Jared Wallace Acquires Commercial Property In Sheepshead Bay, Brooklyn For $3.8M

The commercial property located at 1702 Avenue U in Sheepshead Bay, Brooklyn has been sold. The property, which has a zoning designation of R5 and C1-3, was purchased on February 18, 2022. The sale was conducted between Jared Wallace, the buyer, and Robert A. Morelli, the seller. The transaction price for the property was $3,800,000.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $3,800,000
• Address: 1702 Avenue U
• Market: Sheepshead Bay, Brooklyn
• Zoning: R5, C1-3

The property has a building size of 10,000 square feet, with a price per square foot (PPSF) of $380. The total square footage of the property is 6,400, resulting in a price per square foot (PPSF) of $593. The floor area ratio (FAR) for the property is 0.80, and it is classified under tax class 4.

The lot size of the property is 8,000 square feet, with lot dimensions measuring 80 feet by 100 feet. The property previously received an alteration permit on October 29, 2015.