Myrtle Avenue Monthly Real Estate Report

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Myrtle Avenue Monthly Real Estate Report APRIL 2017 The Commissary Depanneur Kitchen Children’s Sandwich Boutique Shop Wine Legend, 14 Gold Coast Bank 6 MetroPCS 12 10 13 Sushi Bar 5 9 1 2 11 European Wax Center 3 4 7 8

Locals’ Specialty Café & Wine Food Bar 11 New Businesses on the Way

Myrtle Avenue’s Median Asking Rent is $75/sf, and Median Actual Retail Rent is $56/sq ft, based on lease data collected from 56% of current leaseholders.

DOWNTOWN between Flatbush Avenue Ext. & Ashland Place 7 362 Myrtle Avenue 2,500 sq ft A recent market analysis of this section of Myrtle Avenue found that Cushman Wakefield, Jordan Kaplan Available Now storefronts within new buildings here are best suited for low-cost and (212) 841-7704 Asking Rent: $75/sf casual dining, national convenience retailers, and a blend of independently-owned and regional chain businesses that serve the needs of residents in the immediate area. Additionally, workers from 8 374 Myrtle Avenue 1,200 sq ft nearby MetroTech and visitors from Fort Greene Park could be a large Available 3/1/2017 part of a new business’ customer mix. Citi Habitats, Renee Miller (516) 439-0922 Asking Rent: $6,000

1 180 Myrtle Avenue, 81 & 86 Fleet Place 28,035 sq ft NEW CONSTRUCTION Leasing Now CLINTON HILL between Vanderbilt Avenue & Classon Avenue Retail space can be subdivided, with up to 16 separate spaces available ranging from 780 to 2,542 sq ft. Independent clothing boutiques, home furnishings, and both upscale and fast casual dining businesses are most in demand on this portion of Winick Realty, Thomas Caliendo Myrtle Avenue. Retailers and restaurants here serve local residents, (212) 792-2617, [email protected] students from Pratt Institute, neighborhood visitors and daytime workers. In addition to meeting needs of locals, retailers and restaurants that attract out-of-neighborhood visitors can also perform well here. 2 218 Myrtle Avenue 11,340 sq ft Winick Realty, Thomas Caliendo 1,340 sf ground floor (212) 792-2617, [email protected] + 10,000 sf in basement 9 441-Rear Myrtle Avenue, at Waverly Ave 300 sq ft Edward Barbaro, Property Owner Available Now (646) 996-3939 Asking Rent: $2,000 FORT GREENE between Ashland Place & Vanderbilt Avenue Recent market analysis and surveys of local residents found the most 10 NEW CONSTRUCTION 1,190 sq ft in-demand business categories on this stretch of Myrtle Avenue 491 Myrtle Avenue include healthy fast food, specialty grocery, and both low-to- Winick , Yoel Gorjian +769 sq ft basement moderate and higher priced retail shops that cater to local residents. (212) 792-2646 Available Now Retail establishments predominately serve local residents, and restaurants rely on both local residents and daytime workers from the surrounding neighborhood and the nearby Navy Yard. 11 504 Myrtle Avenue NEW CONSTRUCTION 20,304 sq ft Winick, Dan DePasquale Divisible Available Q2 2017 3 322 Myrtle Avenue 1,200 sq ft (212) 792-2652 NGJF, Joseph Colista Available Now (718) 372-2191 Asking Rent: $7,000 12 525 Myrtle Avenue NEW CONSTRUCTION 2,008 sq ft Two retail condos for sale by News Realty: 4 352 Myrtle Avenue 900 sq ft (718) 899-1102 G-way Property Management Available Now

718-399-9300 13 531 Myrtle Avenue NEW CONSTRUCTION 2,250 sq ft RKF, Eddie Mamiye Available Q1 2017 Asking Rent: $65/sq ft 5 349 Myrtle Avenue 1,400 sq ft (212) 916-3386 Cushman & Wakefield +1,200 sq ft basement & 300 sq ft yard Mitzi Flexer: (718) 307-6504 Asking Rent: $75/sf 14 551 Myrtle Avenue 1,200 sq ft Look Property NYC Available May 1

