Office building · Sunset Park, Brooklyn
5423 1st Avenue
Brooklyn, NY 11220
5423 1st Avenue is an office building in Sunset Park, Brooklyn, built in 2025, with about 98,000 square feet of office space according to city records.
Also at 115-119 55th Street.
- Office space
- 98K SF
- Floors
- n/a
- Year built
- 2025
- Zoning
- M1-2
The 5th largest of the 5 office buildings we track in Sunset Park. Compare it with 4 neighbors
No space at 5423 1st Avenue is listed on Leasemark yet. Own or broker space here? List it free and it is matched against every active requirement the day it goes up, or import a spreadsheet of up to 50 spaces at once. Nothing free right now? Get tenant alerts for Sunset Park and hear the moment a tenant posts a requirement there.
Compared with its neighbors
How 5423 1st Avenue compares
Next to the 4 nearest large office buildings, all within a 19 minute walk, 5423 1st Avenue ranks 4th of 5 by office floor area. Built in 2025, it is the newest of them. Its estimated property tax, about $0.40 a square foot of floor area before abatements, is below the neighbors' median of $8.14.
| Building | Office space | Floors | Built | Tax / SF |
|---|---|---|---|---|
| 5423 1st Avenue | 98K SF | n/a | 2025 | $0.40 |
| 14 53rd Street | 269K SF | 7 | 1918 | $5.40 |
| 6740 4th Avenue | 52K SF | 4 | 1920 | $13.47 |
| Industry City Building 1, 639 2nd Avenue | 105K SF | 6 | 1907 | $5.14 |
| Industry City Building 2, 627 2nd Avenue | 229K SF | 6 | 1907 | $10.87 |
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). Large means at least 50,000 SF of the building's main use. Walking times are straight-line estimates.
NYC tax lot records
Building facts
- Other address
- 115-119 55th Street
- ZIP code
- 11220
- Building type
- Office building (city class O2)
- Total floor area
- 98,319 SF
- Commercial floor area
- 98,319 SF
- Office
- 98,319 SF
- Year built
- 2025
- Lot area
- 20,034 SF
- Zoning district
- M1-2
- Built FAR
- 4.91
- Max commercial FAR
- 2
- Tax lot (BBL)
- 3008200058
Nearest subway
- 53 St
- 59 St
- 45 St
Source: NYC Department of City Planning, PLUTO 26v2, pulled 2026-10-03; addresses from the Property Address Directory (PAD) 26b; subway stations from the MTA Subway Stations dataset, pulled 2026-10-03. 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 5423 FIRST AVENUE LLC as the owner of record. For tax year 2026/27 the city values 5423 1st Avenue at $801,000 and assesses it at $360,450. After phase-ins and exemptions its taxable value is $360,450; at the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists) that comes to about $39,102 a year before abatements, roughly $0.40 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
- 5423 FIRST AVENUE LLC
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $801,000
- Land market value
- $801,000
- Assessed value
- $360,450
- Estimated yearly tax
- About $39,102
- Tax per SF of floor area
- About $0.40
City market value by tax year
Source: 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 2026-10-03; 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.
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 2 jobs at 5423 1st Avenue. In the last two years, interior work was permitted on 6 floors (floors 1 to 6 and the cellar). The newest build-out, on floors 1 to 6, the cellar and the roof, was first permitted in March 2026 (sprinklers, standpipe; filed cost estimate $3,000).
- New jobs, last 12 months
- 2
- Initial permits, last 12 months
- 8
- Newest job first permitted
- March 2026
- Interior build-outs, last 24 months
- 3
- Floors with interior work, last 24 months
- 1 to 6, cellar
- Facade and sidewalk jobs, last 24 months
- 6
Recent build-outs
New jobs by year
Build-outs across Sunset ParkWhere NYC offices are being built out
Source: NYC Department of Buildings, DOB NOW: Build Approved Permits, pulled 2026-10-03 (permits issued through 2026-10-01). 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.
Before you sign
Plain-English guides to square footage, rent and lease terms in New York, and free calculators to run your own numbers.
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Rentable vs usable square feet and the loss factor, explained
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Gross vs net leases in NYC: what tenants actually pay
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Questions about 5423 1st Avenue
How big is 5423 1st Avenue?
5423 1st Avenue has about 98,000 square feet of floor area in total, including 98,000 square feet of office, according to NYC PLUTO 26v2. These are the city's estimates for the whole building, not space that is available.
When was 5423 1st Avenue built?
City records list 2025 as the year built.
What other addresses does 5423 1st Avenue have?
City records list 115-119 55th Street on the same tax lot (BBL 3008200058) as 5423 1st Avenue. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 5423 1st Avenue?
5423 1st Avenue is in ZIP code 11220, according to the city's tax lot records (NYC PLUTO 26v2) and the Department of Finance's assessment roll. The full mailing address is 5423 1st Avenue, Brooklyn, NY 11220, in Sunset Park.
What is the zoning at 5423 1st Avenue?
The lot is in the M1-2 zoning district. PLUTO lists a built floor area ratio (FAR) of 4.91 and a maximum commercial FAR of 2 for this lot.
What subway station is closest to 5423 1st Avenue?
The closest subway station to 5423 1st Avenue is 53 St (the R train), about 0.4 miles away in a straight line, roughly 9 minutes on foot. Also nearby: 59 St (the N and R trains), 9 min walk; 45 St (the R train), 12 min walk. Walking times are straight-line estimates; the street route is longer.
Who owns 5423 1st Avenue?
The NYC Department of Finance's 2026/27 assessment roll lists 5423 FIRST AVENUE LLC as the owner of record of 5423 1st Avenue (BBL 3008200058). Big buildings are usually held through a company set up for that one property, so the name on the roll can differ from the landlord's brand or the managing agent. Deeds and mortgages for the lot are public in ACRIS, the city's property records system.
Is there construction at 5423 1st Avenue?
In the 12 months to October 2026, the Department of Buildings issued first permits for 2 jobs at 5423 1st Avenue. In the last two years, interior work was permitted on 6 floors (floors 1 to 6 and the cellar). The newest build-out, on floors 1 to 6, the cellar and the roof, was first permitted in March 2026 (sprinklers, standpipe; filed cost estimate $3,000). These are the Department of Buildings' DOB NOW work permits for tax lot 3008200058. 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 5423 1st Avenue?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $360,450 for 5423 1st Avenue. At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $39,102 a year, roughly $0.40 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 3008200058 show the actual bill.
What is the assessed value of 5423 1st Avenue?
For tax year 2026/27, the NYC Department of Finance puts the market value of 5423 1st Avenue at $801,000 ($801,000 of it land) and its assessed value at $360,450, the 45% of market value the city assesses for Class 4 property. The city's market value fell 69% from 2022/23 ($2.6 million) to 2026/27.
Is there office space for lease at 5423 1st Avenue?
No space at 5423 1st 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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Sunset Park
Transit hubs in Sunset Park
- D N R at 36 St
- R at 45 St
- NYC Ferry at Sunset Park