INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 425 Hoyt Street, a recently renovated vacant corner industrial warehouse on the border of Gowanus and Carroll Gardens. The property is approximately 19,250 SF with over 200 feet of wraparound frontage. 425 Hoyt Street is located steps away from the Gowanus Canal, three blocks from the Carroll Street Station servicing the D, F, and G subway lines, and two blocks from the Court Street retail corridor.
Gowanus has been experiencing an investment surge over the past few years after a proposed rezoning was announced. If the rezoning is approved, a future investor will be able to utilize an additional 9,007 SF, as the FAR will change from 2.00 to 3.00. The proposed Gowanus rezoning will change the property's M3-1 zoning into a M1-3 zoning classification. This new flexible zoning allows for the following uses: office, retail, hotel, and manufacturing. The city owned lot situated directly behind 425 Hoyt Street on Smith and Fifth Streets, known as the Gowanus Green, was just approved (on 11/20/20) for 950 residential units and a number of community benefits, including a public school, a park, community space and retail. Future ownership and tenants will benefit from an increase in foot-traffic from approximately 20,000 new residents slated to move to this strategic South Brooklyn location. The property is ideal for an end user looking to utilize the office and/or retail space or, alternatively, serve as a last-mile logistics warehouse for the anticipated influx of residents into the area.
The building was upgraded with brand new mechanicals, oversized casement windows, a high capacity steel case passenger elevator, a loading dock, a large drive-in garage and new roof deck offering views of Brooklyn. The EPA just kicked off the dreding of the Gowanus canal in November 2020. Ownership has submitted an ICAP application which is pending approval.