238 Melrose Street, Brooklyn - Redevelopment Opportunity
22,500 SF | 100% Leased | Delivered Vacant
Marketing description
Mixed Use, Multifamily, Retail • 22,500 SF • 05/11/1998
Serhant is pleased to present 238 Melrose Street, a rare institutional-scale mixed-use asset in the heart of Bushwick's North Brooklyn submarket. Bushwick continues to emerge as one of New York City's most sought-after investment markets, driven by sustained residential demand, a thriving creative economy, and significant neighborhood investment. Recent catalysts—including the opening of Pacha New York at the former Brooklyn Mirage site and the announcement of a new Whole Foods Market—underscore the neighborhood's continued evolution and long-term growth trajectory.
Comprising 22,500 square feet on a 4,792-square-foot lot, the property will be delivered fully vacant at closing, providing an incoming owner with complete control from day one—no lease assumptions, no holdover risk, and immediate flexibility to renovate, reposition, lease, occupy, or convert.
Investment highlights
Why sophisticated investors will pay attention
- Delivered 100% vacant — immediate control with no inherited tenant risk.
- 10,350 SF of irreplaceable grandfathered floor area that cannot be rebuilt under today's zoning.
- Priced well below replacement cost, allowing investors to acquire existing density rather than build it.
- Multiple value-creation strategies, rather than reliance on a single business plan.
- Institutional-quality infrastructure already in place, reducing renovation costs and execution risk.
- Located in one of Brooklyn's strongest long-term growth markets, where residential demand, creative businesses, and redevelopment continue to drive appreciation.
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