688 New Lots Avenue, Brooklyn, NY 11207

Building Details

Year Built

1930

Listing agent Lee Eliyahu License #10401366824

Listing office Bridge Advisory Group

Listing date Jun 2, 2026

Source Crexi

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 Bridge Advisory Group

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Overview

688 New Lots Avenue is a six-unit mixed-use asset comprising five residential units and one ground-floor commercial space. The property has undergone recent upgrades that include an updated brick façade, conversion from oil to gas, installation of a new 6" sewage line to the street, and electric stoves added to most of the units, which helps minimize deferred maintenance. The mix also includes a vacant unit with conversion potential.

The building is positioned along a heavily trafficked corridor directly in front of a bus stop and near major transit lines, supporting both residential and street-level retail exposure within the East New York submarket of Brooklyn. The offering notes ongoing rezoning initiatives in the surrounding area.

For an owner-operator or investor, this configuration can appeal to parties seeking a combination of residential income and a ground-floor commercial component, with the ability to address the current vacancy and pursue rent optimization upon tenant turnover. The remarks state strong in-place cash flow and a projected proforma cap rate exceeding 8%. The listing also references potential tenanting via CityFHEPS programs.

Suggested Use

Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

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

Location Insight

• Map
• Local Demand

City

Brooklyn

County

Kings

State

New York

Longitude

-73.884493

Latitude

40.665344

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FAQs

What type of property is this?

Apartment building - Six-unit property with ground-floor commercial space and recent infrastructure upgrades in Brooklyn’s East New York.

Where is this apartment building located?

The property is located at 688 New Lots Avenue Brooklyn, NY.

What is the asking price?

The asking price for this property is $2,400,000.

What are key features of this property?

This property features: 100% free‑market six‑unit mixed‑use building (5 residential units and 1 ground‑floor commercial space), built in 1930; Recent upgrades include updated brick facade, conversion from oil to gas, and a new 6" sewage line to the street; Electric stoves added in most of the residential units