436-438 Albee Square

The subject is comprised of a three story, two family building – which is currently being occupied by five tenants - & an adjacent lot. The building will be delivered in ‘as is’ condition. The dimensions of the combined lots are approx. 37.8’ x 115.5’. The property is located in a C6-4.5 zoning & has a FAR of 12.0 – 14.0 & can accommodate a total of 52,391 to 61,123 buildable square feet.
Directly across the street from the subject property remains the development of the Albee Square Mall aka City Point. The tower will become one of the largest buildings in Brooklyn. The plans for the project consist of 1,000 rental units above three stories of office space, & four stories of retail space. The plan calls for over 550,000 SF of retail space, & about 125,000 SF of Class A office space. Phase I will consist of 50,000 SF of retail & is expected in Spring ’12. Phase II brings an additional 500,000 SF of retail.
The Downtown Brooklyn Partnership reports the Fulton Mall, Brooklyn’s busiest shopping street, is visited by 100,000+ shoppers daily & achieves $1,200 PSF in avg. retail sales.
The subject is located w/in a 3-block radius to all major subway transportation (A, B, C, D, F, G, N, R, Q, 2, 3, 4, 5 trains) in Brooklyn/New York City.