Global commercial real estate advisory firm Newmark has been retained as the exclusive agent to sell 24 Woodward Avenue, located at the southwest corner of Flushing Avenue on the border of Ridgewood/Maspeth and East Williamsburg in Brooklyn.
The Newmark team led by Vice Chairman Brian Ezratty and Scott Ellard is marketing the strategically-located industrial and commercial facility, which boasts easy access to major highways and airports and is only a few minutes by car or train to Midtown Manhattan.
“The property has the advantage of being overbuilt under current zoning, providing greater capacity for last-mile distribution and office space or redevelopment into one of many other potential uses,” said Ezratty. “There has been tremendous development activity on the part of both large-scale commercial users and investor/developers looking to transform existing structures throughout the district. The result has been significant upward pressure on property values in the area.”
The 80,875-square-foot site spans nearly half a city block from Woodward to Onderdonk Avenue and the entire block from Flushing Avenue to the railroad. While 24 Woodward Avenue is currently occupied by three tenants in furniture manufacturing, wholesale and shipping businesses, all are on short-term leases and the property can be vacated in anticipation of redevelopment.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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