Bank of America - Staten Island, NY
3881 Richmond Ave, Staten Island, NY, 10312-3840, US
HK$31,737,000 | 3,483 sf
Jones Lang LaSalle (“JLL”) has been exclusively engaged to facilitate the sale of 423 88th Street (the “Property”) in Bay Ridge, Brooklyn. The Property is situated block-through on 87th Street to 88th Street, between 4th and 5th Avenues. As currently constructed, the 186,071 square-foot structure contains 62,792 square-feet of commercial space spread across three floors as well as 123,729 square-feet of parking spread across six stories and two roof decks. The first floor ceiling height is 22 1/2’ ft., and the second floor ceiling height is 18’ ft. The parking is currently operating and contains 279 spots, which can be increased to 342 through restriping. 423 88th Street offers investors a wide breadth of optionality with its large floor plates and on-site parking.
The Property is located within one block of the R Train, offering immediate connectivity to all of Brooklyn and Manhattan and just one mile from the Brooklyn Queens Expressway, Belt Parkway, and Verrazano Bridge, facilitating convenient travel to Staten Island and beyond. Additionally, multiple bus lines, as well as the Bay Ridge Landing ferry terminal provide direct access to Manhattan, and parts of Brooklyn and Queens.
USER OPTIONALITY
Located in one of Brooklyn’s premier commercial corridors, the Property boasts 62,792 square feet of existing commercial space, distributed across two expansive floor plates. With ceiling heights of 22 1/2’ ft. on the first floor, and 18’ ft. on the second floor, the open floor plates are built out and require nominal capital improvements. The Property offers unparalleled flexibility, accommodating a range of potential commercial uses including traditional retail, experiential retail, educational institutions, and various community facility purposes. Additionally, the Property’s adaptability is enhanced by its on-site seven-story parking structure that allows easy access for both tenants and customers.
OPERATIONAL PARKING
423 88th Street offers a rare opportunity to acquire a commercial asset with significant on-site parking that’s currently operational and generating about $950,000 annually. The 123,279 GSF parking structure spans six stories plus rooftop parking, currently housing 279 spots. This capacity can be increased to 342 spots through restriping, potentially boosting revenue further. Additionally, the Property has an in-place T-Mobile antenna lease that pays $60K annually as well as an Enterprise lease occupying a small portion of the garage and paying ~$120K annually. The combination of income-producing parking and adaptable commercial space in a prime Brooklyn location provides investors with a unique asset offering stable cash flow and growth potential.
UNPARALLED CONNECTIVITY
The Property offers exceptional accessibility, located just a block from the 86th Street subway station. The train offers direct routes to greater Brooklyn and Manhattan, while the Atlantic Avenue-Barclays Center hub, nine stops away, connects to various subway lines serving Manhattan, Brooklyn, and Queens. Within a mile of the property, the Brooklyn Queens Expressway, Belt Parkway, and Verrazano Bridge provide easy access to Staten Island and other destinations. This excellent connectivity makes it particularly convenient for tenants and customers parking at the Property, enhancing its appeal as a commercial and parking asset.