821 59Th StBrooklyn, NY 11220

Property Details for 821 59Th St

Year built

1918

Lot size

0.05 AC

Property size (Sq ft)

8,390 SF

Zone code

R6

Property type

Office buildings

APN

05700-0070

APU

57000070

Description

This exceptional redevelopment opportunity presents a partially completed six-story medical condo building situated in the thriving Sunset Park medical corridor of Brooklyn, New York. Located at 821 59th Street, this bank-owned foreclosure property offers 8,600 square feet of space on a 2,000 square foot lot, zoned R6. The structure is currently vacant and features a completed foundation, elevator core, and steel and concrete framing up to the sixth floor, with I-beams in place for roof completion. The building's depth is 100 feet on the second floor. Comparable area medical condos are selling for over $1,100 per square foot, suggesting significant potential for return on investment. Conveniently located just two blocks from the 8th Avenue N/W subway stop, this property offers unparalleled access to public transportation. The 2024/2025 tax assessment is $275,302, with real estate taxes totaling $29,160 for the same period. This is a unique chance to acquire a substantial medical office development project in a high-demand location. The asking price is $3,588,000. The property is classified as Class B, Mixed Use, Office, and Special Purpose. The building is lender-owned and being sold as a bank-owned foreclosure.

• CAP approach

  CAP return

  Valuation

  6%

  $1,387,118

  6.5%

  $1,280,416

  7%

  $1,188,958

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,096,237

  Geo Method

  $1,096,237

• Alternative Use

  Use

  Valuation

  Residential

  $1,587,716

  Hospitality

  $1,454,340

  Educational

  $1,209,993

  Medical

  $1,251,607

  Retail

  $1,882,212

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6359

Longitude

-74.0082

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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