59 Avenue U Brooklyn, NY 11223
- Specialty properties
- 8,000 SF
Current Use by Public Records
- Specialty properties
Property Details for 59 Avenue U
- Property size
- 8,000 SF
- Property type
- Specialty properties
- Property subtype
- Retail properties
Description
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.
Value Estimation
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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 (Brooklyn)
- State
- New York
- Longitude
- -73.9825
- Latitude
- 40.5962
