NEW YORK, NY – August 8, 2019 – Ariel Property Advisors has been retained on an exclusive basis by Adam America Real Estate to market commercial condominiums at 717 Driggs Avenue in Williamsburg and 317 Schermerhorn Street in Downtown Brooklyn. The collective asking price for the two Brooklyn properties is $10.7 million.
717 Driggs Avenue
Exclusive Ariel Property Advisors agents Sean R. Kelly, Esq., Shimon Shkury, Michael A. Tortorici and David Khukhashvili have been hired to market both properties.
717 Driggs Avenue – The 2-floor condominium unit in Williamsburg is fully leased for a term of 15 years. Part of a newly constructed 32-unit luxury condominium building, the property is situated on the southwest corner of South 1st Street and Driggs Avenue. The asking price for the property is $6.7 million.
The unit encompasses 8,670 gross square feet, with 2,450 square feet on the ground level and another 6,220 square feet on the upper level. The space, currently occupied by the Guidepost Montessori School, has a 15-year lease through October 2033. Since being rezoned in 2005, nearly 12,000 residential units have been developed in the Williamsburg.
“Williamsburg, one of Brooklyn’s most dynamic sub-markets, continues to see growth in the luxury residential and commercial markets. As more families move into the neighborhood, demand for early childhood education locations has burgeoned,” said Kelly, a Senior Director at Ariel Property Advisors.
“717 Driggs is also an attractive opportunity for investors to own a management-free asset,” Kelly said.
317 Schermerhorn Street – The vacant corner commercial condominium in Downtown Brooklyn has been fully built out, with below grade office space. Situated on the northeast corner of Schermerhorn Street and Nevins Street, the commercial condominium unit is part of a new 75-unit luxury building. It spans 4,338 gross square feet, of which 3,190 square feet is above-grade, with the remaining 1,148 square feet of fully built below-grade office space. The asking price for the property is $4 million.
The asset boasts 96’ of frontage on Nevins Street and an additional 25’ of frontage along Schermerhorn Street. The space is ideal for an array of uses, including retail, office, medical and education.
More than 2,700 new units have been added to the market within a 4-block radius, with another 3,000 in the pipeline. There is a lot of daily foot traffic along Nevins Street as residents of Boerum Hill pass through this location on the way to the 2,3,4 and 5 subway lines at Nevins and Flatbush.
Downtown Brooklyn is the third largest central business district in New York City and has added more than 10,000 new residential units in the past 10 years.
The asset benefits from multiple transportation options that are available via the Nevins Street, Hoyt-Schermerhorn, DeKalb Avenue, and Atlantic Terminal (2, 3, 4, 5, B, D, N, Q, R, LIRR) stations.
317 Schermerhorn Street
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.