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NEW YORK, NY – January 22, 2015 – Ariel Property Advisors has been retained on an exclusive basis to sell two adjacent single-story warehouses at 698 Central Avenue and 769 Chauncey Street in the Bushwick section of Brooklyn. Combined, the warehouses comprise roughly a quarter of a city block.
Exclusive agents Daniel Tropp, Michael A. Tortorici, Shimon Shkury, Mark Spinelli, and Jonathan Berman are marketing the property and requesting proposals on behalf of the owner.
“These warehouses can be maintained for industrial use or the site can be redeveloped into creative office space or an alternative use such as retail or entertainment,” said Daniel Tropp, Vice President of Ariel Property Advisors. “Industrial buildings in the northern section of Bushwick are already being redeveloped into creative spaces that are being leased by entrepreneurial minded tenants. As the neighborhood continues to experience rapid growth, we believe there will be a strong demand for similar projects in the area.”
The two buildings total 30,000 square feet and offer 400 feet of frontage. The properties are currently occupied but can be delivered vacant.
Mr. Tropp also noted that the properties are directly adjacent to the R-6 zoning boundary and that a variance to R-6 zoning would allow for 66,000 buildable square feet. The site is one block from the L train at Wilson Avenue and near the bus stops for the B20 and B60, which offer service to Ridgewood, Queens, and East New York, Williamsburg, and Canarsie in Brooklyn.
More information is available from the exclusive agents at 212-544-9500: Daniel Tropp, ext. 26, dtropp@arielpa.com; Michael A. Tortorici, ext. 13, mtortorici@arielpa.com; Shimon Shkury, ext. 11, sshkury@arielpa.com; Mark Spinelli, ext. 35, mspinelli@arielpa.com; or Jonathan Berman, ext. 20, jberman@arielpa.com.
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.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
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.
