5,022 SF Commercial Condo
319 Schermerhorn Street
Want Dan to contact you?
I would like to be contacted:
TerraCRG has been retained to exclusively represent ownership in the sale of two retail condos at 319 Schermerhorn Street in the heart of Downtown Brooklyn.
The retail condos are located on the corner of Schermerhorn and Nevins Streets. Retail Unit B, situated on the corner, will consists of 2,147 SF with 29 feet of frontage on Schermerhorn Street. Retail Unit A will consist of 2,875 SF with ~42 feet of frontage on Nevins Street. The retail condos are positioned at the base of a 73-unit condo building and next door to the HUB, a 700-unit rental building, and steps from City Point, Fulton Mall and BAM. The offering presents a rare opportunity to acquire two adjacent retail condos within close proximity to the Fulton Mall, City Point and BAM. The Fulton Mall is home to strong national tenancy, including Nordstrom Rack, H&M, Aeropostale, American Eagle, Banana Republic and more.
City Point, the largest mixed-use project in Brooklyn, is a 1.8 million square foot center featuring 675,000 square feet of retail space anchored by Target, Trader Joe’s, Century 21 and Alamo Drafthouse.
Ground floor retail rents are projected in the $120’s/SF. Over 14,000 residential units are in different stages of development and thousands of units are being delivered this summer with asking rents in the low to mid 60’s/SF.
Since the 2005 rezoning, Downtown Brooklyn has been undergoing a complete revitalization with several large scale commercial and residential development projects including Barclays Center, Atlantic Yards (now Pacific Park), City Point and the quickly expanding BAM-Downtown Brooklyn Cultural District. The Downtown Brooklyn area attracted over $4 billion dollars of private investment over the last decade, leading to the creation of 8 million square feet of new space including 5,000 new apartments, over 1,000 hotel rooms and nearly 900,000 square feet of commercial space. Fulton Mall continues to set retail sales records on sales per square foot.
The critical mass of new residents, coupled with $400M in infrastructure upgrades and the creation of 10,000 new tech jobs, makes Downtown Brooklyn a true destination.
The condos are located one block away from the Nevins Street 2, 3, 4 and 5 subway lines, as well as the Hoyt Street A, C and G subway lines. Other major stations in the neighborhood are DeKalb Avenue (B, Q and R) and Atlantic Avenue B, Q, R, N, D, 2, 3, 4, 5 and LIRR).