Weirfield Development Package Table of Contents I
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L WEIRFIELD DEVELOPMENT PACKAGE TABLE OF CONTENTS I. EXECUTIVE SUMMARY II. THE NEIGHBORHOOD III. DUE DILIGENCE FOR MORE INFORMATION, PLEASE CONTACT DJ JOHNSTON Partner, Senior Managing Director 646 933 2619 [email protected] WILLIAM CHENG L Director 646 933 2623 [email protected] MICHAEL MURPHY Senior Associate 646 933 2638 [email protected] BEN RECHLER Associate 646 933 2657 [email protected] EXECUTIVE SUMMARY THE OPPORTUNITY PROPERTY INFORMATION B6 Real Estate Advisors is pleased to announce that it has of new restaurants, cafes, bars, art galleries, retail stores 389 391 1438 376 378 380 ADDRESS SUMMARY been retained on an exclusive basis to arrange for the sale of and creative work lofts, Bushwick, Brooklyn has emerged WEIRFIELD WEIRFIELD HANCOCK WEIRFIELD WERFIELD WEIRFIELD this extensive residential development assemblage located on as one of the fastest growing and most sought after real the Halsey L train station in Bushwick, Brooklyn. The portfolio estate markets in all of New York City. From an investment Block / Lot 3400 / 68 3400 / 63 3400 / 35 3407 / 21 3407 / 26 3407 / 27 -- features roughly 78,199 buildable square feet, just steps from perspective, Bushwick presents a rare opportunity to purchase 26.44' x 100' 30.33' x 196' Lot Size 30.54' x 100' 100.4' x 100' 30' x 200.21' 100.37' x 100' -- the L train, with convenient access to Union Square and real estate in a stable yet rapidly appreciating neighborhood at Irreg. Irreg. Williamsburg within 20 minutes. The large scale of this offering, a significant discount as compared to similar neighborhoods Lot SF 3,054 10,040 6,006 10,037 2,153 5,850 37,140 truly uncommon for the Bushwick area, provides developers like Williamsburg and Greenpoint. The most compelling trend with the critical mass necessary to create their own community is the fact that rental rates in Bushwick have outpaced many Zoning R6 R6 R6 R6 R6 R6 / M1-1 -- in what has become one of New York City’s most sought after other Brooklyn neighborhoods, while multifamily values have FAR 2.20 2.20 2.20 2.20 2.20 2.20 / 1.00 -- neighborhoods. remained significantly lower by comparison. Over the course of one year, the average rent for a one bedroom in Bushwick Residential BSF 6,719 22,088 13,214 22,081 4,737 6,435 75,274 As the long history of New York City neighborhoods such as increased by 11.3%, well above the industry average. Despite Commercial BSF -- -- -- -- -- 2,925 2,925 Soho, Chelsea, Williamsburg, DUMBO and Greenpoint would this enormous increase, property values in Bushwick are Total Buildable SF 6,719 22,088 13,214 22,081 4,737 9,360 78,199 suggest, residents being priced out of mature neighborhoods still significantly lower as compared to similar offerings in will always travel along transportation lines to neighboring Greenpoint and Williamsburg. This presents an ideal scenario areas where they can live more comfortably. With an influx for a forward-looking investor. RESIDENTIAL BSF COMMERCIAL BSF TOTAL BSF L 75,274 2,925 78,199 WYCKOFF AVENUE L BLOCK BLOCK 3400 3407 RESIDENTIAL BSF RESIDENTIAL BSF 42,021 33,253 130’ x 65’ x 5.5 Floors 100’ x 65 x 5.5 Floor 35 27 26 COMMERCIAL BSF 63 2,950 21 30’ x 100’ x 1 Floor 68 HALSEY STREET HANCOCK STREET WEIRFIELD STREET WEIRFIELD 6 B6 REAL ESTATE ADVISORS WEIRFIELD DEVELOPMENT PACKAGE 7 IRVING AVENUE PROPOSED DEVELOPMENT SCHEME TAX MAP To avoid underground parking and maximize efficiency of building layouts and Total Buildable SF: 78,199 amenities, we are suggesting you mass out all of your residential FAR next to Residential BSF: 75,274 WYCKOFF AVENUE L on grade parking. We suspect this would save you roughly $3M in hard costs. M1-1 BSF: 2,925 RESIDENTIAL BSF – 42,021 COMMERCIAL BSF – 2,950 130’ X 65’ X 5.5 FLOORS 30’ X 100’ X 1 FLOOR 5.5 FLOORS OF RESIDENTIAL 1 FLOOR OF RETAIL OR PARKING PARKING – 33 SPACES PARKING – 25 SPACES 200.21’ 30’ 35 196.33’ 100’ 27 65’ 30’ 130’ 26 96.67’ 63 WEIRFIELD STREET 100’ 156.81’ 169.98’ 130.94’ 65’ 160.94’ 21 393 WEIRFIELD STREET 376 WEIRFIELD STREET BLOCK 3400 / 68,63,35 BLOCK 3407 / 21,26,27 68 100’ 100’ RESIDENTIAL BSF – 33,253 100’ X 65’ X 5.5 FLOORS HALSEY STREET 5.5 FLOORS OF RESIDENTIAL HANCOCK STREET WEIRFIELD STREET WEIRFIELD 8 B6 REAL ESTATE ADVISORS WEIRFIELD DEVELOPMENT PACKAGE 9 IRVING AVENUE PROPERTY PHOTOS 10 B6 REAL ESTATE ADVISORS WEIRFIELD DEVELOPMENT PACKAGE 11 TRANSPORTATION The subject property is an 18 minute train ride from Manhattan By car, there is easy access to Manhattan via the Williamsburg and less than 25 minutes from Midtown via transfer. Bridge, Brooklyn Bridge, Manhattan Bridge an Queens Midtown Tunnel. The property is ideally situated in close proximity to Weirfield Development Package is conveniently located within the Brooklyn-Queens Expressway (Interstate 278), accessible just steps of the L train’s Halsey Street station. within 3.3 miles of the property, connecting to most major d thoroughfares in Brooklyn and Queens. 