697 GRAND Street, Brooklyn, NY 11211
697 GRAND Street, Brooklyn, NY 11211
697 GRAND Street, Brooklyn, NY 11211
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Randy Reis

Randy Reis

+1(917) 435-4870
Listing Courtesy of Corcoran Group
$3,990,000
Est. payment /mo
8 Beds
4 Baths
8,420 SqFt
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UPDATED:

Key Details

Property Type Single Family, Mixed Use

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 8,420 sqft

Price per Sqft $473

Subdivision Williamsburg

MLS Listing ID RLS20103151

Bedrooms 8

Full Baths 4

HOA Y/N No

Year Built 2005

Annual Tax Amount $30,648

Property Sub-Type Mixed Use

Property Description

Introducing 697 Grand Street - A 3 story, 8420 SF mixed use building in the heart of thriving East Williamsburg. Boasting over 25' of frontage in this super-prime corridor, the property presents a rare opportunity to acquire a stable, income producing asset, with tremendous upside in its buildability and conversion to free market status. Solid 2005 build with steel & masonry construction, offered in excellent condition, with 4 residential units and 1 commercial space. The apartments are 900SF each, configured as 2 bedroom/1 bath units, with large proportions and modern finishes. Each unit has its own hot water heater, and is individually metered for gas and electric, keeping ownership costs to a minimum. The commercial space runs the full span of the building, with full glass frontage along Grand Street, plus basement and open back lot area. Massive potential with >4500 SF of buildable area, and an ideal setback on the second floor to create. The 421A tax exemption expires in 2033, deregulating the property to free market status, and robust rent growth. Desirable 2A tax class ensures a stable, predictable budget. Exceptional East Williamsburg location, minutes from both Graham Avenue and Grand Street "L" subways, with flourishing residential and commercial development in every direction. Triple-wide sidewalk and protected bike lane directly outside.

INVESTMENT HIGHLIGHTS
Superb Grand Avenue (Graham/Powers St) location with >25' frontage
Built in 2005 with steel/masonry construction
Separate hot water heaters & gas/electric meters for each unit
>4500 buildable SF
421A Tax abatement expires in 2033
Upside to 6.5% Cap Rate with free market rents
Protected 2A Tax Class

Lot dimensions: 26 ft X 125 ft
Lot SF: 3,238
Building dimensions: 25.83 ft x 96.12 ft
Building SF: 8,420
Mixed Use Building
4 Residential Units. 1 Commercial Space
Current FAR: 2.60
FAR: 4
Buildable Area: 4533 SF

Location

State NY

County Kings

Rooms

Basement Other

Interior

Interior Features Smoke Free

Cooling Other

Fireplace No

Laundry In Unit

Exterior

Exterior Feature None

Pool Building None

View Y/N No

View Other

Porch None

Private Pool Yes

Building

Dwelling Type Mixed Use

Story 3

New Construction No

Others

Pets Allowed Pets Allowed

Tax ID 02782-0035

Ownership None

Monthly Total Fees $2, 554

Special Listing Condition Standard

Pets Allowed Building Yes, No

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REBNY IDX
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Randy Reis

Randy Reis

+1(917) 435-4870

Team Leader | License ID: 40RE1176716

Team Leader License ID: 40RE1176716

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