900 WYCKOFF AVENUE
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 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
B6 Real Estate Advisors is pleased to announce that it has been retained on an exclusive basis to arrange for the sale of 900 Wyckoff Avenue, an extensive commercial development with 560 feet of wraparound frontage, between Hancock Street and Weirfield Street, in the Bushwick neighborhood of Brooklyn. The property features roughly 36,000 SF of M1-1 zoned land, providing a significant opportunity for retail and industrial development. Additionally, a developer has the opportunity to further increase the total buildable square footage by utilizing the Community Facility bonus. If implemented, the Community Facility bonus would add 50,751 square feet to the site, increasing the maximum buildable to approximately 87,002 square feet, encouraging medical, non-profits, religious, daycares, and school development. The large scale of this offering, truly uncommon for the Bushwick area, provides developers with the critical mass necessary to build an influential project in what has become one of New York City’s most sought after neighborhoods.
• 560’ of wraparound frontage, between Hancock and Weirfield Street • 36,251 SF of M1-1 Land • 200’ x 180’ regular footprint • 36,251 BSF As-of-Right or 87,002 BSF Community Facility • 1 Block to Halsey L Train
HANCOCK STREET WYCKOFF AVENUEWYCKOFF
46
IRVING AVENUE IRVING 54
WEIRFIELD STREET
6 B6 REAL ESTATE ADVISORS PROPERTY INFORMATION
900 & 932 Wyckoff Avenue, Address Brooklyn, NY 11237 On the southwest side of Wyckoff Avenue, situated on a Location wraparound frontage between Hancock and Weirfield Streets. Block & Lot 3400 / 46, 54 Lot Size 200' x 183.77' Lot SF 36,251 Zoning M1-1 Assessment ('19/'20) $355,230 R.E. Taxes ('19/'20) $37,349
FAR BSF As-of-Right 1.00 36,251 Community Facility Bonus 2.40 87,002 *Per the Bushwick Neighborhood Plan Update as proposed by the Office NYC Planning.
STATION DISTANCE CHART FROM SUBJECT PROPERTY TRAIN LINE STATION WALKING DISTANCE
L Halsey Street 1 Block / 1 minute TRAVEL TIMES ESTIMATED BY GOOGLE MAPS
900 WYCKOFF AVENUE 7 PROPERTY PHOTOS
8 B6 REAL ESTATE ADVISORS 900 WYCKOFF AVENUE 9 TRANSPORTATION
The subject property is an 18 minute train ride from Manhattan and less than 25 minutes from Midtown via transfer. 42 ST - TIMES SQUARE 2 Minutes 900 Wyckoff Avenue is conveniently located within just a block of the L train’s Halsey Street station. 42 ST - GRAND CENTRAL Multiple bus options are also available with the B20, B26, B38, Q39, Q55, and Q58 lines, 2 Minutes providing direct connections throughout Brooklyn and Queens that is conveniently located within close proximity to the property. 34 ST - PENN STATION METRO NORTH By car, there is easy access to Manhattan via the Williamsburg Bridge, Brooklyn Bridge, 2 Minutes Manhattan Bridge an Queens Midtown Tunnel. The property is ideally situated in close proximity to the Brooklyn-Queens Expressway (Interstate 278), accessible within 3.3 LIRR, PATH, N TRANSIT & AMTRAK miles of the property, connecting to most major thoroughfares in Brooklyn and Queens.
