the allegretti family, who owned and operated the Bayside Fuel Oil Depot Corporation for several decades has brought one of its large fuel oil terminals in south Brooklyn to market, according to JLL.
The 2.5 acre property at 1776 Shore Parkway at Gravesend includes a small two-storey building – which the Allegrettis used as their main office – as well as several fuel oil tanks. The site, which is zoned M3-1 for industrial and commercial use, also includes 14 acres of deeded water rights, extending to the shoreline bulkhead along Gravesend Bay, JLL said. The fuel oil terminal is just off Belt Parkway, allowing easy driving access to the Verrazzano-Narrows Bridge, the Brooklyn-Queens Freeway, and the I-95 corridor.
Brokers marketing the property hope to lease it on the ground for 49 or 99 years, with an asking price of $2.25 million per year, or $20 per square foot on the 110,000 square foot plot. Current zoning allows up to 870,000 square feet of industrial, commercial or office development. A JLL Capital Markets team made up of Michael Mazara, Brendan Maddigan, Stephen Palmese, Ethan Stanton and Winfield Clifford plan to start publicizing the site this week.
Mazzara said he could envision industrial user land leasing the property, but it could be a good location for retail stores, medical uses or even apartments with rezoning. Access to the waterfront could be valuable for many types of industrial users, including a developer building turbines for an offshore wind project off Long Island.
“It’s such an interesting property that we’re very excited to know what the highest and best use of the property is,” he said. “It could be industrial, it could be retail, with Caesar’s Bay shopping center right next door. There are other uses. Is it a hospital? Is this an affordable housing residential development? »
He pointed out that a site like this would charge double or triple the ground rent in a more toned-down part of Brooklyn, like Williamsburg or Gowanus. And the industrial market in all five boroughs has been very constrained during the pandemic, making potential development sites like 1776 Shore Parkway valuable.
“I think industrial is like the darling of what’s happening in New York,” Mazzara said. “It’s crucial and we’ll see if industry and logistics are the winning bid.”
Rebecca Baird-Remba can be reached at [email protected].