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 NOSTRAND AENUE

BLOCK R6A 1240 Zoning 127.79’

ROGERS AENUE 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 The Property may be withdrawn without notice.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 60th Dr

62nd Rd

60th St

61st St

56th St Bleecker St 62nd Ave

Nurge Ave Andrews Ave 60th Pl 55th St 60th St

54th Pl Forest Ave Menahan St Arnold Ave

54th St

Tonsor St

Linden St

Gates Ave

Grandview Ave

Madison St

Woodward Ave Greene Ave

Grand St Fairview Ave Putnam Ave

Onderdonk Ave

60th St

Stewart Ave Gardner Ave Suydam St Hart St Woodward Ave

Scholes StScott Ave Onderdonk Ave Stewart Ave

Varick Ave Willoughby Ave

Randolph St Scott Ave Grove St Meadow St Stagg St Onderdonk Ave

Meserole St Cornelia St Seneca Ave

Sharon St Dekalb Ave

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Johnson Ave Woodbine St Ingraham St Stewart Ave Olive St Maujer St Bushwick Ave Grand St Conselyea St Madison St Summerfield St Wyckoff Ave Norman St Morgan Ave Ten Eyck St St Nicholas Ave

Humboldt St Waterbury St Centre St Bogart St Weirfield St

Hancock St George St

Skillman Ave Meadow St Graham Ave Jefferson Ave

Hart St

Harrison Pl Stephen St Stagg St Starr St Porter Ave Ave Felix St Grattan St Decatur St Ainslie St N 7th St Ridgewood Pl

Cody Ave Bogart St Ingraham St Stanhope St Powers St

Stagg Walk Devoe St Thames St

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Hancock St Irving Ave

Ten Eyck Walk St Noll Melrose St Bushwick Pl Bushwick Boerum St Hope St White St Wilson Ave Hope St Stockholm St N 1st St Knickerbocker Ave Maujer St De Kalb Ave McKibbin St

Grand St Covert St Grand St Moore St Willoughby Ave Marcy Ave Marcy Ten Eyck St Seigel St S 1st St Meserole St Varet St Weirfield St Eldert St Scholes St Palmetto St Stagg St S 1st St Borinquen Pl Cook St Greene Ave S 2nd St Evergreen Ave

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S 2nd St St Havemeyer Montrose Ave Crown HeightsJefferson St New Developments S 3rd St

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S 3rd St St Rodney McKibbin St Humboldt St Avenue of Puerto Rico Halsey St

Manhattan Ave Berry St Berry S 4th St

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Stanwix St Himrod St Roebling St Roebling S 5th St S 5th St S 5th St Moore St Harman St

Putnam Ave Moffat St Jefferson St Bleecker St Beaver St Grove St Troutman St Cook St Menahan St S 6th St Madison St Debevoise St Williamsburg Brg Broadway Cornelia St Division Ave Williamsburg Brg Ellery St

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Driggs Ave Driggs Harrison Ave Bushwick Ave Kossuth Pl Goodwin Pl Marcus Garvey Blvd

Lafayette Ave Pitt St Pitt Bartlett St St Buren Van S 10th St Gerry St

Grand St Clymer St

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Jackson St Rabbi Joel Teitelbaum Pl Teitelbaum Joel Rabbi Vernon Ave Schaefer St Henry St S 11th St

Cherry St Cooper St Division Ave Taylor St

Wilson St Lee Ave

Williamsburg St W St Williamsburg Van Buren St Granite St

Samuel Dickstein Plz Dickstein Samuel De Kalb Ave Howard Ave Gouverneur St 1 Heyward St 2 3 4 Ellery St Stuyvesant Ave Willoughby Ave Gates Ave Middleton St Lexington Ave Hewes St

Aberdeen St Furman Ave Pl Sales De

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Williamsburg St E St Williamsburg Hancock St

Clinton St Eastern Pky Ext Wallabout St Conway St Canal St Water St Penn St Pulaski St Monroe St Montgomery St Ralph Ave

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Kay Ave Kay Allen St Allen Martin L King Pl Gates Ave Mother Gaston Blvd Broadway Forsyth St Pike St Jamaica Ave

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Walworth St Macdonough St P Madison St Truxton St Bayard St Nostrand Ave Railroad Ave Spencer St

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Gee Ave Wallabout Rd Patchen Ave E Broadway Pike St Hewes St Park Ave Market St Catherine St Somers St Kosciuszko St Dr Sandy F Ray Blvd Marion St Herkimer St

Pike Slip Chauncey St

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e Kent Ave Putnam Ave

s Glenmore Ave

Eastway s

Pearl St Pearl

Sackman St Sackman Water St A

MacDougal St e

Grand Ave v Dean St

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Manhattan Brg Ave Hudson Market St a

