williamsburg with high visibility.
Property Size2,855 SF
Price / SF$523.64
Days on Market3513
Property Features for 1622 Pitkin Ave
General Information
- Standard status
- Active
- Size
- 2,855 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1930
Listing agency
JA Cohen Advisory Group LLC
(347) 244-2226
Listed by
Jack A. Cohen · License #NY 10491209522
Source
Crexi
Added: Dec 8, 2016 Updated: Jul 6 at 8:34AM Checked: Jul 20 at 3:01AM
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 JA Cohen Advisory Group LLC
Investment Insights
Based on property information with market context.
Located in East Williamsburg, this two-story retail building at 1622 Pitkin Ave presents a repositioning opportunity. Situated on the four-way hard corner of Pitkin Ave and Thomas S. Boyland St, the property was built in 1930. The building has a total area of 2,855 square feet and is located on an 1,858 square foot lot. The property features ground-floor and basement retail spaces. The existing lease is ending soon, offering the potential for new market-rate tenancy. The location provides high visibility and is near the Sutter Avenue subway station. The property benefits from dual frontage, promising high foot and vehicular traffic. This property is suitable for retail brands seeking exposure and offers the potential for enhancing net operating income through new leases.
Key Highlights
- Prime repositioning opportunity in East Williamsburg.
- Four‑way hard corner location at Pitkin Ave and Thomas S. Boyland St.
- Potential for new market‑rate tenancy with existing lease ending soon.
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 | $222.0k | $77.76 |
| − Vacancy | −$26.4k | −$9.25 |
| EGI | $195.6k | $68.51 |
| − OpEx | −$58.7k | −$20.55 |
| NOI | $136.9k | $47.95 |
2,855 SF · lease $77.76/SF/yr · vacancy 11.90% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.96M
$1.71M – $2.28M
NOI $136,910 @ 7.0% cap · market cap 9.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.36M
$2.07M – $2.76M
NOI $165,476 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
GameStop
Arcade & Gaming Center
Similar For Sale Nearby
Similar Off Market Nearby
- Party Flowers Discount — 176 Rockaway Ave, Brooklyn, NY 11233
- Brownsville Premiere Florist — 1093 Clarkson Ave, Brooklyn, NY 11212
- Benicia Florist Same Day Delivery Inc — 243 livonia ave, brooklyn, ny 11212
- B&D Florist — 1964 Atlantic Ave, Brooklyn, NY 11233
FAQs
What type of property is this?
Storefront property - Two-story retail building in East Williamsburg with high visibility.
Where is this storefront property located?
The property is located at 1622 Pitkin Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Prime repositioning opportunity in East Williamsburg.; Four‑way hard corner location at Pitkin Ave and Thomas S. Boyland St.; Potential for new market‑rate tenancy with existing lease ending soon.
