Cushman & Wakefield has been retained on an exclusive basis by JP Morgan Chase to sell a landmark building at 9 Dekalb Avenue in Downtown Brooklyn.
Ownership is requesting proposals.
Originally built in the mid-1850s for the Dime Savings Bank of New York, the five-story iconic structure contains approximately 68,904 gross square feet.
It currently operates as a bank with offices on the above floors.
The property features over 249,916 s/f of development rights as-of-right and as much as 313,680 s/f of development rights when including Inclusionary Housing FAR. The air rights can potentially be put to use at a neighboring development or used to build out the maximum envelope of the site of 382,584 square feet.
The property has the potential to be delivered vacant, making it a rare opportunity for an investor to acquire one of the most architecturally significant properties in all of New York City or for a user to occupy an expansive property with prime retail potential.
The property is situated in Downtown Brooklyn, the borough’s largest and most important central business district. The influx of residential and hotel development has motivated retailers to capitalize on the growing opportunity within the area. It is steps from the Fulton Mall and City Point, which see over 100,000 daily shoppers.
The residential market in the Downtown Brooklyn area has been driven by record low inventories and strong demand for available housing.
Surrounding luxury developments include 388 Bridge Street and Brooklyn Air. It is also around the corner from MetroTech Center, the New York City Fire Department headquarters, and offices for tenants including JP Morgan Chase, Brooklyn Nets, and National Grid.
This property is being marketed exclusively by Cushman & Wakefield Chairman, New York Investment Sales, Bob Knakal, James Nelson, and Stephen P. Palmese.