EXCLUSIVE FLUSHING AVENUE OFFERING 731 MEMORANDUM BROOKLYN, NY – OFFICE AND REDEVELOPMENT OPPORTUNITY 731 FLUSHING AVENUE
FOR MORE INFORMATION, PLEASE CONTACT: BEN TAPPER GARRY STEINBERG Senior Managing Director Executive Managing Director & Principal 646.658.7334 212.776.1285 [email protected] [email protected]
2 731 FLUSHING AVENUE DEAL HIGHLIGHTS • 73,210 SF, large floor plate multi-elevator office building with block-through frontage on both Flushing Avenue and Thornton Street • Across the street from Woodhull Hospital
• Steps from Flushing Avenue transit hub servicing the J M trains and close proximity to the G with access to Bushwick, Williamsburg, Manhattan, and Queens • Currently occupied by a single office tenant, who pays 100% of the Real Estate Taxes • Three cell antennas • Two blocks East of the Pfizer Building on Flushing Avenue • Located in a limited office and community facility inventory market • Efficient floor plate with multisided light, two elevators, and a near full floorentable r basement
WOODHULL HOSPITAL
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FLUSHING AVENUE
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3 EXECUTIVE SUMMARY Lee & Associates NYC is pleased to present, option to renew. The Property has three for exclusive sale, the property located at 731 antennas on the roof paying additional income. Flushing Avenue (the “Property”) in Brooklyn, NY. The Property is located in a growing area of The Property is a 73,210 SF office building located Brooklyn that is a gateway between the booming on a block-through lot between Thornton Street and areas of Williamsburg and Greenpoint, and the Flushing Avenue in the Broadway Triangle/South neighborhoods poised to reinvent themselves, Williamsburg neighborhood. The Property is overbuilt such as Bedford-Stuyvesant and Bushwick. The and is located on a 15,000 SF lot in a C4-3 commercial Broadway Triangle neighborhood is limited zoning district with an R6 residential equivalent. in new office construction as well as existing inventory, which will offer this property a unique The building spans 4 floors, with large floor plates opportunity for tenants with large floor plate and a near-full rentable basement. The Property is requirements looking for space outside of the located across the street from Woodhull Hospital, Navy Yard and Downtown Brooklyn neighborhoods. operated by NYC Health +, which has several national accreditations and specializations in cardiovascular The Property represents the opportunity for specialties, geriatrics, pediatrics, behavioral an investor to own a large office property health, and physical medicine-rehabilitation. with a stable income stream that also offers a redevelopment opportunity with an urban infill asset. The building is currently occupied by New C t en em York City Job Center, with approximately three as E C t en em years remaining on the lease and a five-year as NYC Digital Tax Map . E Effective Date : 02-25-2014 15:26:46 C 3126
End Date : Current G
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E 25 2 .4 2275 71 16 C 2 1 . 2 6 1 7 . 6 7 50 17 B R 3 O 25 3 A .1 D 2 8 W .5 0 A 8 8 Y .5 C 0 8 25
2 5 .4 18 2 2 1 0 0 7 3 5 C .8 7 7 5 1 731 2 . 3 T 9 1 E .2 3 FLUSHING AVENUE E 3 0 R 9 T Legend S 4 20 6 N 7 5 0 8 . . 6 O . 3 2 0 T 8 3 8 . Streets N 13 t 2 R en 8 O m 21 Miscellaneous Text H e A 3 T as N A 0 E N C Possession Hooks 74 1. 4 Boundary Lines 2 .7 6 22 1 . 6 2 9 .4 6 6 9 4 Lot Face Possession Hooks 5 . C 2 9 7.35 5 3 Regular 2 0 C 4.08 24.8 2 1 24 Underwater 3.33 3 6 Tax Lot Polygon 2.83 4 23. . 3 33 9 .8 1 5 9 25 Condo Number 0.96 5 Tax Block Polygon R 37 26 3 0 1 2276 5 12 3 1 0 5 0 5 5 5 5 . 1 5 1 28 C 2 0 9 .1 0 3 8 0 2 8 3 4 . 3 7 0 4 1 0 6 1 7 . 4 9 . 3 0 4 2 3 4 0 2 6 . 5 0 . . 0 5 5 4 2 36 5 33 5 35 . 1 .58 0.7 2 29 1 2 34 1 4 3 3
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3 . 2 . 2 3 2 3 0 0 3 A 0 . 7 3 N 7 1 2 7 . . 1 9 . 1 9 0 7 0 6 63 1 6 . . 5 5 $35,500,000 1 C 3 CONDO #: 1998 1 . 25 3 8 4. 6 . 3 42 6 6 8 6 6. 6 2 3 . 9.9 4.4 . 2 2 5 5 6 0 6 3 5 2 2 2 0 9.92 0 . 3 . .3 8 21 8 43
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. . 44 1 1 1 22 2 9 2 1 .5 9 8 .5 55 8 4
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. . 4 2 C 2 70 9 9 20 3 3 3 2 20 2 . . 3 3 3 1 C 3 50 83 30 CONDO #: 2647 25
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PROPERTY SUMMARY SITE LOCATION
ADDRESS 731 Flushing Ave
NEIGHBORHOOD Broadway Triangle / South Williamsburg
LOCATION Block through between Flushing Avenue and Thornton Street
BLOCK / LOT 2276 / 12
LOT SIZE 15,000
LOT DIMENSIONS 70' x 138.87' (Irregular)
GROSS BUILDING SF 73,210
YEAR BUILT 1969
FLOORS 4 + Full Basement
FAR AS BUILT 4.88
ZONING C4-3 & R6 Equiv.
OTHER ZONING FRESH Zone & Transit Zone
MAX ZFA 51,000
AIR RIGHTS Overbuilt
TAX CLASS 4
2019/2020 RE TAXES $628,269
ASKING PRICE
$35,500,000 $485 6.01%
Price $ PSF Cap Rate
5 731 FLUSHING AVENUE POINTS OF INTEREST
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PFIZER BUILDING WOODHULL HOSPITAL
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PRATT INSTITUTE
6 731 FLUSHING AVENUE
7 731 FLUSHING AVENUE
8 731 FLUSHING AVENUE
9 731 FLUSHING AVENUE
FOR MORE INFORMATION, PLEASE CONTACT:
BEN TAPPER GARRY STEINBERG Senior Managing Director Executive Managing Director & Principal 646.658.7334 212.776.1285 [email protected] [email protected]
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