The three major metropolitan airports, John F. Kennedy (17.5 mi), LaGuardia (8.9 mi), 14 ST - UNION SQUARE and Newark (19.5 mi) are located in the immediate Metropolitan area. 19 Minutes
FULTON CENTER STATION 2 Minutes
PATH 900 BEDFORD AVENUE STATION WYCKOFF 1 Minutes AVENUE
HALSEY STREET 1 Block / 1 Minute
10 B6 REAL ESTATE ADVISORS 42 ST - TIMES SQUARE 2 Minutes
42 ST - GRAND CENTRAL 2 Minutes
34 ST - PENN STATION METRO NORTH 2 Minutes
LIRR, PATH, N TRANSIT & AMTRAK
14 ST - UNION SQUARE 19 Minutes
FULTON CENTER STATION 2 Minutes
PATH 900 BEDFORD AVENUE STATION WYCKOFF 1 Minutes AVENUE
HALSEY STREET 1 Block / 1 Minute
900 WYCKOFF AVENUE 11
NEIGHBORHOOD BUSHWICK
As the long history of New York City neighborhoods such as Soho, Chelsea, Williamsburg, DUMBO and Greenpoint would suggest, residents being priced out of mature neighborhoods will always travel along transportation lines to neighboring areas where they can live more comfortably. With an influx of new restaurants, cafes, bars, art galleries, retail stores and creative work lofts, Bushwick, Brooklyn has emerged as one of the fastest growing and most sought after real estate markets in all of New York City. From an investment perspective, Bushwick presents a rare opportunity to purchase real estate in a stable yet rapidly appreciating neighborhood at a significant discount as compared to similar neighborhoods like Williamsburg and Greenpoint. The most compelling trend is the fact that rental rates in Bushwick have outpaced many other Brooklyn neighborhoods, while multifamily values have remained significantly lower by comparison. Over the course of one year, the average rent for a one bedroom in Bushwick increased by 11.3%, well above the industry average. Despite this enormous increase, property values in Bushwick are still significantly lower as compared to similar offerings in Greenpoint and Williamsburg. This presents an ideal scenario for a forward-looking investor
The implementation of a new gravity-fed water system in 1859 provided Brooklyn with drinking water from Long Island lakes. With its low mineral content, the water was ideal for brewing. Within 30 years, 14 breweries had opened in Bushwick, establishing the community’s position as the center for American brewing. The success of the breweries also led to the construction of several mansions along Bushwick Avenue, which served as homes for the neighborhood’s industrial magnates. In addition to its stately mansions, Bushwick was home to many architecturally magnificent churches, including St. Mark’s Lutheran Church (built in 1892), the South Bushwick Reformed Church (constructed in 1853) and Saint Barbara’s Roman Catholic Church (erected in 1910) -- each a testament to the large German population, and the influx of immigrants from Russia, Italy, Ireland and Poland.
Due in large part to the efforts of the city, state and federal government, as well as private and nonprofit organizations, Bushwick is enjoying a major cultural renaissance. Selected as the “Seventh Coolest” neighborhood in the world by Vogue, Bushwick is now a trendy locale. With hundreds of artist studios and more than 50 gallery spaces, the neighborhood is an attractive refuge for artistic types and younger people who are being priced out of areas like Williamsburg and DUMBO. The Bushwick Collective, which invites the world’s premier street artists to paint murals on neighborhood walls, is representative of the area’s personality, as it has helped change the energy of the neighborhood and spur the transformation from industrial wasteland into thriving creative hub.
14 B6 REAL ESTATE ADVISORS 900 WYCKOFF AVENUE 15 RETAIL & AMENITIES
CULTURE & ENTERTAINMENT RESTAURANTS & BARS LIFESTYLE
ST. MARTIN OF TOURS GOLDEN THAI INDUSTRY1332 IRVING SQUARE PARK
16 B6 REAL ESTATE ADVISORS 900 WYCKOFF AVENUE
IRVING SQUARE PARK BONUS ROOM THE SOPRANOS
900 WYCKOFF AVENUE 17 HIGHLIGHTED DEVELOPMENTS
# ADDRESS PROPERTY TYPE GROSS SF STORIES UNITS 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 7 871 Bushwick Avenue Mixed Used 150,825 6 114 8 198 St. Nicholas Avenue Residential -- 7 99 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 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 17 668 Bushwick Avenue Mixed Use 53,887 6 52 18 962-966 Bushwick Avenue Mixed-Use 52,000 7 48 19 885 Bushwick Avenue Residential 37,087 6 46 20 889 Bushwick Avenue Residential -- 6 46 21 380 Grove Street Mixed-Use 49,000 7 41 22 1127 Willoughby Avenue Mixed-Use 30,000 9 32 23 1562 DeKalb Avenue Mixed-Use 32,000 6 30 24 144 Bleecker Street Residential 17,512 5 26 25 951 Madison Street Mixed-Use 47,780 7 39 26 342 Eldert Street Residential 66,668 4 60 27 345 Eldert Street Mixed-Use 78,000 4 57 28 785 Knickerbocker Avenue Residential 27,000 4 38 29 333-335 Irving Avenue Mixed-Use 70,000 13 71 30 801 Wyckoff Avenue Residential 62,564 5 54
18 B6 REAL ESTATE ADVISORS 10 MONTIETH STREET 333-335 IRVING AVENUE
900 WYCKOFF AVENUE 123 MELROSE STREET 801 WYCKOFF AVENUE
338 EVERGREEN AVENUE 342 ELDERT STREET
962-966 BUSHWICK AVENUE 785 KNICKERBOCKER AVENUE
1127 WILLOUGHBY AVENUE 1601 DEKALB AVENUE
900 WYCKOFF AVENUE 19 20 B6 REAL ESTATE ADVISORS DUE DILIGENCE ZONING M1
M1 Districts are designated for areas with light industries, as well as wholesale service and storage facilities. They are often buffers between the more intensive M2 or M3 Districts and adjacent Residence or Commercial Districts. There are six types, each designated by a numeric suffix.
