96 N 10th St, Brooklyn, NY, 11249, US

96 N 10th Street

Asset description

Jones Lang LaSalle (“JLL”) has been exclusively engaged to facilitate the sale of 96 N 10th Street (the “Property”) in Williamsburg, Brooklyn. The 2-story Commercial Property is positioned on the south side of N 10th Street, between Wythe Avenue and Berry Street. The 43,458 square-foot structure has fully approved plans for a complete commercial renovation, and will be eligible for a new ICAP Tax Abatement. With significant structural work already completed, potential investors can anticipate 12-15 months to finish the renovation, offering immediate upside. Additionally, the split zoning enables a buyer to develop up to 14,013 BSF of residential space as-of-right, or 18,684 BSF of residential space if utilizing the Inclusionary Housing Bonus. Situated in the heart of North Williamsburg, Brooklyn’s prime live-work-play neighborhood, 96 N 10th Street offers investors a clear, quick path to upside and optionality.

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Attributes

Building area gross

43,458 sf

Land area gross

20,192 sf

Zoning

M1-2 / R6A (Split Zoning)

Media

Investment highlights

Clear/Quick Path to Upside
Fully approved plans in place - An Investor can anticipate a new ICAP Tax Abatement, and a 12–15-month period to finish the renovation as the current owner has already completed significant structural work.
Thriving Commercial Market
As one of the most heavily trafficked and popular commercial markets in all of New York City, North Williamsburg has attracted national and global retailers, gyms, grocers, and Michelin Star restaurants.
Unparalleled Location
Situated within a two-block radius of four hotels, The William Vale, The Arlo Williamsburg, The Wythe Hotel, and The Hoxton, 96 N 10th Street is ideally positioned to generate substantial foot traffic along N 10th Street.
Development Optionality
The Property’s split zoning presents the unique opportunity for a buyer to develop up to 14,013 BSF of residential space as-of-right, and 18,684 BSF of residential space if utilizing the Inclusionary Housing Bonus.