185 Marcy Avenue, Brooklyn, NY, 11211, US

185 Marcy Avenue

Asset description

Jones Lang LaSalle has been exclusively retained to offer the fee simple interest in 185 Marcy Avenue, an 81,348 RSF (64,640 GSF) office building in South Williamsburg, Brooklyn. With significant vacancy, the Property offers potential investors incredible optionality in creating value through leasing the remaining available office space or converting the upper floors to residential use. With flexible floor plates, ample light and air, and outdoor space, the Property provides the ideal infrastructure to support various long term repositioning strategies.

Situated on the same block as the Marcy Avenue Subway Station, serving the J, M, and Z subway lines, The Property provides convenient access for both current tenants and future residents, ensuring high desirability for the property. 185 Marcy Avenue’s prime location, high vacancy rate, and potential for leasing or a residential conversion make it a compelling option for investors seeking significant upside in the South Williamsburg, Brooklyn market.

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Attributes

Land area gross

1,171 sm

Floors

6 floors

Building area net

6,005 sm

Zoning

C4-3/R6

Media

Investment highlights

OPPORTUNITY TO CREATE SIGNIFICANT VALUE THROUGH LEASING - No additional base building CapEx or deferred maintenance requirements, enabling a new owner to focus on productive spending. Existing vacancy provides maximum leasing flexibility, with the ability to deliver 38,000 RSF of contiguous space to a single user.

FLEXIBLE, AS-OF-RIGHT CONVERSION OPTIONALITY - Rare and immediate opportunity to convert a portion of the building to high-end residential or alternative use, with the ability to further drive value via a diversified income stream.

IDEAL LOCATION TO CAPITALIZE ON RESIDENTIAL TAILWINDS - Adjacent South Williamsburg multi-housing supply remains in demand as residential rental rents remain in demand as is evident by the escalating monthly rents averaging more than $85/RSF.