3038 Atlantic Avenue,
About this property
ONE Commercial Realty Services has been retained on an exclusive basis for the sale of 3038 Atlantic Avenue. The subject property is a commercial warehouse building located on the major commercial corridor in East New York on the south side of Atlantic Avenue between Essex Street and Shepherd Avenue. The area was recently re-zoned allowing for much more flexibility in the type of asset class that can be built. The building, which can be delivered vacant, is a 79′ x 97′ brick, three-story commercial building comprising five (5) units. The property is equipped with a freight elevator that can access each of the floors, including the cellar. The property is prime for an end-user to either purchase 27,400 SF, of which 6,400 SF is below grade. Alternatively, a developer can utilize the 49,683 buildable SF (BSF) as of right or 53,645 BSF with community facility, to erect a mixed use asset in an emerging and highly desirable neighborhood in East New York. Current Ownership has proposed plans to develop a 56,500 SF mixed-use building and can provide prospective buyers with a clean Phase I upon request. Recent new construction in the area includes the following projects: 2501 Pitkin Avenue, 656 Stanley Avenue and Nehemiah Spring Creek on Schroeders Avenue and Vandalia Avenue. The newly built Gateway Center which boasts Target, Best Buy, ShopRite, Home Depot, Olive Garden and Nostrand Rack has helped gentrify the area. The subject property is two (2) blocks away from the J train at Cleveland Street Station and 4 blocks from the A and C line at Shepherd Avenue Station making all of New York City very accessible.