651vanderbilt030507.jpg
Does anyone know what the going rate for store rentals on Vanderbilt Avenue in Prospect Heights is? That’s one key question in evaluating the three-story building (center) at 651 Vanderbilt, which is currently asking $1,300,000. The fact that the 3,000-square-foot building has been on the market for over a month already suggests it’s not a screaming buy. And in its current form that’s probably true. However, another key factor in assessing the building’s value is its FAR, which, at 4, means it’s underbuilt by 4,400 square feet. The eventual buyer of this place will likely follow the example of 554 Vanderbilt which is currently building a multi-story addition (photo on the jump). Personally, we’re very bullish on Vanderbilt as a commercial hub and like the looks of this building in terms of aesthetics. Does anyone know if there are any setback rules or other restrictions over what could be built on top of this?
651 Vanderbilt Avenue [Trulia] GMAP P*Shark

554vandy030507.jpg


What's Your Take? Leave a Comment

  1. The reason this property hasn’t sold is there is a disagreement among the two partners who own it – one want to sell and the other doesn’t. The wine shop has a sweetheart deal and that is the reason for the low rent. They went in and had to do a lot of work at a time when the area didn’t warrant more. Now things are changing and the rent seems to be below the market. Vanderbilt and vicinity is and will be a great area for growth.

  2. meh – from the stadium, this is all the way across AY (past all the residential towers) and then a ways down Vandy. I don’t expect AY to cause much suburban blight here. Fort Greene, in the BAM arts district, will have it much worse.