Avenue U Commercial Building On The Market For $12M

The corner property at Avenue U and Ocean Avenue, home to Investors Bank, has hit the market for $12 million, according to Commercial Observer.

The building, at 1926 Avenue U, is described by the outlet:

The building’s 17,280 rentable square feet, ranging from the basement and ground-level retail to two spaces on both the second and third floors, are currently occupied with the exception of one 2,200-square-foot space on the third floor, according to a marketing brochure from GFI Realty Services, which has been named the exclusive sales agent for the property.

The building appears to also have the address 1928-30 Avenue U and 2560 Ocean Avenue.

Aside from Investors Bank, which we learn pays $22,000 a month to the landlord, the building also currently has three medical tenants. The ground floor location has been a bank in one form or another since at least the 1980s.

GFI is the same group behind the $39.5 million sale of 1125 Banner Avenue, a residential property that had its share of troubles before the company’s development wing, Irongate Realty Partners, purchased it and turned it around.

Commercial Observer doesn’t share information about the owner, but property records on Property Shark appear to indicate it was purchased by 2560 Ocean Realty Corp in 1998 and has suffered through a few tax liens.