Bed-Stuy Gateway and the Fulton-Nostrand Revitalization Project

UPDATED: A property assemblage just waiting to happen

Update as of 5/30/06

• 1425 Fulton Street
• Asking price of $1.7 million
• Approximately 12,250 buildable square feet per current zoning (C1-3/R6A)
• Owner is entertaining all offers - net lease or outright purchase.
• Existing 3-story building is delivered vacant

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The blighted building next door to King Pizza, which we previously covered here as for sale, has just received a fresh new vinyl "FOR SALE" banner. That dilapidated building, at 1425 Fulton Street, is an abandoned, shuttered eyesore that seems to us an obvious redevelopment opportunity with several things going for it:

• 5,000 square foot lot: 50' frontage x 100' deep
• The building next door (King Pizza) is also for sale
• The property is right across the street from Restoration Plaza and Super Foodtown specifically.

Here's the number from the banner.

646-253-0928.

More Pizza For Sale: 1427 Fulton Street

King Pizza, no relation to the Burger King, is also abdicating his real estate throne at 1427 Fulton Street across from Super Foodtown and Restoration Plaza, making this the second house of pizza to go on the market in our neck of the woods.

The sale includes the pizza shop and all the accoutrements therein, and the land, all 1,980 square feet of it (the lot is 18'x110), all for an asking price of $800,000 - just ask the guy who answers the listed number: (917) 584-9126

We think this might be a job for...Curbed Pricechopper.

This side of Fulton Street however, isn't looking so attractive and appealing for a small business lately. There's the building with the green siding to the left which has been vacant for a while and doesn't really present a pretty face, and the building with the white siding to the right, which is maintained only marginally better than the green building, and which to us seems to have a rotating assortment of temporary businesses save for a few exceptions (The Gospel Den and the Fish Market among them). It looks to us like this block is ripe for something big to happen?

More Fast Food Real Estate For Sale: Domino's at 1479 Fulton Street

On the heels of what seemed to be our on-again, off-again announcement of the probable demise of the only Burger King in Central Brooklyn comes this discovery that the building that currently houses Domino's, at 1479 Fulton Street between Tompkins Avenue and Throop Avenue is also for sale. Whether or not that means Domino's may also get the boot is unknown to us at the moment. City records indicate that the lot the building sits on is 1,850 square feet. The building itself has three 1,000 SF levels, for a total of 3,000 square feet of usable space, (1,000 retail and 2,000 residential).

We weren't able to get any more specific details on the offering as of this posting, but here's a number posted on the building that you can call if you want to find out more information.
(718) 417-0746

Extra!Extra!: The Burger King is Being De-Throned!

Looks like even his royal highness the Burger King isn't able to escape the pressures of a hot New York City real-estate market (and more likely, his arch-nemesis the dollar menu). We just received word from a well-placed source that the site of Central Brooklyn's only Burger King, at the corner of Marcy Avenue, MacDonough Place and Fulton Street, is now listed on the market for sale or for long-term ground lease by Peter Schubert at Massey Knakal.

And what a site it is for a creative and enterprising real-estate developer. Located right across the street from the front door of Restoration Plaza and its new Applebee's, and at roughly 15,000 buildable square feet under current zoning, we at Bed-Stuy Gateway are salivating at the quality retail and residential potential that could arise out of this site (and yes, Commerce Bank, we'll be specifically watching to make sure that one of your bank branches of the drive-through variety doesn't appear like it almost did on 5th Ave in the Slope were it not for Park Slope Neighbors).

In short, for all you prospective buyers/developers: what do we want here in the Bed-Stuy Gateway Business District? A building that re-establishes the street wall on Fulton Street, with flexible ground floor retail space. If you are somehow able to squeeze in some residential space, we'd like the upper residential floors to have some modicum of good taste, with design that builds upon and respects the rich brownstone architectural heritage here in Bed-Stuy. That's not too much to ask for, is it?

Oh yeah, the site is also listed at an asking price of $3,750,000.

UPDATE 3/4/06 8:50pm: We stand by our source, who tells us that the Burger King Property at Marcy/Fulton/MacDonough is definitely still on the market, despite what you may have read elsewhere.