42 ST - GRAND CENTRAL 26 Minutes Multiple bus options are also available with the B20, B26, B38, Q39, Q55, and Q58 lines, providing direct connections The three major metropolitan airports, John F. Kennedy (17.5 METRO NORTH throughout Brooklyn and Queens that is conveniently located miles), LaGuardia (8.9 miles), and Newark (19.5 miles) are located 42d ST - TIMES SQUARE within close proximity to the property. in the immediate Metropolitan area. 26 Minutes 34t ST - HERALD SQUARE 25 Minutes 34t ST - PENN STATION 26 Minutes PATH LIRR, PATH, N TRANSIT AMTRAK 14t ST - UNION SQUARE 21 Minutes 1t AVENUE EAST 14t STREET 18 Minutes FULTON CENTER STATION 31 Minutes WEIRFIELD DEVELOPMENT PATH PACKAGE BEDFORD AVENUE STATION 13 Minutes HALSEY STREET STATION 12 B6 REAL ESTATE ADVISORS WEIRFIELD DEVELOPMENT PACKAGE 13 NEIGHBORHOOD BUSHWICK Bushwick is a neighborhood in northern Brooklyn, bounded which served as homes for the neighborhood’s industrial by Flushing Avenue, Broadway, the borough of Queens, and magnates. In addition to its stately mansions, Bushwick was the Cemetery of the Evergreens. With 142,934 residents (2013) home to many architecturally magnificent churches, including across 1.3 square miles, the neighborhood is undergoing a St. Mark’s Lutheran Church (built in 1892), the South Bushwick dramatic transformation. Over the last decade, the vicinity Reformed Church (constructed in 1853) and Saint Barbara’s – historically home to big breweries – has witnessed a surge Roman Catholic Church (erected in 1910) -- each a testament to of development; emerging from the shadow of neighboring the large German population, and the influx of immigrants from DUMBO and Williamsburg as a world-renowned haven for Russia, Italy, Ireland and Poland. creative types. With the area’s convenient access to mass transit and comparatively low rents, Bushwick is now the edgy locale Due in large part to the efforts of the city, state and federal for millennial hipsters to work and live. To meet this demand, government, as well as private and nonprofit organizations, owners and developers are steadily constructing residential Bushwick is enjoying a major cultural renaissance. Selected as buildings, along with restaurants, bars, and entertainment the “Seventh Coolest” neighborhood in the world by Vogue, options. Once an afterthought, this old industrial neighborhood Bushwick is now a trendy locale. With hundreds of artist is enjoying a diverse revitalization. studios and more than 50 gallery spaces, the neighborhood is an attractive refuge for artistic types and younger people The implementation of a new gravity-fed water system in who are being priced out of areas like Williamsburg and 1859 provided Brooklyn with drinking water from Long Island DUMBO. The Bushwick Collective, which invites the world’s lakes. With its low mineral content, the water was ideal premier street artists to paint murals on neighborhood for brewing. Within 30 years, 14 breweries had opened in walls, is representative of the area’s personality, as it has Bushwick, establishing the community’s position as the center helped change the energy of the neighborhood and spur for American brewing. The success of the breweries also led to the transformation from industrial wasteland into thriving the construction of several mansions along Bushwick Avenue, creative hub. 16 B6 REAL ESTATE ADVISORS WEIRFIELD DEVELOPMENT PACKAGE 17 RETAIL & AMENITIES CULTURE & ENTERTAINMENT RESTAURANTS & BARS LIFESTYLE WEIRFIELD DEVELOPMENT PACKAG E ST. MARTIN OF TOURS GOLDEN THAI INDUSTRY1332 IRVING SQUARE PARK BONUS ROOM THE SOPRANOS 18 B6 REAL ESTATE ADVISORS WEIRFIELD DEVELOPMENT PACKAGE 19 HIGHLIGHTED DEVELOPMENTS # ADDRESS PROPERTY TYPE GROSS SF STORIES UNITS 10 MONTIETH STREET 333-335 IRVING AVENUE 1 10 Montieth Street Residential 270,000 7 398 2 123 Melrose Street Residential 375,000 8 385 3 338 Evergreen Avenue Mixed Use 304,761 5 180 4 232 Siegel Street Hotel 97,345 10 144 5 25 Stewart Avenue Hotel 79,798 9 140 6 1601 DeKalb Avenue Residential 125,252 9 122 WEIRFIELD 123 MELROSE STREET 801 WYCKOFF AVENUE 7 871 Bushwick Avenue Mixed Used 150,825 6 114 DEVELOPMENT 8 198 St. Nicholas Avenue Residential -- 7 99 PACKAG E 9 8 Palmetto Street Mixed-Use 103,378 7 88 10 405 Evergreen Avenue Mixed Use 47,265 5 68 11 600 Bushwick Avenue Residential 63,000 6 64 12 336 Himrod Street Mixed Use -- 5 63 13 963 Willoughby Avenue Residential 43,000 5 63 338 EVERGREEN AVENUE 342 ELDERT STREET 14 387 Bushwick Ave Mixed Use 49,000 7 60 15 1 DeSales Place Mixed Use 50,215 8 58 16 301 Himrod Street Mixed-Use 50,000 11 55 17