JLL has been retained on an exclusive basis to arrange for the sale of 271 42nd Street, a 7,620 SF warehouse/ flex office building in the Qualified Opportunity Zone of Sunset Park, Brooklyn. The building spans 3 stories with a 3,000 SF garage on the ground floor and fully furnished offices on upper floors.
3,000 SF with 1 overhead door and 14-foot ceilings.
Pristine and fully furnished offices on the 2nd and 3rd floors with 2,400 SF and 2,200 SF floor plates respectively. The space also offers conference room and kitchen.
Additional Building Details
Building was erected in 2006 and is fully sprinklered with HVAC and elevator service. Tenants also benefit from roof terrace access.
The building may be eligible for a number of tax benefits including the ICAP abatement for commercial improvements
Industrial Business Zones represent the most active industrial areas in New York City, which recent data shows have gained industrial employment consistently since 2010. Policies applying to the IBZs continue to offer targeted support services for industrial firms and attend to area-wide improvements. The designation also provides relocation tax credits to qualifying businesses that locate within an IBZ to direct investment to New York City’s strongest industrial areas.
Opportunity Zones spur private investment and economic development in designated communities by incentivizing investors with deferred or reduced taxes on capital gains tied to the longevity of their investment.