Sheepshead Commercial Building Hits Market at $12M July 31, 2014

Jennifer Henderson | Commercial Observer

The four-level, 18,600-square-foot commercial building at 1926 Avenue U has been listed for sale at $12 million, Commercial Observer has learned. The Sheepshead Bay property is located between Ocean Avenue and East 19th Street.

The building’s 17,280 rentable square feet, ranging from the basement and ground-level retail to two spaces on both the second and third floors, are currently occupied with the exception of one 2,200-square-foot space on the third floor, according to a marketing brochure from GFI Realty Services, which has been named the exclusive sales agent for the property.

Investors Bank, the Avenue U building’s lone retail tenant, pays monthly rent of $22,000, or $72 per square foot, the document further states. The bank’s lease of a 3,680-square-foot space expires in 2027.

The office in the building are in the $30s per square foot. Three medical field tenants are leasing on a month-to-month basis, including one paying $35 per square foot for the 4,400-square-foot basement space.

GFI has done some deals in the Brooklyn neighborhood. Irongate Realty Partners, an affiliate of GFI Capital Resources Group, sold a set of adjoining Sheepshead residential rental buildings at 1125 Banner Avenue for $39.5 million in March, CO previously reported.

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