FDR Dr S John St

Madison St Ryerson St w

Avenue of the Finest Paulding St Greene Ave Bainbridge St k Industrial Park Rd

c Lexington Ave o

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Decatur St e v West St West Pacific Park (Megadevelopment) The Olmstead & Frederick Tompkins Ave 409 Eastern Parkway 1515 Bedford Avenue

Christopher Ave Hinsdale St

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Morris Ave Steuben St r

Robert F Wagner Sr Pl w Clinton Ave Chauncey St o

2nd St Franklin Ave

Water St e 8th St Grand Ave

Plymouth St v

5th St

Frankfort St t 17 Buildings/ 6,500 Units / 22 Acres (564 St. John’s) 193 Units Mixed-Use / 186 Units 114 Units

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Downing St a s Johnson St St James Pl

m Riverdale Ave a S Oxford St Howard Ave

d Myrtle Prom Cumberland St A

Cambridge Pl Herkimer St

Monroe Pl Monroe Washington Ave Willow St Willow

S Elliot Pl Christopher Ave

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d Union St Columbia Hts Columbia l CROWN HEIGHTS

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Metrotech Rdwy o a

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Willoughby St S

Rockwell Pl

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v Thatford Ave

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D Mother Gaston Blvd

Waverly Ave Lefferts Pl f

u St Felix St B Osborn St Montague St Remsen St 7 Bergen St

Court St Court 6 Carlton Ave Fort Greene Pl Cumberland St E 98th StRalph Ave

Albany Ave Albany Lincoln Pl Joralemon St Ashland Pl Ave Brooklyn

Livingston St S Oxford St

Hampton Pl Hampton Boerum Pl Boerum S Portland Ave Bergen St Union St Newport St

Tapscott St Saratoga Ave

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Hanson Pl v Lott Ave

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Legion St Livingston St

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Schermerhorn St t E 98th St

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Bond St Bond Hoyt St Hoyt R Sidney Pl Sidney 5

Hicks St Hicks 827 Sterling Place

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Garden Pl Garden

State St Ave 3rd y E New York Ave

Nevins St Nevins

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Boerum Pl Boerum President St e E 105th St n

e Hegeman Ave h

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Pacific St S Herzl St Vanderbilt Ave Vanderbilt Smith St Smith Flatbush Ave Crown St Pacific St Dean St Winthrop St

Boerum Pl Boerum 4 Park Place Clarkson Ave Bergen St Amity St Atlantic Ave/Barclays Lenox Rd 4 blocks 2 E 91st St St Marks Ave E 98th St

Columbia St Columbia E 92nd St Bristol St

Congress St 15 minutes LIRR Ave Underhill Carlton Ave Carlton Franklin Ave Franklin 3 Wyckoff St St Marks Pl S Eastern Pkwy E 101st St Prospect Pl E 93rd St Foster Ave Warren St 2 3 4 5 B D N Q R PROSPECT Warren St Warren St Warren St S

3rd Ave 3rd Nostrand Ave c h E 98th St e n Rockaway Pkwy Baltic St e Remsen Ave c Baltic St ta d Midwood St Lincoln Pl Willmohr St 3 blocks y HEIGHTS A E 96th St v Sterling Pl e E 95th St Lenox Rd Kane St Butler St Butler St Lincoln Pl E 52nd St E E 49th St 6th Ave 6th 2 3 4 5

St Johns Pl Montgomery St 1

E s

Douglass St t

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z E New York Ave Tompkins Pl Tompkins

a Strong Pl Strong

Lincoln Pl P E 93rd St

Cheever Pl Cheever Hicks St Hicks Degraw St Carroll St Tiffany Pl Tiffany Degraw St BROOKLYNPlaza St W MUSEUM E 58th St

E 46th St

Clinton St Clinton Nevins St Nevins

Berkeley Pl E Sackett St 4 Sackett St 5

t Grand Army Plz Army Grand h

Degraw St St Columbia S t E GRAND ARMY PLAZA 5 8th Ave 8th Plaza St W 7 th S Union St Fenimore St t E Empire Blvd President St 5 President St 6 th Union St President St Avenue A S Hawthorne St t E PROSPECT Hwy Kings 5 President St 9 Carroll St th BROOKLYN PUBLIC LIBRARY E New York Ave E S 5 Kingston Ave E 5 t Carroll St Carroll St 5 th Montgomery Pl 4 t S h t 1st St Garfield Pl S LEFFERTSSullivan Pl t 1st Pl BOTANIC GARDEN Hwy Kings 2nd St

