900 Wyckoff Avenue
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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 AVENUE 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. 42nd ST - TIMES SQUARE 2 Minutes 900 Wyckoff Avenue is conveniently located within just a block of the L train’s Halsey Street station. 42nd 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. 34th 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. th 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 42nd ST - TIMES SQUARE 2 Minutes 42nd ST - GRAND CENTRAL 2 Minutes 34th ST - PENN STATION METRO NORTH 2 Minutes LIRR, PATH, N TRANSIT & AMTRAK 14th 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.