Closed

Mixed-Use Building

7517 Fifth Avenue

Bay Ridge

Closed at

3 Total Units
2 Residential Units
1 Commercial Unit
3,880 Gross SF
Between Bay Ridge Pkwy & 76th St.
Subways
n
r
Buses
x27, x37
Retail/Mixed-Use 7517 Fifth Avenue, Bay Ridge
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Peter Matheos
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Details

Block 5942
Lot 4
Lot Dimensions 21.42 ft x 109.67 ft irreg.
Zoning C1-3/R6B/BR
Building Size 21 ft x 55 ft irreg.
Building Class 52
Tax Class 1
Stories 3
Residential SF 2,586
Commercial SF 1,294

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 7517 Fifth Avenue in the Bay Ridge neighborhood of Brooklyn.

Located on Fifth Avenue between Bay Ridge Parkway and 76th Street, the three-story, ~3,880 SF building consists of two floor-through 3-bedroom apartments and one retail unit. Subway currently occupies the retail space which has seven years remaining with two 5-year options. Subway is responsible for 75% of the water bill as well as the tax increase over the base year, 2013. The average rent for the residential units are $1,400/month, while the market rent for renovated units of this size is $2,500/month. The property has a gross annual revenue for the package, ~$80,000. With annual expenses of $20,276, the net operating income is $59,656.

National tenants such as Santander, Chase, Rite Aid, Apple Savings Bank, Weightwatchers, Dunkin Donuts and H&R Block are located along Third and Fifth Avenues. Bay Ridge Parkway is nicknamed Doctor’s Row as it offers all types of physician services across the entire medical spectrum.

The Fifth Avenue corridor has seen growth in retail rent exceeding ~$50/SF, medical office rents exceeding ~$35/SF and residential rents reaching in the $35-$40/SF range. The 86th Street retail corridor nearby is the premier shopping destination in South Brooklyn, with more than 100 shops between Third Avenue and Fort Hamilton Parkway, including notable tenants like Banana Republic, Century 21, Victoria’s Secret, The Children’s Place, Gap, ALDO, Zale’s, Chipotle, Duane Reade, Chase, TJMaxx and more.

Bay Ridge offers an easy 40-minute commute to Manhattan via the R train at the 77th Street or the x27, x37 express buses. The Gowanus Expressway via the 65th Street entrance and the Verrazano Bridge are in close proximity as well.

 

Attractions

Bay Ridge’s strong commercial corridors along Third and Fifth Avenues provides a dynamic retail environment including an array of restaurants and boutiques and national tenants. Also very well-known for its excellent medical care options, the area is home to several nationally recognized hospitals like Lutheran Medical Center and SUNY Downstate Medical Center. The neighborhood continues its transformation as “Brooklynites” flock to the area looking for more affordable, trendy living options.

Dyker Beach Park and Golf Course
Owl's Head Park
69th Street Pier
Fort Hamilton

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