Factory and industrial building · Williamsburg, Brooklyn
488 Morgan Avenue
Brooklyn, NY 11222
488 Morgan Avenue is a 5-floor factory and industrial building in Williamsburg, Brooklyn, built in 1918, with about 53,000 square feet of industrial and storage space according to city records.
Also at 64 Division Place, 470-488 Morgan Avenue and 345 Richardson Street.
- Industrial and storage space
- 53K SF
- Floors
- 5
- Year built
- 1918
- Zoning
- M1-1
The 6th largest of the 11 industrial and storage buildings we track in Williamsburg. Compare it with 6 neighbors
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Compared with its neighbors
How 488 Morgan Avenue compares
Next to the 6 nearest large industrial and storage buildings, all within a 8 minute walk, 488 Morgan Avenue ranks 3rd of 7 by industrial and storage floor area. Built in 1918, it is the oldest of them. Its estimated property tax, about $6.00 a square foot of floor area before abatements, is above the neighbors' median of $4.48.
| Building | Industrial and storage space | Floors | Built | Tax / SF | Last sale |
|---|---|---|---|---|---|
| 488 Morgan Avenue | 53K SF | 5 | 1918 | $6.00 | n/a |
| 460 Morgan Avenue | 38K SF | 1 | 1956 | $5.58 | n/a |
| 366 Frost Street | 44K SF | 2 | 1960 | $4.44 | Jan 2022, $13.5M |
| 505 Morgan Avenue | 35K SF | 2 | 1967 | $4.84 | Aug 2009, $6M (2 lots) |
| 340 Morgan Avenue | 90K SF | 2 | 1938 | $4.48 | n/a |
| 1 Rewe Street | 75K SF | 1 | 1957 | Exempt | n/a |
| 1027 Metropolitan Avenue | 44K SF | 4 | 1960 | $4.23 | n/a |
Sources: NYC Department of City Planning, PLUTO 26v2 for size, floors and year built; NYC Department of Finance 2026/27 roll for tax (taxable value times the class rate, before abatements, over the whole floor area); ACRIS for the last deed that moved the whole lot for a real price (a price for several lots is their combined price; condominiums sell by the unit and show n/a). Large means at least 35,000 SF of the building's main use. Walking times are straight-line estimates.
NYC tax lot records
Building facts
- Other addresses
- 64 Division Place; 470-488 Morgan Avenue; 345 Richardson Street
- ZIP code
- 11222
- Building type
- Factory and industrial building (city class F4)
- Total floor area
- 52,963 SF
- Commercial floor area
- 52,963 SF
- Industrial and storage
- 52,963 SF
- Height
- 5 floors
- Average floor
- About 10,600 SF (floor area divided by floors)
- Year built
- 1918
- Lot area
- 13,620 SF
- Zoning district
- M1-1
- Built FAR
- 3.89
- Max commercial FAR
- 1
- Tax lot (BBL)
- 3028510001
Nearest subway
- Graham Av
- Grand St
Source: NYC Department of City Planning, PLUTO 26v2, pulled 2026-10-16; addresses from the Property Address Directory (PAD) 26b; subway stations from the MTA Subway Stations dataset, pulled 2026-10-16. Floor areas are the city's estimates for the whole building, not available space. Walking times are straight-line estimates. How we build these pages. Something wrong on this page? Tell us.
NYC Department of Finance records
Owner, property tax and assessed value
The Department of Finance lists RICHARDSON DIVISIONMORGAN CORP as the owner of record. For tax year 2026/27 the city values 488 Morgan Avenue at $8.12 million and assesses it at $3.65 million. After phase-ins and exemptions its taxable value is $2.93 million; at the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists) that comes to about $317,655 a year before abatements, roughly $6.00 per square foot of floor area. Commercial leases here often pass a tenant's share of tax increases over a base year through as additional rent.
