Three Unit Commercial Building
7319 5th Avenue
Closed 04/01/2016 at
The Gowanus Expressway, The Verrazano Bridge
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Located on Fifth Avenue between 73rd and 74th Street, the three-story, 5,604 SF building consists of three commercial units. A well-established restaurant currently occupies the first and second floors as well as the cellar. The third floor is a 1,150 SF commercial space that is currently vacant.
The property has an NOI of $107,237 and benefits from lower than average expenses to the owner at around 15% of Gross Income. The 5th Avenue Corridor has seen growth in retail rent exceeding $40/SF, medical office rents exceeding $35/SF and residential rents reaching the low $40/SF range.
Bay Ridge’s strong commercial corridors along 3rd and 5th avenues provides a dynamic retail enviorment including an array of restaurants and boutiques. The 86th Street retail corridor is the premier shopping destination in South Brooklyn, with more than a 100 shops between 3rd Avenue and Fort Hamilton Parkway including notable tenants like Century 21, Victoria Secret, The Children’s Place, Gap, ALDO, Zale’s, Chiptole, Duane Reade, Chase and TJMaxx to name a few.
The neighborhood continues its transformation as “Brooklynites” flock to the area looking for more affordable, trendy living options. Bay Ridge is 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. Bay Ridge Parkway is nicknamed Doctor’s Row as it offers all types of physician services across the entire medical spectrum.
Bay Ridge offers an easy 40 minute commute to Manhattan via the R train at the 77th Street station or the x27 and x37 express buses. The Gowanus Expressway via the 65th Street entrance and the Verrazano Bridge are in close proximity as well.
Though it is invariably thought of an older family oriented neighborhood, Bay Ridge has begun to attract young professionals in recent years. A number of new condominium and apartment complexes have sprouted up offering exceptional views of the New York Bay. Lastly, the south Brooklyn standout is safe, quiet, and close to harbor side jogging paths and parks.