April 11, 2019 By Laura Hanrahan
The Polonaise Terrace banquet hall on Greenpoint Avenue has hit the market for $11.75 million.
The two-building complex, located at 144-150 Greenpoint Ave., is currently rented by the Brooklyn Bazaar, which moved into the space in 2016. It was once a popular Polish banquet hall
Meridian Capital, the listing broker, is marketing the space as a redevelopment opportunity with the potential to house a hotel, retail space, banquet hall, or community facility.
“The flexible zoning allows for creative owners to take advantage of the ascending neighborhood and long established Greenpoint Avenue, which is brimming with foot traffic 24/7,” Meridian Capital Senior Executive Managing Director Daniel Schechtman wrote when he listed the property on the Commercial Observer.
The existing buildings total 14,400 square feet, but the property has a C4-3A (R-6A) zoning, which allows for up to 35,588 square feet of space, including the basement.
Schechtman has said the property can be delivered as a vacant space to the buyer, meaning the Brooklyn Bazaar may have to relocate once again. The Bazaar, which hosts various events throughout the week and a weekend-night flea market with live music, food and drinks, was previously located several blocks away on Banker Street, but was forced to move in 2016 after their rent was drastically raised.
The Bazaar’s operators completed a substantial renovation of the Polonaise Terrace before opening their doors in August of that year.
The property, located by bustling Manhattan Avenue, near the Greenpoint Avenue G train station, was bought by the current owner Cayuga Capital Management in 2015 for $10.1 million.