Current Use by Public Records
- Retail properties & Spaces
Property Details for 544-550 Union St
- Property type
- Retail properties & Spaces
- Property subtype
- Land
Description
This exceptional Gowanus, Brooklyn investment opportunity presents a unique blend of existing income and significant redevelopment potential. The property, located at 544-550 Union Street, comprises three buildings totaling 25,920 square feet on a 7,200 square foot lot. Currently featuring seven units across three stories, the property offers 7,200 square feet of net rentable space and an additional 12,820 square feet of air rights. The permitted zoning is M1-4/R6A/G, allowing for a variety of development options. The existing buildings offer immediate income potential, while the substantial air rights and prime location provide an unparalleled opportunity for value-add improvements or a complete redevelopment. Situated in the thriving Gowanus neighborhood, the property benefits from convenient access to public transportation, including the Union Street D/N/R/W subway station and the B61 bus line, providing easy access to all five boroughs. The surrounding area boasts a vibrant mix of restaurants, cafes, parks, and entertainment venues. The current rental market shows strong demand, with rents reaching $85 per square foot, while recent condo sales in the area have exceeded $1,600 per square foot, highlighting the significant upside potential for this property. This is a rare chance to acquire a multifamily asset in a rapidly appreciating Brooklyn neighborhood with flexible options for future development. Asking price is $10,000,000.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9861
- Latitude
- 40.6785
