Property History
Property Type
Property Type
Property Subtype
Marketing Description
Lee & Associates NYC is pleased to present exclusively for sale the community facility asset located at 3208 Fulton Street, Brooklyn, NY 11208 (the “Property”). Situated on the corner of Fulton Street and Richmond Street in the East New York neighborhood of Brooklyn, the Property is leased and occupied by NYC Department for the Aging. In addition to its as-is condition, the site features up to approximately 40,210 square feet of development rights depending on use. The Property represents the opportunity to collect stable cashflow through government tenancy while preparing to redevelop the site to its highest and best use.
Investment Highlights
- Approx. 40,210 SF of development rights, subject to use.
- Stable, credit government tenancy: The Property is fully leased to the NYC Department for the Aging, providing reliable, government-backed cash flow. The tenancy offers strong credit quality and operational stability, making the asset well-suited for investors seeking predictable income during the hold period.
- In-place income with clear redevelopment path: Investors can benefit from immediate cash flow while evaluating redevelopment or repositioning strategies upon
- lease expiration. The current tenancy effectively carries the asset while future plans are advanced.
- Substantial development rights: The site features up to approximately 40,210 square feet of development rights, subject to zoning and use, offering meaningful long-term upside. The Property presents a compelling opportunity to unlock additional value through redevelopment to its highest and best use.
- Corner location with strong exposure: Situated at the intersection of Fulton Street and Richmond Street, the Property benefits from corner visibility, multiple points of access, and a strong neighborhood presence within East New York.
- Community facility uses with flexibility: The existing community facility designation supports a range of institutional and residential redevelopment scenarios, providing flexibility for future ownership depending on market conditions and use requirements.
- As-is, value-add investment opportunity: Offered in as-is condition, the Property is well-positioned for investors seeking a value-add or redevelopment play with current income, downside protection, and long-term appreciation potential.
Loan History
Financial History
Tax History
Contact Information
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Ownership Information
Zoning
R6B ResidentialMulti FamilyGeneral Residence
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View all 99 uses
View all 99 uses Last updated Apr 22, 2026 For deeper zoning details, reports are available at Zoneomics
Property Details
Contacts
Listing removed on
BY:
Sean Slattery PRO
•••.•••.0814
•••••tery@•••-••••••••••.com
Listing removed on
BY:
Benjamin Tapper
•••.•••.7334
•••pper@•••-••••••••••.com
Map
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