 

1373 Fulton Street Setup PDF - Massey Knakal
1373 Fulton Street Aerial View - Microsoft Live

More Herkimer Street Vacant Lot Action

The south side of Herkimer Street between New York Avenue and Nostrand Avenue is bookended by two rather sizeable vacant lots. The lot at the corner of New York Avenue, which we previously discussed, is listed for sale by a Bed-Stuy real estate agency. At the opposite end, the lot at the corner of Nostrand Avenue however, is sort of a mystery. It lay there fallow, sitting just one block south of the A Train, teasing passersby with its vacant-ness, and more often than not, unsightly weeds and trash. We don't really know any of the details on this lot other than that it tends to become an overgrown, trash-strewn mess that periodically requires the local Community Board to request that the Department of Sanitation clean it up on behalf of the property owner.

Do any of you readers out there know anything about the history and future of this lot? We'd love to know.

Link: Aerial View of Vacant Lot at the Southeast Corner of Nostrand Avenue and Herkimer Street - Windows Live
Previously: Real Estate for Sale: Vacant Lot at Herkimer Street and New York Avenue - Bed-Stuy Gateway

Real Estate for Sale: Vacant Lot at Herkimer Street and New York Avenue

With a brand spanking new Applebee's in the neighborhood, it just seems impolite to have some vacant lots lying around to scare away all of the new company that's coming to visit, especially when said vacant lots are just across the street.

So if you thought that most of the prime developable real estate in New York City was already spoken for, get your hopes up. We just got this tip on a vacant AND very developable lot you can claim as your own adjacent to the heart of Bed-Stuy's commercial district. The subject is a vacant lot listed by Flateau Realty located across the street from Restoration Plaza and its spiffy new neighborhood bar and grill, at the corner of New York Avenue and Herkimer Street. Real estate just one block away from an express train stop, the Nostrand Avenue subway station on Fulton Street, seems just too good to be true. According to the listing, the lot is actually four lots totaling 5,850 square feet with an asking price of $936,000. Oh wait, that price is too good to be true...for our wallet at least. Anyone care to lend a friendly blogger $935,000?

Contact:

Doug Jones
Flateau Realty Corp.
djones@flateaurealty.com
917.501.7709

Richard Flateau
Flateau Realty Corp.
richardflateau@flateaurealty.com
718.953.7709

Listing: 5,850 square feet in Bed-Stuy for $936,000. [Flateau Realty]

Commercial Listings Double Header - Space For Lease and Building for Sale

Here are two listings for commercial space in Bedford Stuyvesant that a Bed-Stuy Gateway reader pointed out to us.  While these  two listings aren't within the Bed-Stuy Gateway business district, they are close enough - just a few blocks away - to warrant this real estate service announcement.

For Lease:  Community-related organizations, schools or daycare facilities are wanted for the empty space in this handsome building at 375 Stuyvesant Avenue, a landmarked structure in the Stuyvesant Heights Historic District that is currently used as a senior center.  The rental even comes with parking for 8 cars - where else can you get that in New York City?

After the jump, a few details about the second listing.

Listing: Massey Knakal - 375 Stuyvesant Avenue
Listing: Massey Knakal - 1876 Fulton Street

Real Estate For Sale: The Sky Is Most Definitely Not Falling in Bed-Stuy

It is common knowledge that the expanding real estate market of the last few years has been a rising tide that has lifted all boats in New York City, including Bedford Stuyvesant.  And although Bed-Stuy has some magnificent blocks of brownstone residences that rival Park Slope and the Upper West Side in aesthetic appeal, prices in this neighborhood haven't reached insanely stratospheric levels relative to the rest of the city.  So if someone were to come up and offer a property on Fulton Street in Bed-Stuy for $10 million, you would probably think they might as well be asking for "One Hundred, BEEEELYON Dollars", right?

Needless to say, it has happened as you can see by the following Corcoran posting.  New development can be a good thing for Fulton Street.  Let's hope that if an offer is made for this property, whatever gets built doesn't resemble what's shown in the renderings listed in this Corcoran listing or like so many other aesthetically challenged developments that have graced the residential portions of Bed-Stuy.
Listing: Corcoran - Fulton Street | Kingston Avenue