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Crown Heights, Brooklyn 827 STERLING PLACE Crown Heights, Brooklyn A 53,673 BSF Development Site in Crown Heights, Brooklyn JLL presents 827 Sterling Place, a 53,673 BSF development site in Crown Heights, Brooklyn. 1240/49 Block/Lot The subject property is a garage located in Crown Heights on the north side of Sterling Place between Nostrand and Rogers 140’ x 127.79’ Avenues. The building is built full over two-stories and is Lot & Building Dimensions (Approx.) approximately 35,781 square feet. The subject benefits from a neighborhood rezoning “Crown 17,891 SF Heights West Rezoning” from R6 (2.43 FAR) to R6A (3.0 FAR). The Lot Size rezoning area is generally bounded by Atlantic Avenue, Pacific, Dean and Bergen streets to the north; Nostrand Avenue to the east; Eastern Parkway to the south, and Washington and Grand 35,781 SF Avenues to the west. The zoning map amendment replaced the Existing Building Size previous zoning, which did not reflect the predominant row- house and apartment building character of the area. 53,673 BSF Total Development Rights PARK PLACE 2 Stories AVENUE NOSTRAND BLOCK R6A 1240 Zoning 127.79’ ROGERS AVENUE ROGERS 49 3.00 FAR 140’ STERLING PLACE Available for Ground Lease or Sale Property Detail Please Inquire Within Total Buildable SF 53,673 (approx.) Minus Existing Structure 34,270 (approx.) Available Air Rights* 19,403 (approx.) Tax Assessment (18/19) $729,000 Taxes (18/19) $76,647 Information presented herein is subject to change and should be individually verified All measurements and square footage estimates are approximate. 28 Liberty Street, Suite 3000 *All zoning information to be verified by an expert architect. New York, NY 10005 jll.com 827 Sterling Place | Brooklyn, NY 11216 2 DISCLAIMER: Although information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2019. Jones Lang LaSalle IP, Inc. All rights reserved Jones Lang LaSalle Americas, Inc. | Capital Markets 3 The Opportunity Investment Highlights Development Drivers DEVELOPMENT SCALE CROWN HEIGHTS RENTAL MARKET Approximately 53,673 residential BSF provides developers The average rent for an apartment in Crown Heights the opportunity to capture immediate scale and provide is $1,477, a 4% increase compared to the previous 1 amenitized space in a strong rental market and emerging year. condo market. TAX BENEFITS Developers and purchasers will benefit from NYC’s 421A NEW CONSTRUCTION SUPPLY Tax Abatement program eligibility. Mega residential developments such as the Pacific Park Brooklyn project have raised expectations for renters. PROPERTY VALUE ACCELERATION The 11216 area code ranked 10th nationally among median property value increases, jumping 194% over the past decade. LOCATION Prime 140’ of frontage on busy Nostrand Avenue, the property is 3 blocks from the Nostrand Avenue subway station and within a neighborhood full of CLEAR PATH TO VACANCY amenities such as restaurants, art galleries, and The existing building will be delivered vacant, allowing for shopping. developers to immediately commence with demolition and construction. Crown Heights VALUE PROPOSITION PROSPECT PARK The Crown Heights neighborhood appeals to residents 827 Sterling place is a 12-minute walk (9 minutes that have been priced out of the Williamsburg, Park Slope, via transit) to the 526-acre Prospect Park. It’s also and Prospect Heights neighborhoods of Brooklyn, offering located to the most notable destinations in the park, more affordability, space, and access to transportation including the Brooklyn Museum, the Brooklyn Public options than its peers. Library, Grand Army Plaza, the Botanic Garden, and Prospect Park Zoo. 1Source: May 2019, https://www.rentcafe.com/average-rent-market-trends/us/ny/dutchess-county/crown-heights/ 827 Sterling Place | Brooklyn, NY 11216 4 Crown Heights New Developments Frankfort St Frankfort Avenue of the Finest the of Avenue Degraw St Degraw Front St Huntington St Huntington Water St W 9th St 9th W Hamilton Ave Hamilton Park Row Madison St Madison Centre Mall Centre Union St Union Dover St Dover Columbia St Robert F Wagner Sr Pl Sr Wagner F Robert Pearl St Bay St Bay Lorraine St Lorraine St James Pl Creamer St Creamer Bush St Bush Tiffany Pl 34th St 34th Clinton St Court St 3rd Pl 3rd Hicks St Bayard St Bayard President St President Kane St Kane Columbia St Chatham Sq Nelson St Nelson 32nd St 32nd Brooklyn Brg Brooklyn Luquer St Luquer Cheever Pl 31st St 31st 4th Pl 4th 3rd Ave St Huntington