- Owner of record
- RICHARDSON DIVISIONMORGAN CORP
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $8,120,000
- Land market value
- $518,000
- Assessed value
- $3,654,000
- Taxable value (phased in)
- $2,928,240
- Estimated yearly tax
- About $317,655
- Tax per SF of floor area
- About $6.00
City market value by tax year
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How to find who owns any NYC buildingSource: NYC Department of Finance, Property Valuation and Assessment Data (2026/27 roll; owner names as the roll records them, which cuts some long names short), pulled 2026-10-16; tax rate from the Department of Finance tax rates page, checked 2026-09-28. The estimate is the taxable value times the class rate. It leaves out abatements, payment-in-lieu-of-taxes agreements and charges, so the actual bill can differ.
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NYC energy benchmarking (Local Law 84)
Energy score, grade and emissions
488 Morgan Avenue reported an ENERGY STAR score of 88 out of 100 for 2024 in its Local Law 84 benchmarking filing. Under Local Law 33 that score earns an A (85 or higher). Its site energy use came to 36.5 kBtu per square foot, 48% below the national median of 70.6 for a similar property. Its greenhouse gas emissions were about 177 metric tons of CO2e (3.34 kg per square foot).
- ENERGY STAR score (2024)
- 88 of 100
- Grade this score earns (Local Law 33)
- A (85 or higher)
- Property type (Portfolio Manager)
- Office
- Site energy use intensity
- 36.5 kBtu/SF
- National median for the type
- 70.6 kBtu/SF
- Greenhouse gas emissions
- 177 t CO2e
- Emissions per SF
- 3.34 kg CO2e
- Floor area in the filing
- 52,963 SF
ENERGY STAR score by year
Energy sources in 2024
Source: NYC Department of Buildings and Mayor's Office of Climate and Environmental Justice, NYC Building Energy and Water Data Disclosure for Local Law 84 (2024 filing), pulled 2026-10-16; grade cutoffs from the Department of Buildings energy grades page. Figures are as the owner filed them in ENERGY STAR Portfolio Manager. The grade is the one the filed score earns under the law's cutoffs; the Department of Buildings assigns the grade a building posts, which can differ.
Local Law 97 of 2019, estimated
Local Law 97 emissions limit
At its 2024 energy use, 488 Morgan Avenue comes to about 140 metric tons of CO2e a year under Local Law 97's coefficients, against a limit of 401 tons for 2024 to 2029 (35% of the limit), so it would owe no penalty. From 2030 the limit drops to 143 tons and the same energy use counts as about 90 tons, still under the limit.
- Period
- 2024 to 2029
- Emissions limit
- 401 t CO2e
- Estimated emissions
- 140 t CO2e
- Under the limit by
- 261 t CO2e
- Estimated penalty a year
- None
- Period
- 2030 to 2034
- Emissions limit
- 143 t CO2e
- Estimated emissions
- 90 t CO2e
- Under the limit by
- 53 t CO2e
- Estimated penalty a year
- None
Estimated from the owner's 2024 Local Law 84 filing, which reports energy by source and floor area by use: Office 52,963 SF. It applies the coefficients and per-use limits in Department of Buildings rule 1 RCNY 103-14 and Administrative Code 28-320.3.1.1 (as the Department lists them) and the $268 per ton penalty, checked 2026-10-04. It is not the building's Local Law 97 report: that report can count renewable energy credits, solar and storage deductions and, for 2024 and 2025, the law's occupancy group limits where higher, and penalties can be reduced for good faith efforts.
Change these numbers in the Local Law 97 calculator to see what a cut in energy use would do to the penalty.
How Local Law 97 works: who is covered, the 2030 limits and what owners, tenants and buyers should check.
Own or manage 488 Morgan Avenue? List a space here free and we match it against every active requirement.
NYC Department of Buildings permits
Work permits and build-outs
In the 12 months to October 2026, the Department of Buildings issued first permits for 1 job at 488 Morgan Avenue.
- New jobs, last 12 months
- 1
- Initial permits, last 12 months
- 1
- Newest job first permitted
- October 2026
- Interior build-outs, last 24 months
- 0
New jobs by year
Build-outs across WilliamsburgWhere NYC offices are being built out
Source: NYC Department of Buildings, DOB NOW: Build Approved Permits, pulled 2026-10-24 (permits issued through 2026-10-22). A job counts once, when its first permit is issued; renewals are not new work. A build-out groups jobs on the same floors first permitted within 120 days of each other. Costs are the estimates filed with the jobs. Jobs filed before DOB NOW (in the older BIS system) are not counted. A permit is approval to do the work; it does not say who the work is for or whether it is finished.
