238 Melrose St, Brooklyn, NY, 11206

About This Home

Four-story + cellar • Commercial + Retail • 22,500 SF • Residential conversion opportunity Exclusively Listed by SERHANT., 238 Melrose Street is a four-story plus cellar, 22,500 SF masonry loft building situated on a 4,792 SF lot in the heart of Bushwick's North Brooklyn submarket. The property will be delivered fully vacant; the ground-floor laundromat is owner-operated and vacates upon sale, and upper-floor office tenants occupy on short-term six-month license agreements, providing an incoming owner with complete operational control from day one with no lease risk or tenant obligations of any kind. Rare institutional-scale commercial asset in the heart of Bushwick's North Brooklyn submarket. Infrastructure includes elevators, sprinklers, dual boilers, and high floor loads already in place. Bushwick continues to emerge as one of New York City's most sought after investment markets, driven by sustained and increasing 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. Delivered 100% vacant — immediate control with no inherited tenant risk. INVESTMENT HIGHLIGTS - 10,350 SF of irreplaceable grandfathered FAR that can not be rebuilt under today's R6 zoning. - Priced well below replacement cost, allowing an investor to acquire existing density that cannot be replicated today.  - 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.