211 Schermerhorn StBrooklyn, NY 11201

Property Details for 211 Schermerhorn St

Year built

2017

Property size (Sq ft)

10,091 SF

Zone code

C6-4

Property type

Retail properties

Property subtype

Retail space

APN

00165-1201

APU

1651201

Description

This exceptional 9,104 square foot vacant commercial condominium presents a compelling value-add investment opportunity in the heart of Downtown Brooklyn. Located at 211 Schermerhorn Street, this ground floor and lower level space boasts two prominent storefronts totaling over 42 feet of combined frontage, strategically positioned on either side of the building entrance. The unit benefits from a dedicated elevator, providing convenient access for both customers and staff. The lower level comprises 3,423 square feet, complementing the 5,681 square feet on the ground floor. This property is part of a 48-unit boutique condominium building and is offered at an asking price of $5,000,000 ($549.21 per square foot). A significant advantage is the presence of a 25-year ICAP tax abatement, offering substantial long-term cost savings. Further enhancing its appeal, air rights are available for potential expansion. The property's prime location is adjacent to the Hoyt-Schermerhorn subway station (A, C, and G lines), ensuring excellent accessibility. The surrounding area is experiencing significant residential growth, with over 18,000 residential units under development within a half-mile radius. This vibrant neighborhood also features a strong retail presence, including established businesses such as Trader Joe's, Whole Foods, Starbucks, and the Ace Hotel, creating a thriving commercial environment. This property is a rare opportunity to acquire a substantial, well-located retail space with significant upside potential in one of Brooklyn's most dynamic neighborhoods.

• CAP approach

  CAP return

  Valuation

  6%

  $2,452,465

  6.5%

  $2,263,814

  7%

  $2,102,113

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,322,595

  Geo Method

  $3,322,595

• Alternative Use

  Use

  Valuation

  Residential

  $1,909,612

  Hospitality

  $1,749,194

  Educational

  $1,455,309

  Medical

  $1,505,359

  Retail

  $2,263,814

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.689

Longitude

-73.9853

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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