3165 Harkness Ave
Brooklyn, NY 11235
Land For Sale · 1.15 AC

RIPCO Investment Sales has been exclusively retained to arrange for the sale or ground lease of a large-scale waterfront retail assemblage located at 3165 Harkness Avenue in the Sheepshead Bay neighborhood in Brooklyn, NY. The property comprises 2 tax lots, one vacant while the other is improved by three contiguous commercial buildings. Lots are separated by a portion of Harkness Avenue that may be demapped to create a single zoning lot. Both tax lots carry mixed-use zoning designation. The property features a large paved parking lot and seasonal outdoor restaurant seating on the water. Corner 2-story building is leased to ColdStone Creamery until May 2027 with a 5-year renewal option. The tenant pays $104,508/yr with 3% annual increases, as well as 12.5% property tax reimbursement. The remaining 2 existing single-story improvements on site (formerly TGI Fridays and Jordan’s Clam Bar) will be delivered vacant. This is an ideal opportunity for a restaurant business operator to take the vacant waterfront space with all restaurant infrastructure in place, while generating income from the currently leased space to offset operating expenses. Developers can maximize rentable floor area by constructing an addition using available air rights or building up to 50,000 ZFA ground-up commercial asset or a mixed-use waterfront development. The property’s AE BFE designation may be used to exclude the ground floor (approx. 9 feet above ground) from zoning floor area calculations, effectively gaining a floor area bonus. Future commercial development may also be eligible for an ICAP tax benefit. The property is 1 block from the Shore Pkwy / Belt Pkwy entrance ramp offering quick and convenient access across Brooklyn and to other boroughs. Sheepshead Bay and Coney Island are experiencing unprecedented development activity with several thousand new units delivered in the past 3 years and another thousand in the pipeline over the next 2 years. Take advantage of this opportunity to acquire a commercial asset with excellent scale on Brooklyn’s waterfront in a rapidly evolving market.