579 Vanderbilt Avenue

"Large 4 Story/ 4 Family POTENTIAL MIXED USE bldg located near new Barclay's Sports Arena. Current under market ($22/sf/yr or $2300/month) residential leases (4)* will be up by end of April 2013 providing perfect opportunity for a new owner to convert this building to it's ""highest & best use"" as a mixed use building with 1-2 stores (@$52-$55sf/year) + 3-6 apartments (@$30-32/sf/yr).. * Note all 4 floors have seperate furnaces and hot water heaters--ie. tenants pay their own heat, hot water and electric. New owner can reap HUGE UPSIDE BY Converting Ground Floor Apartment into 1 or 2 Stores and making more than DOUBLE the residential $/sf/year afforded by the buildings proximity to the recently opened Barclays Sports Arena. Best ground floor retail space usage would be 1200-1400sf restaurant/bar or two small boutique stores (600-700sf@)--bakery, specialty gourmet food stores. Current retail comps on Vanderbilt Ave are in $50-$55/sf/yr range. Also because of it's mixed used and widestreet zoning (R7) and because the building itself is located less than 100 feet from the corner of Dean Street, the ground and can be built out to the end of the lot line providing an additional 495sf Ground Floor Retail space with up to 18' high ceilings. **And because the total buldable square footage is 7000sf (25'x70'lot x 4.0 FAR)--there would still be an approx 1000sf left over on which the new owner could build a 5th floor residential space similar to what was done accross the street at 654 Vanderbilt Avenue. Second floor ( 1200-1400sf) could also be converted to ""Community Use or Professional Office Space"" (at rents about 25% higher than residential rental rates). This space would be ideal for doctors, dentist or law offices, yoga studios, non profit organization space.The third and fourth floors could then be converted back to 4 x 1BR apts @$33/sf/year.**Note--Vanderbilt Avenue between Atlantic Ave and Grand Army became NYC Landmark Blocks in 2011. Currently any changes made to front & back exteriors including adding both roof top and back of building extensions MUST FIRST BE APPROVED BY NYC LANDMARKS. Please consult with us for referral to architects who have had experience dealing with this NYC Agency."