No industrial and storage space listed in Williamsburg yet
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Questions about 488 Morgan Avenue
How big is 488 Morgan Avenue?
488 Morgan Avenue has about 53,000 square feet of floor area in total, including 53,000 square feet of industrial and storage space, according to NYC PLUTO 26v2. These are the city's estimates for the whole building, not space that is available.
When was 488 Morgan Avenue built?
City records list 1918 as the year built. The building is 5 floors tall.
What other addresses does 488 Morgan Avenue have?
City records list 64 Division Place, 470-488 Morgan Avenue and 345 Richardson Street on the same tax lot (BBL 3028510001) as 488 Morgan Avenue. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 488 Morgan Avenue?
488 Morgan Avenue is in ZIP code 11222, according to the city's tax lot records (NYC PLUTO 26v2) and the Department of Finance's assessment roll. The full mailing address is 488 Morgan Avenue, Brooklyn, NY 11222, in Williamsburg.
What is the zoning at 488 Morgan Avenue?
The lot is in the M1-1 zoning district. PLUTO lists a built floor area ratio (FAR) of 3.89 and a maximum commercial FAR of 1 for this lot.
What subway station is closest to 488 Morgan Avenue?
The closest subway station to 488 Morgan Avenue is Graham Av (the L train), about 0.5 miles away in a straight line, roughly 11 minutes on foot. Also nearby: Grand St (the L train), 12 min walk. Walking times are straight-line estimates; the street route is longer.
Who owns 488 Morgan Avenue?
The NYC Department of Finance's 2026/27 assessment roll lists RICHARDSON DIVISIONMORGAN CORP as the owner of record of 488 Morgan Avenue (BBL 3028510001). Deeds and mortgages for the lot are public in ACRIS, the city's property records system.
What is the energy grade of 488 Morgan Avenue?
488 Morgan Avenue reported an ENERGY STAR score of 88 for calendar year 2024 in its Local Law 84 benchmarking filing. Under Local Law 33, as amended by Local Law 95 of 2019, a score of 85 or higher earns an A, 70 to 84 a B, 55 to 69 a C and under 55 a D, so 88 earns an A. The Department of Buildings assigns the grade a building posts, so the posted label can differ if a filing was corrected. Its site energy use came to 36.5 kBtu per square foot, 48% below the national median of 70.6 for a similar property. Its greenhouse gas emissions were about 177 metric tons of CO2e (3.34 kg per square foot).
Does 488 Morgan Avenue meet Local Law 97?
At its 2024 energy use, 488 Morgan Avenue comes to about 140 metric tons of CO2e a year under Local Law 97's coefficients, against a limit of 401 tons for 2024 to 2029 (35% of the limit), so it would owe no penalty. From 2030 the limit drops to 143 tons and the same energy use counts as about 90 tons, still under the limit. This is an estimate from the owner's 2024 benchmarking filing using the coefficients and per-use limits in the law and the Department of Buildings rule, at $268 per ton over. It is not the building's Local Law 97 report, which can count credits and deductions this estimate cannot.
Is there construction at 488 Morgan Avenue?
In the 12 months to October 2026, the Department of Buildings issued first permits for 1 job at 488 Morgan Avenue. These are the Department of Buildings' DOB NOW work permits for tax lot 3028510001. A permit is approval to do the work; it does not say who the work is for or whether it is finished.
What are the property taxes at 488 Morgan Avenue?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $2.93 million for 488 Morgan Avenue. At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $317,655 a year, roughly $6.00 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 3028510001 show the actual bill.
What is the assessed value of 488 Morgan Avenue?
For tax year 2026/27, the NYC Department of Finance puts the market value of 488 Morgan Avenue at $8.12 million ($518,000 of it land) and its assessed value at $3.65 million, the 45% of market value the city assesses for Class 4 property. The city's market value rose 41% from 2022/23 ($5.75 million) to 2026/27.
Is there industrial and storage space for lease at 488 Morgan Avenue?
No space at 488 Morgan Avenue is listed on Leasemark right now. Owners and brokers can list space here for free, and tenants can post a requirement to be matched when space opens up.
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