503-527 Smith Street

503-527 Smith Street, Brooklyn, NY, 11231, US

Asset description

JLL Capital Markets has been retained on an exclusive basis to arrange for a long-term ground lease at 503-527 Smith Street, an unencumbered & vacant commercial development site in Gowanus, Brooklyn. 503-527 Smith Street is a ~118,000 SF Lot with 237,000+ ZFA on the west side of the Gowanus canal. The Site is located on the corner of Smith Street and 9th Street, with a total of over 744’ of wraparound frontage on Smith Street and 9th Street. The Property is differentiated by its premier Gowanus location, being at the nexus of three prime and growing Brooklyn Neighborhoods: Gowanus, Red Hook, and Carroll Gardens. 503-527 Smith Street is one block from Court Street, two blocks from I-278, and adjacent to the Smith-9th Street F & G Train as well as the 4th Avenue R Train, allowing easy access from all Brooklyn, Queens & Manhattan Neighborhoods.

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Attributes

Land area gross

118,890 sf

Building area gross

237,780 sf

Zoning

M3-1

Media

Investment highlights

Vacant Commercial Development Site

503-527 Smith Street is a vacant commercial development site with scale in the growing submarket of Gowanus. The site is zoned M3-1, allowing over 237,000 BSF of commercial product. The Site, which has 452’ of frontage on Smith Street and 292’ of frontage on 9th Street, is unencumbered, and will be delivered vacant.

Immediate Subway / Interstate Access

The Site offers superior subway access, positioned adjacent to the Smith-9th Street Station and just a short walk from the 4th Avenue station, providing access to the F / G and D / N / R / W trains respectively. The site is also two short blocks from 278, allowing seamless access to Manhattan via the Hugh L. Carey Tunnel.

Accelerating Submarket

The Gowanus submarket has completed a decades long re-zoning effort that continues to attract billions in public/private capital adjacent to the site as previously restricted residential uses and additional density are permitted, injecting up to 20,000+ new residents serviced by upgraded public infrastructure. 503-527 Smith Street is poised to benefit from its immediate proximity to Public Place, a 1 million square foot mixed-use development featuring extensive public space and over 950 residential units.

Differentiated Product Offering

503-527 Smith Street location allows easy access to all five boroughs via car or subway, but also immediate access to nearby prime submarkets Carroll Gardens, Cobble Hill, Brooklyn Heights, Boreum Hill and Park Slope via Court Street, Smith Street and 9th Street. This unique location combined with scale and in-place zoning allows for the ability to attract large, big box tenants as well as offer unique commercial uses.