W 9th St 9th W Garnet St Garnet 30th St 30th 28th St 28th Catherine St Catherine Carroll St Carroll 36th St 36th Hamilton Ave Hamilton 29th St 29th 27th St 27th Brooklyn Heights Prom Strong Pl St Montague Brooklyn Brg Brooklyn 26th St 26th 2nd Pl 2nd Hicks St Columbia Hts 19th St 19th Hamilton Ave Hamilton St Monroe Jones Lang LaSalle Americas, Inc. | Capital Markets Capital | Inc. Americas, LaSalle Lang Jones 1st Pl 1st Clinton St St Division Furman St St Cherry Garden Pl St Water E Broadway E Hamilton Pl Willow St FDR Dr S Dr FDR Canal St Canal 25th St 25th Pierrepont St Pierrepont Tompkins Pl St Forsyth Brooklyn Bridge Prom Bridge Brooklyn Market St Market Baltic St Baltic 5th St 5th Warren St Warren 9th St 9th Congress St Congress Sidney Pl St Doughty 2nd Ave St Pineapple Amity St Amity (317 St. Marks) 75 Units 75 Marks) St. (317 St Orange 24th St 24th Pacific St Pacific 2nd St 2nd Pike St State St State Cranberry St Cranberry 4th St 4th Pike St Pike Allen St Union St Union Pike St Pike Middagh St Middagh 13th St 13th Sackett St Sackett Carroll St Carroll President St President Joralemon St Joralemon Hicks St St Pike Poplar St Poplar FDR Dr N Dr FDR St Canal Pike Slip Pike 22nd St 22nd Clark St Clark Monroe Pl Henry St St Fulton Old 16th St 16th The Brooklyn Zinc Brooklyn The Remsen St Remsen Middagh St Middagh Butler St Butler Water St Water Manhattan Brg Manhattan Douglass St Douglass Cadman Plz W Livingston St Livingston Boerum Pl St Rutgers Degraw St Degraw 1st St 1st Court St President St President Warren St Warren Boerum Pl 6th St 6th Cadman Plz E 23rd St 23rd 17th St 17th Washington St Prospect St Prospect Manhattan Brg Manhattan Prospect Ave Prospect 18th St 18th Smith St Boerum Pl 20th St 20th Adams St Adams St 21st St 21st s St Adam Adams St 5 3rd St 3rd Johnson St Johnson 16th St 16th Tillary St Tillary Pearl St Pearl St St Clinton 14th St 14th 15th St 15th Jay St Metrotech Rdwy Metrotech Jay St Jay St 7th Ave Plymouth St Plymouth Prospect St Prospect Butler St Butler Wyckoff St Wyckoff Myrtle Prom Myrtle Hoyt St St Tillary Lawrence St St Sands Samuel Dickstein Plz Nevins St St Montgomery Warren St Warren Willoughby St Willoughby Baltic St Baltic York St York Flatbush Ave Ext Ave Flatbush Bridge St Dr FDR Bridge St Pitt St Gouverneur St Gouverneur Water St Water 10th St 10th Henry St Henry Sands St Sands 19th St 19th Duffield St Duffield St 7th Ave Bond St St Nassau Water St Water Douglass St Douglass 155,000 SF Commercial/Retail SF 155,000 St John Front St Front Broome St Broome Schermerhorn St Schermerhorn Gold St Go Gold S 5th Ave ld St t Gold St Concord St Concord Prospect Ave Prospect Grand St Grand SLOPE 3rd Ave St Livingston Prince St Nevins St Flee St Jackson 4th St 4th Fleet Pl t Walk PARK Navy Walk Navy Hudson Ave Prospect Park W 1000 Dean Street Dean 1000 Degraw St Degraw Sackett St Sackett 12th St 12th Navy St St Cherry Lewis St Navy St Navy Warren St Warren Garfield Pl Garfield 1st Ave 3rd Ave West St President St President 5th St 5th Morris Ave Morris 2 Rockwell Pl Rockwell Terrace Pl Pl Ashland Perry Ave Perry 2nd St St Marks Pl Marks St 3 7th St 7th 18th St 18th 11th St 11th John P Devaney Blvd St 1st Eastway Ashland Pl Ashland 4 St Edwards St Edwards St N Elliot Pl Elliot N Pacific St Pacific Vanderbilt St Ave/Barclays Atlantic 17th St 17th LIRR 15 minutes minutes 15 N Elliot Pl Elliot N St Felix St Felix St 6 GRAND ARMY PLAZA ARMY GRAND 5 N Portland Ave Portland N Windsor Pl Windsor Fort Greene Pl Greene Fort Greenwood Ave St 19th Prospect Park W Prospect Park SW Park Prospect Sherman St Sherman 8th St 8th Flatbush Ave Flatbush Fort Greene Pl Greene Fort B E 4th St 4th E 5 N Oxford St Oxford N Sterling Pl Sterling 18th St 18th 6th Ave Pl Elliot S Hanson Pl Hanson 5th St Williamsburg Brg Williamsburg Williamsburg Brg Williamsburg D E 5th St 5th E Lincoln Pl Lincoln Cumberland St Cumberland 2nd St 2nd S Elliot Pl Elliot S BROOKLYN PUBLIC LIBRARY PUBLIC BROOKLYN 11th Ave N 8th St Terrace Pl S Oxford St Oxford S S Portland Ave Portland S Q Seeley St Park Washington Mixed-Use / 126 Units / 25,000 SF Retail SF 25,000 / Units Vanderbilt St 126 / Mixed-Use Dean St Dean Adelphi St Adelphi R Greenwood Ave Pl Berkeley E 7th St 7th E S Oxford St Oxford S Cumberland St Cumberland West Dr Pl Montgomery Reeve Pl Pl Johns St Carroll St Carroll Ocean Pkwy GREENE 1 Sherman St Sherman 8th Ave PROSPECT PARK PROSPECT Cumberland St Cumberland Clermont Ave Clermont Market St
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