Myrtle-Wyckoff Assemblage
Brooklyn, NY
Assemblage overview
Summary
- Existing Size 72,861 SF
- Lot Size 70,573 SF
- Asking Price $39,500,000
Avison Young, as exclusive agent is pleased to offer for sale the Myrtle - Wyckoff Assemblage (the “Property”), 7 tax lots currently improved by 21 cash flowing retail spaces, located on the intersection of Myrtle Avenue and Wyckoff Street in Bushwick/Ridgewood. The Property currently consists of 72,861 SF of retail space, currently leased and with varying expiration dates.A development scenario for this Property would benefit from two mixed-use buildings, featuring a combined as-of-right 171,492 ZFA of residential, 239,948 ZFA of commercial, and 338,750 ZFA of community facility buildable area.
Investment Highlights
7 lots with a lot total of 70,573 SF
7 out of 8 lots in the block
1,304 feet of combined frontage along Myrtle Avenue, Wyckoff Avenue, and Madison Street
21 tenants with a WALT of 3.66 Years
In-place NOI of $1,821,226
In-place income assists with asset carry for a potential ULURP process
Opportunity to revitalize a low-rise retail asset into a master-planned Mixed-Use development
C4-3 Zoning District allowing for two as-of right developments up to 338,750 SF, of which 171,492 SF can be residential
Given the transportation access and scale of the opportunity, long-term re-zoning optionality exists
Existing cash-flow allows for a developer to cover expenses during the pre-construction phase
