1114 Fulton Street,
About this property
ONE Commercial Realty Services has been retained on an exclusive basis for the sale of 1114 Fulton Street. The property is a commercial retail building located in Bedford-Stuyvesant, Brooklyn. The retail asset is currently occupied by one (1) NNN tenant occupying the entire building. 1114 Fulton was developed into a 2 story retail building in 2005 with 25 year ICIP tax abatement. There is currently 13 years left on the ICIP Exemption, which expires in June 2031. The entire building is being occupied by 718 Live Lounge, a restaurant and entertainment place which has seven (7) years left on its lease with 3% annual increases.
There are many new developments near 1114 Fulton Street, such as an 11-story mixed-use building at 1134 Fulton Street that is being developed by Joseph Brunner and will consist of 189 residential units with ground floor retail. The retail asset is well located with food franchises such as Dunkin Donuts, Wing Stop, and Papa John’s Pizza, among others nearby. The building is also vented for restaurants and cooking. The asset is two stories with below grade space used for cooking and storage.
1114 Fulton Street is 1-minute away from the A & C line on Franklin Avenue and 1-mile away from the Barclays Center, with multiple subway lines that take you to the City in 25-35 minutes.
The property is a prime opportunity for user seeking a turn-key building for their own occupancy once the lease expires. Alternatively, investor or developer could redevelop the retail site and realize retail rents at $60/SF and residential rents at $40/SF. The building is located on one of the best commercial corridors in Brooklyn.