Bay Ridge Development Site Hits the Market at 8111 Third Avenue

8111 Third Avenue, photo via TerraCRG8111 Third Avenue, photo via TerraCRG

A sizable development site is up for grabs at the corner of Third Avenue and 81st Street in Bay Ridge, along the bustling commercial corridor of the South Brooklyn neighborhood.

The parking lot at 8111 Third Avenue could accommodate a 22,000-square-foot building with retail, medical offices, apartments, or some combination of the three. The owner wants $7,200,000 for the property, or roughly $329 per buildable square foot.

There are so few development sites available in Bay Ridge that nothing has traded for that price recently. TerraCRG broker Peter Matheos told YIMBY, “It’s a rare opportunity in Bay Ridge, because there aren’t many sites this large, and it’s a corner with retail.”

The 10,933-square-foot lot offers 109 feet of frontage on Third Avenue, which will hopefully draw a sizable retail tenant or a few small ones. A new grocery store was built across the street in 2013, illustrating the block’s potential.

The one downside is that the contextual zoning in the area is quite strict. It caps new building heights at 50 feet and restricts commercial or residential development to a FAR of 2.

Retail space in the neighborhood can rent for up to $60 a square foot and medical office rents hit $35 a square foot. Residential rents are also quite stable, with one-bedrooms asking anywhere from $1,400 to $2,100 a month and two-bedrooms between $1,650 and $3,000.

The site sits roughly five blocks south of the R train’s 77th Street stop and six blocks north of its 86th Street stop.

The property used to be a gas station, and ExxonMobil purchased the property for $2,150,000 in 2005. The gas station was demolished three years ago and transformed into a parking lot.

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