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    59 Avenue U Brooklyn, NY 11223

    Sponsored
    For Sale
    $4,500,000

    8,000 SF Restaurant, R5B & C2-3 Zoning

    Property size:
    8,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional 8,000-square-foot property at 59 Avenue U in Brooklyn, NY, presents a unique investment opportunity. Currently operating as a well-established catering hall, this single-story, 1931-built building offers immediate income potential. The expansive interior space is turn-key for continued catering operations or adaptable to various restaurant concepts. Situated on an 8,000-square-foot (80x100) corner lot, the property boasts significant development potential. The advantageous R5B zoning permits the construction of detached and semi-detached multi-family dwellings with a Floor Area Ratio (FAR) of 1.35, as well as three-story row houses. Furthermore, the C2-3 zoning allows for the development of mixed-use buildings incorporating both commercial and residential components. This prime location on Avenue U is surrounded by successful new developments, indicating a thriving and growing neighborhood. The high ceilings, ranging from 16 to 20 feet, add to the property's versatility and appeal. The asking price is $4,500,000. This is a rare chance to acquire a well-positioned property in a desirable Brooklyn location with options for immediate income generation and substantial future development. The property's zip code is 11223, located in Kings (Brooklyn) County.

    Property Features for 59 Avenue U

    General Information

    Property type
    Restaurants
    Square Feet
    8,000 SF

    Building Details

    Stories
    1
    Units
    1

    HighLights

    • $4,500,000 asking price
    • 8,000 SF retail/restaurant space
    • 1‑story building on an 8,000 SF lot
    • 16‑20 foot ceiling height
    • Located at 59 Avenue U, Brooklyn, NY 11223
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings (Brooklyn)
    State
    New York
    Longitude
    -73.9825
    Latitude
    40.596188

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    FAQs

    What type of property is this?
    Restaurant - 8,000 SF Restaurant, R5B & C2-3 Zoning
    Where is this restaurant located?
    The property is located at 59 Avenue U Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: $4,500,000 asking price; 8,000 SF retail/restaurant space; 1-story building on an 8,000 SF lot
    Request Owner's contact information
    59 Avenue U Brooklyn, NY 11223
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    Brooklyn, NY 11223
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    59 Avenue U Brooklyn, NY 11223
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