59 Avenue UBrooklyn, NY 11223

Property Details for 59 Avenue U

Property size (Sq ft)

8,000 SF

Property type

Other commercial real estate

Property subtype

Other specialty properties

Description

This exceptional 8,000-square-foot property at 59 Avenue U in Brooklyn, NY, presents a unique investment opportunity. Currently operating as a well-established catering hall, this single-story, 1931-built building offers immediate income potential. The expansive interior space is turn-key for continued catering operations or adaptable to various restaurant concepts. Situated on an 8,000-square-foot (80x100) corner lot, the property boasts significant development potential. The advantageous R5B zoning permits the construction of detached and semi-detached multi-family dwellings with a Floor Area Ratio (FAR) of 1.35, as well as three-story row houses. Furthermore, the C2-3 zoning allows for the development of mixed-use buildings incorporating both commercial and residential components. This prime location on Avenue U is surrounded by successful new developments, indicating a thriving and growing neighborhood. The high ceilings, ranging from 16 to 20 feet, add to the property's versatility and appeal. The asking price is $4,500,000. This is a rare chance to acquire a well-positioned property in a desirable Brooklyn location with options for immediate income generation and substantial future development. The property's zip code is 11223, located in Kings (Brooklyn) County.

Location Insight

City

Brooklyn

County

Kings (Brooklyn)

State

New York

Latitude

40.5962

Longitude

-73.9825

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