Warehouse For Sale
3,900 Sq Ft
Newmark Knight Frank has been retained on an exclusive basis to arrange for the sale of a prime Williamsburg one-story warehouse located at 441 Keap Street and 121 Hope Street, which are two lots/two structures. The corner building located on Keap is 1,169 SF and Hope is 2,793 SF. The warehouse has over 120’ of wraparound frontage on both Keap and Hope and is approximately 3,900 total square feet with two large garage bays on Hope Street.
While both lots have an FAR of 3.6, the air rights for both sites have been transferred for development located on the corner of Hope and Rodney which has now been completed. Additionally, both sites are in the Brownfield Cleanup Program and have received a Certificate of Completion but have not yet used tangible property credits, which may be used by a future owner.
The property can benefit from being located in an Opportunity Zone. With hundreds of new residential units coming to market that surround the site, there is tremendous upside in repositioning the property for office, retail or restaurant use. Both the property owner and the tenant can reap the benefits of being located in an Opportunity Zone.