Office Building With Enhanced
New
For Sale
Contact for pricing
229 49th Street, Brooklyn, NY 11220
Purpose-built facility with enhanced electrical service, modern mechanical systems, and a flexible interior layout.
Property Size33,478 SF
Price / SF$522.73
Days on Market7
Property Features for 229 49th Street
General Information
Standard status
Active
Size
33,478 SF
Total Parking Spaces
25
Property subtype
Office, Special Purpose
Zoning
M1-2D
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Year Built
2016
Stories
4
Listing Agency:
JA Cohen Advisory Group LLC
(917) 533-8905
Listed By:
Jack A. Cohen · License #NY 10491209522
Source:
Crexi
Added: Aug 1
Changed: Aug 5
Last Checked: Aug 6 at 11:43AM
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.
Built in 2016, this 33,478-square-foot office building is a purpose-built commercial facility formerly used as the headquarters of Empire City Laboratories. The vacant property includes upgraded electrical service and power distribution designed for advanced laboratory and technical equipment, along with modern mechanical infrastructure and a flexible floor plan. Its configuration can accommodate office, medical, life sciences, research and development, technology, educational, and other commercial applications supported by the M1-2D zoning designation.
Located at 229 49th Street in Brooklyn’s Sunset Park, the property provides access to the Brooklyn-Queens Expressway (I-278), Gowanus Expressway, Brooklyn Battery Tunnel, and Verrazzano-Narrows Bridge. Multiple subway lines and bus routes serve the area, while nearby freight and maritime facilities support regional connectivity for employees, clients, suppliers, and distribution operations.
Located at 229 49th Street in Brooklyn’s Sunset Park, the property provides access to the Brooklyn-Queens Expressway (I-278), Gowanus Expressway, Brooklyn Battery Tunnel, and Verrazzano-Narrows Bridge. Multiple subway lines and bus routes serve the area, while nearby freight and maritime facilities support regional connectivity for employees, clients, suppliers, and distribution operations.
Key Highlights
- 33,478‑square‑foot office building constructed in 2016
- M1‑2D zoning designation
- Upgraded electrical service and power distribution for laboratory and technical equipment
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$999,720
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$19,994,400
$20.0M
Cap Rate 7%
$14,281,714
$14.3M
Cap Rate 9%
$11,108,000
$11.1M
Market Conditions
NOI Build-Up for 33,478 SF
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.
Gross rent
$1.69M $50.40/SF
− Vacancy
−$354.3K −$10.58/SF
EGI
$1.33M $39.82/SF
− OpEx
−$333.2K −$9.95/SF
NOI
$999.7K $29.86/SF
Area
ZIP 11220
Vacancy
21.00%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$19,994,400
Cap Rate 7%
$14,281,714
Cap Rate 9%
$11,108,000
Alternative Uses
Best Use
Office B
$14.28M
$12.50M – $16.66M
NOI $999,720 @ 7.0% cap · market cap 5.71%
Second Best
Industrial
$10.67M
$9.34M – $12.45M
NOI $747,245 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$21.70M
$18.99M – $25.32M
NOI $1,519,205 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,368
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Purpose-built facility with enhanced electrical service, modern mechanical systems, and a flexible interior layout.
Where is this office building located?
The property is located at 229 49th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $17,500,000.
What are key features of this property?
This property features: 33,478‑square‑foot office building constructed in 2016; M1‑2D zoning designation; Upgraded electrical service and power distribution for laboratory and technical equipment