McKeever Pl McKeever B r o 1st St o k 2nd Pl ly GARDENS Lefferts Ave n PARK A v e 3rd St 2nd St PROSPECT PARK 4th St 3rd Pl E SLOPE 4 8 5th St th PROSPECT PARK ZOO Sterling St S 4th St t 4th Pl East Dr T Schenectady Ave r o Lincoln Rd y Midwood St A E 5th Ave 5th v e 4 Luquer St 6th St 5th St 6 E 42nd St th S t Hamilton Ave Nelson St Rutland Rd F Maple St Fenimore St la Rogers Ave tb 5 6 7 u 8 s E 38th St Huntington St h A v 7th St e Huntington St E 40th St

E 39th St W 9th St 9th St E 37th St W 9th St Clinton St Garnet St 8th St Hawthorne St

West Dr West

10th St Winthrop St Centre Mall Clarkson Ave

Bush St Hamilton Ave E 34th St

11th St Lorraine St Parkside Ave 13th St 12th St 2nd Ave 2nd

Hamilton Pl Hamilton Creamer St

Prospect Park W Park Prospect

Hamilton Ave Bay St 14th St

Lenox Rd

Court St Court Center Dr Center 15th St Caton Ave Martense St

16th St 16th St

Prospect Park SW Linden Blvd

Woodruff Ave Church Ave

Wellhouse Dr Prospect Ave Ave 7th

Crooke Ave Windsor Pl The Brooklyn17th St Zinc 1000 Dean Street The Dean (1036 Dean St.) Fulton & FranklinE 21st St (1134 Fulton St.) St Paul Pl

11th Ave 11th 19th St Prospect Ave Sherman St (317 St. Marks) 7518th St Units 155,000 SF Commercial/Retail Mixed-Use / 126 Units / 25,000 SF Retail 189 Units / 20,000 SF Retail Parade Pl

Terrace Pl

John P Devaney Blvd Devaney P John E 17th St

17th St Seeley St Parkside Ave

20th St

19th St Prospect Park W 18th St Vanderbilt St 7th Ave Reeve Pl 21st St Jones Lang LaSalle22nd Americas,St Inc. | Capital Markets 518th St

Sherman St

19th St 23rd St Greenwood Ave 24th St E 7th St

3rd Ave 25th St

Terrace Pl E 4th St E 5th St 26th St Ocean Pkwy

Vanderbilt St

27th St

28th St

Greenwood Ave

29th St

30th St

31st St

32nd St

34th St

36th St R6A is a contextual district where the Quality Housing bulk , but need not be farther than 10 feet. The area between a regulations are mandatory. These regulations produce high building’s street wall and the street line must be planted. lot coverage, six- to eight-story apartment buildings set at R6A buildings must have interior amenities for the residents or near the street line. Designed to be compatible with older pursuant to the Quality Housing Program. R6Abuildings found in medium-density neighborhoods, R6A districts are mapped in the Bronx, Brooklyn and Queens. Parts Higher maximum FAR and heights are available for buildings of Kingsbridge in the Bronx and Williamsburg in Brooklyn are participating in the Inclusionary Housing Program or that typical R6A areas. provide certain senior facilities.

The floor area ratio (FAR) in R6A districts is 3.0. Above a Off-street parking is generally required for 50 percent of a minimum base height of 40 feet, the building must set back building’s dwelling units, but requirements are lower for by at least 10 feet on a wide street and 15 feet on a narrow income-restricted housing units (IRHU) and are further street before rising to its maximum height of 70 feet, or 75 modified in certain areas, such as within the Transit Zone and the Manhattan Core, or for lots less than 10,000 square feet. feet if providing a qualifying ground floor. To preserve the traditional streetscape, the street wall of a new building can Parking can be waived if five or fewer spaces are required. Off- be no closer to the street line than any adjacent street wall street parking is not allowed in front of a building.

827 Sterling Place | Brooklyn, NY 11216 6 Property Zoning

Source: The Department of City Planning website. www1.nyc.gov. June 2019.

Jones Lang LaSalle Americas, Inc. | Capital Markets 7 For additional information, please contact exclusive agents

Stephen Palmese Brendan Maddigan Vice Chairman Vice Chairman 212 915 7233 212 915 7234 [email protected] [email protected] Winfield Clifford Michael Mazzara Managing Director Managing Director 212 915 7236 212 915 7235 [email protected] [email protected] Ethan Stanton Michael Lipman Managing Director Associate 212 915 7237 212 915 7242 [email protected] [email protected]

FINANCING: Marko Kazanjian Vice President D: 212-812-5947 M: 978-361-6966 [email protected]