373-379 Knickerbocker Avenue – 16,390 SF Mixed-Use Buildings
373 Knickerbocker Avenue
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The 16,390 SF offering currently consists of three retail stores and four residential apartments. The ground floor is built full consisting of 7,450 commercial SF, while the next two stories consist of 8,940 SF. The property also has significant air rights and there is the potential to build back on the 2nd and 3rd floors to create an ~25,000 SF commercial development. The property has 7,450 SF of additional buildable residential SF or 8,940 of additional buildable commercial SF.
All three retail stores are being occupied by tenants paying significantly below market rent and each retail tenant has a lease expiring within the next few years. The four apartments above 373 Knickerbocker Avenue are in need of renovation (three of the units are vacant and one is occupied by a month-to-month tenant). The square footage in 375 and 379 Knickerbocker Avenue above the retail is vacant and will require a gut renovation.
The properties are ideally located three blocks from the DeKalb Avenue L train and 3 blocks from the Knickerbocker M train. Knickerbocker Avenue is one of the most active retail corridors in Brooklyn with some of the best national tenants in Brooklyn, including a brand new Blink Fitness, Modell’s, Bank of America, Rite-Aid, Foot Locker, Dunkin Donuts etc. The area has a thriving art, food, and nightlife scene. Maria Hernandez Park (with an entrance on Knickerbocker Avenue) is a family and community friendly space with new and fully accessible fitness paths, basketball and handball courts, a brand new dog run, and hosts events such as Movie Nights Under the Stars. There are 13 well-ranked public schools in the 11237 zip code; a new Bushwick Montessori school is opening this fall at 803 Knickerbocker Avenue.