6 353 Myrtle Avenue 800 sq ft Chris Stewart (347) 693-1935 Ideal Properties Group, Curtis Fuller Asking Rent: $6,500 (347) 227-8998 Contact us at (718) 230-1689 or [email protected] for more info Myrtle Avenue Quarterly Real Estate Report

SPRING 2016 updated 3/17/2016 Dentist American Yoga Restaurant Studio 13 12 9 11 Specialty Bar Grocery 6 7 8 14 1 2 3 10 4 5 Latin Italian Restaurant Restaurant

6 New Businesses on the Way

Myrtle Avenue has 14 Retail Spaces with 54,589 sq ft currently available, and 7 new businesses on the way.

DOWNTOWN between Flatbush Avenue Ext. & Ashland Place CLINTON HILL between Vanderbilt Avenue & Classon Avenue A recent market analysis of this section of Myrtle Avenue found that Independent clothing boutiques, home furnishings, and both upscale and storefronts within new buildings here are best suited for low-cost and fast casual dining businesses are most in demand on this portion of casual dining, national convenience retailers, and a blend of Myrtle Avenue. Retailers and restaurants here serve local residents, independently-owned and regional chain businesses that serve the students from Pratt Institute, neighborhood visitors and daytime needs of residents in the immediate area. Additionally, workers from workers. In addition to meeting needs of locals, retailers and restaurants nearby MetroTech and visitors from Fort Greene Park could be a large that attract out-of-neighborhood visitors can also perform well here. part of new business’ customer mix.

7 441-Rear Myrtle Avenue, at Waverly Ave 300 sq ft 21,719 sq ft 1 180 Myrtle Avenue & 81 Fleet Place Available Now Leasing Now Edward Barbaro, Property Owner This building is currently under construction and (646) 996-3939 retail space can be subdivided, with up to 16 separate spaces available ranging from 780-2,542 sq ft.

Winick Realty, Thomas Caliendo 8 459-461 Myrtle Avenue 3,200 sq ft (212) 792-2617, [email protected] RKF, Eddie Mamiye Divisible to 2,400 & 800 sf (212) 916-3386 Available Now 2 218 Myrtle Avenue 13,340 sq ft Winick Realty, Thomas Caliendo 1,340 sf ground floor 9 486 Myrtle Avenue 1,220 sq ft + 10,000 sf in basement (212) 792-2617, [email protected] Ripco Realty , David Goldschmidt Available Now (212) 750-6565 FORT GREENE between Ashland Place & Vanderbilt Avenue Recent market analysis and surveys of local residents found the most 10 491 Myrtle Avenue 1,220 sq ft in-demand business categories on this stretch of Myrtle Avenue Available Now include healthy fast food, specialty grocery, and both low-to- Contact the Myrtle Avenue Brooklyn BID, moderate and higher priced retail shops that cater to local residents. Chad Purkey, (718) 230-1689 ext. 6# Retail establishments predominately serve local residents, and restaurants rely on both local residents and daytime workers from the surrounding neighborhood and the nearby Navy Yard. 11 507 Myrtle Avenue 700 sq ft Tower Brokerage, Gabriel Hardy Available Now (212) 673-7333 x107 3 352 Myrtle Avenue 900 sq ft G-way Property Management Available Now 718-399-9300 12 519 Myrtle Avenue 1,000 sq ft Ripco Real Estate, Andrew Clemens + optional 450 sq ft 4 360 Myrtle Avenue 1,240 sq ft (212) 750-6565 Available Now G-way Property Management + 2,000 sq ft basement Divisible up to 2 spaces Oren Neria, 718-399-9300 x2 13 531 Myrtle Avenue 1,470—6,000 sq ft Available Now RKF, Eddie Mamiye Available Q1 2016 (212) 916-3386 5 364 Myrtle Avenue 1,500 sq ft Commercial Condo Set to be auctioned on 4/5/2016 at 10am 14 560 Myrtle Avenue 600 sq ft by MYC & Associates, (347) 273-1258 Contact the Myrtle Avenue Brooklyn BID, Available Now Chad Purkey (718) 230-1689 6 387 Myrtle Avenue 1,200 sq ft Contact the Property Owner at Available Now [email protected] CONTACT US at (718) 230-1689 MYRTLE AVENUE DISTRICT PROFILE or [email protected]

