2,860 SF Building and Lot with Available Air Rights
9419-9423 Fifth Avenue
Closed 05/17/2017 at
Gowanus Expressway, Verrazano Bridge
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TerraCRG has been retained to exclusively represent ownership in the sale of the commercial property at 9419 Fifth Avenue in the Bay Ridge section of Brooklyn.
9419-9423 Fifth Avenue is located at the southern edge of Bay Ridge between 94th and 95th Street. The two-story, mixed-use building contains ~2,860 SF and consists of a retail store on the ground floor with a loft-style apartment above. Additionally, it features a 3,850 SF parking lot with a curb cut. The ~52.5 ft x 100 ft property is zoned C2-3/R6A/BR, which allows for 15,817 buildable SF for residential and commercial use.
This property is ideal for a user looking to operate or live out of the existing building with the parking lot as an amenity or a developer looking to take advantage of the significant air rights that the property has to offer.
Part of Bay Ridge’s strongest commercial corridors, the property is surrounded by retailers such as Staples, Life Quality BMW, Fiat, Dunkin Donuts, KFC, Fushimi, Harbor Fitness, Uno’s and Subway. The 5th and 3rd Avenue corridors provide residents with a dynamic retail environment, including National retailers and an array of restaurants and boutiques.
The nearby 86th Street retail corridor is the premier shopping destination in South Brooklyn, with more than 100 shops between 3rd Avenue & Ft. Hamilton Pkwy, including notable tenants such as Century 21, Victoria Secret, The Children’s Place, Gap, ALDO, Zale’s, Chipotle, Duane Reade, Chase and TJ Maxx.
Bay Ridge continues to transform with an inflow of New Yorkers from Manhattan moving to the area due to its proximity and accessibility to Midtown and Downtown Brooklyn, home ownership, safety and quality schools. Bay Ridge is also well known for its high quality medical care. The area is home to several nationally recognized hospitals such as Lutheran Medical Center and SUNY Downstate Medical Center.
Retail rents in the area are projected at $50/SF,medical office rents at $35 and residential rents in the $40’s. In addition, as a result of rising prices throughout Brooklyn and a shortage of quality for-sale housing options, condo pricing in the area is expected to fetch $850/SF.
This property is located at the intersection where 4th and 5th Avenues meet to combine into one street and is just steps from the train. The property has great exposure to both pedestrian and vehicular traffic. The commute to Manhattan is just 45 minutes with the R train located steps away at the 95th Street station. Additionally, it is in proximity to the x27 and x37 express busses, the Gowanus Expressway Shore Rd entrance and the Verrazano Bridge.
Bay Ridge has begun to attract young professionals in recent years. A number of new condominium and apartment complexes have sprouted up offering views of the New York Bay.