Ml-1 Districts are mainly found in areas with one-story industrial buildings, such as the Flatlands neighborhood of Brooklyn. Concentrations of two- to four-story industrial buildings can be found in M 1-2 and M 1-4 Districts, with Ml-4 Districts generally found close to transit, such as in East New York in Brooklyn, while M 1-2 Districts are found in areas further from transit as in Hunts Point in The Bronx. Similarly, M 1-3 and M 1-5 designations denote denser industrial areas, with access to transit varying by neighborhood: Ml-3 Districts are found outside of Manhattan in areas such as Ravenswood in Queens, while M 1-5 Districts are mainly found along the western edge of Manhattan. Ml-6 Districts are mainly found in central areas of Manhattan where multi-story manufacturing buildings originally developed.
Source: The Department of City Planning website. www1.nyc.gov. January 2018.
22 B6 REAL ESTATE ADVISORS 900 WYCKOFF AVENUE 23 TAX BILLS 900 WYCKOFF AVENUE
24 B6 REAL ESTATE ADVISORS TAX BILLS 932 WYCKOFF AVENUE
900 WYCKOFF AVENUE 25 CONFIDENTIALITY & CONDITIONS
The information contained in this offering memorandum (“Offering Memorandum”) is proprietary and strictly confidential. This Offering Memorandum was prepared by and is the property of B6 Real Estate Advisors LLC (“B6”) and has been reviewed by the owner (the “Owner”) of the Property. It is furnished solely for the purpose of review by a prospective purchaser of the Property and is not to be used for any other purposes or made available to any person without the express written consent of the Owner or B6. By accepting this Offering Memorandum, the party in possession hereof agrees to return it to B6 immediately upon request of B6 or Owner. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of B6 and Owner. Each prospective purchaser and/or broker proceeds at his, her or its own risk.
You have the obligation to keep this Offering Memorandum, and any various papers, documents, legal instruments, studies, leases, brochures, computer output, and other materials concerning the Property (all of the aforementioned information is collectively referred to as “Evaluation Material”) confidential. Certain Evaluation Materials, including the leases, are described in summary form. The summaries do not purport to be complete nor accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents.
The information in this Offering Memorandum has been compiled from sources deemed to be reliable and does not purport to be all-inclusive or to contain all of the information which a prospective purchaser may desire. Neither B6 nor the Owner makes any representation or warranty whatsoever regarding the accuracy, veracity, or completeness of the information provided herein and each of Owner and B6 (and their agents, advisors and representatives) expressly disclaim any and all liability for representations or warranties, express or implied, contained in this Offering Memorandum or the Evaluation Material or for omissions therefrom.
Financial projections and information contained herein and in any Evaluation Material, shall not be relied upon, are provided for general reference purposes only, and are based on assumptions relating to (and subject to) the general economy, market conditions, competition, and other factors beyond control and, therefore, are subject to material change, volatility or variation. A prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property. This includes legal, tax, environmental, engineering and other as deemed necessary relative to a purchase of the Property. This Offering Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. This Offering Memorandum does not constitute an offer of securities.
The Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party, at any time, with or without written notice. The Owner and B6 reserve the right to negotiate with one or more prospective purchasers at any time. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by B6. Only a fully-executed real estate purchase agreement, approved by the Owner, and executed and delivered to Owner and a prospective purchaser shall bind the property. In no event shall a prospective purchaser have any claims against the Owner or B6 or any of their affiliates, officers, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
The terms and conditions set forth above apply to this Offering Memorandum in its entirety.
26 B6 REAL ESTATE ADVISORS 900 WYCKOFF AVENUE 27 B6 REAL ESTATE ADVISORS 1040 Avenue of the Americas, 8th Floor New York, NY 10018
FOR MORE INFORMATION, PLEASE CONTACT ONE THE FOLLOWING INDIVIDUALS
DJ JOHNSTON WILLIAM CHENG MICHAEL MURPHY BEN RECHLER Partner, Senior Managing Director Director Senior Associate Associate 646 933 2619 646 933 2623 646 933 2639 646 933 2657 [email protected] [email protected] [email protected] [email protected]
FOR QUESTIONS ABOUT FINANCING, PLEASE CALL
STEVEN SPERANDIO PETER CABRERA Partner, Sr. Managing Director Associate Director 646 933 2638 646 933 2643 [email protected] [email protected]