Myrtle Avenue in the historic Fort Greene and Clinton Hill neighborhoods has become one of the most vibrant neighborhood commercial districts in Brooklyn. Today, the district is filled with independently-owned businesses that serve the daily needs of thousands of neighborhood residents and offers dining and shopping options that attract visitors from around the city. With a vacancy rate around 7%, consumers and business owners along Myrtle Avenue are proving that they value the district’s local flavor and diversity. All statistics below refer to the Myrtle Avenue Business Improvement District’s (BID) boundaries which include Myrtle Avenue in Fort Greene and Clinton Hill, between Flatbush Avenue Extension and Classon Avenue.

LOCAL CUSTOMER BASE COMMERCIAL RENTS ON MYRTLE Myrtle Avenue is surrounded by incredible assets, including large employment LOCAL centers such as the Brooklyn Navy Yard RESIDENTS 40k DAYTIME & MetroTech, four colleges, including $ 20 k EMPLOYEES St. Joseph’s College, Pratt Institute & ASKING LIU, and a large residential population 64 Median Rent/Sq Ft COLLEGE that relies on local businesses to meet 21 k STUDENTS their daily shopping and dining needs. Lease Negotiation Tip Within TWO BLOCKS of Myrtle Avenue, you’ll find: Often, the asking price is a place to begin negotiations. When negotiating it’s important to remember that a commercial tenant typically pays a base monthly rent, plus a portion of the real estate taxes and/or the BID Assessment, utilities, and annual rent increases.

When negotiating a lease, be sure to calculate all of these “additional” monthly real estate expenses. Being mindful of the total rent costs can help to ensure a tenant does not find themselves quickly under water.

POTENTIAL SALES ACTUAL $ In 2014, we found that local residents could 54 $ Median Rent/Sq Ft have spent $238M on goods and services along 238 MILLION Based on a survey with 53% of the district’s existing businesses Myrtle Avenue, but they instead spent this reporting, along Myrtle Avenue, between Ashland & Classon. money elsewhere due to a lack of options within UNMET DEMAND their own neighborhood.

WHAT’S HERE NOW VS. WHAT’S IN DEMAND

The current business mix on Myrtle Below is short list of some of the types Avenue is diverse, creating a district of businesses that are currently under- that primarily serves local residents represented and in high demand: needs. In the past few years, the number of “destination” businesses have increased — including some sit- Butcher Shop & Specialty Grocery down restaurants and clothing boutiques. Below is a list of some of Ice Cream & Frozen Yogurt the most popular business types that UPCOMING: MYRTLE AVENUE PLAZA you’ll find on Myrtle Avenue today: The $7 million capital project located on Myrtle Avenue in Discount & Family Clothing Clinton Hill will include 25,000 sq ft of public space, spanning 170 Total Existing Businesses, including: two blocks between Grand Street and Emerson Place will Boutique Apparel 54 Restaurants / Bars include various seating areas, game tables, new trees, 18 Barber Shops & Salons moveable tables and chairs, a new bus shelter, flexible event 16 Delis & Corner Stores Fast & Casual Dining space, a public art installation, and multiple landscaped 9 Pharmacies planters. Additional street improvements will be made along 6 Wine & Spirits Shops Home Furnishing Stores Myrtle Avenue between Hall Street and Grand Avenue. 6 Banks Construction is scheduled for completion by summer 2016.

A CLOSER LOOK NEW CONSTRUCTION NEWS DEMAND FOR GYMS + FITNESS Myrtle Avenue has a population of consumers whose are younger, more educated, and gaining Myrtle Avenue in Fort Greene and Clinton Hill is wealth faster than the rest of Brooklyn. Over 55% of booming. Currently, under construction or with building plans filed, there are: Myrtle’s customers, Millennials and High earners, have the dollars to support a full-service gym. 10 new mixed-use buildings, with Annual Pop Median Bachelor Degree 1,182 new residential units, housing an Growth Rate Age Holders estimated new residents, Myrtle Avenue 1.2 31 40% 2,600 Brooklyn 0.8 34.5 29% & 85,700 sq ft of new retail space.