NNN Retail Building w/ Development Potential
747 Fourth Avenue
Greenwood Heights
Closed 12/12/2018 at
$7,150,000
Citibike, NYC Ferry at Industry City
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718-489-8333
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of 747 Fourth Avenue, a free-standing NNN
leased retail building with future development potential in the Greenwood Heights section of Brooklyn.
Situated at the corner of Fourth Avenue and 25th Street, the 150 ft x 100 ft, M1-1D zoned lot is improved by a 7,600 SF
building with a 7,400 SF parking lot/drive-thru. The existing retail building is currently NNN-leased by Dunkin’ Donuts, with
two years remaining on the lease and two, five-year options with the first option resetting at fair market value. The rent is
currently significantly below market.
An opportunity for both investors and developers looking to acquire a prime corner commercial property, 747 Fourth
Avenue is only a few blocks from Industry City – one of the largest office developments in the borough – and easily
accessible via the R train at the 25th Street station, the Prospect Expressway and the BQE. The neighborhood’s growth has
spurred in large part of its excellent transportation infrastructure. The Gowanus Expressway, which hovers above Third Avenue, provides access to Manhattan and New York’s outer boroughs.
Attractions
Sunset Park is one of the fastest growing commercial neighborhoods in New York City, with over 20,000 people currently employed in the manufacturing and industrial sectors. Sunset Park has quickly become a hub for growing businesses. The surrounding retail corridor has seen tremendous amounts of development since the 2003 rezoning including the addition
of shopping centers, hotels, restaurants, and cafes. Demand for commercial space has surged throughout Brooklyn due to
the reduction of commercially zoned areas.