Investment Opportunity Crown Heights | Brooklyn, NY 250 UTICA AVENUE NEWLY RESTRUCTURED 99-YEAR LEASEHOLD INTEREST—91 YEARS REMAINING ±61,230-SF COMMERCIAL BUILDING WITH ON-SITE PARKING TENANTS: FOR MORE INFORMATION Barry Fishbach Gary Meese Vice Chairman Managing Director, 212.331.0115 Investment Sales &
[email protected] Capital Markets 212.916.2933 Brian Segall
[email protected] Senior Managing Director, Investment Sales & Capital Markets 212.351.9346
[email protected] Executive Summary We have been retained by ownership as the exclusive agent to offer for the leasehold sale 250 Utica Avenue, Brooklyn (the “Property”), a four-story ±61,230-SF retail building located in Crown Heights on the northwest corner of Utica Avenue and Lincoln Place. The Blink Fitness anchored building is also tenanted by CityMD, Dollar Tree and Brooklyn Kids Academy. The building is 95% leased with a Ground Floor corner space that is currently vacant. The earliest lease expiration is in January 2025 with subsequent lease rolls occurring in 2028 and 2029. All tenants have lease extension options beyond their base terms. The building is subject to a 99-year ground lease which expires in 2111 (±91 years remaining). The Property is located one block from the Eastern Parkway and Crown Heights-Utica Avenue subway station servicing the 3 and 4 express trains. The transit hub experiences heavy foot-traffic with annual ridership of approximately nine million passengers. According to 2017 MTA data, the station is the 6th busiest in Brooklyn and 34th busiest in all of New York City (out of 425 stations). Additionally, Utica Avenue is impressively the busiest bus route in Brooklyn (third busiest in all of New York City) and there is a B46 bus stop on the block steps from the building.