TABLE OF CONTENTS
EXECUTIVE SUMMARY FINANCIAL OVERVIEW LOCATION OVERVIEW
BESEN ADVISORY TEAM
Amit Doshi Executive Director (212) 951-8401 [email protected]
Shallini Mehra Senior Director (212) 951-8414 [email protected]
Jonathan Shainberg Director (646) 424-5331 [email protected]
Ronald H. Cohen Chief Sales Officer (646) 424-5317 [email protected]
Paul J. Nigido Senior Financial Analyst (646) 424-5350 [email protected]
Besen & Associates 381 Park Avenue South 15th Floor New York, NY 10016 (212) 689-8488 EXECUTIVE SUMMARY
Besen & Associates, as exclusive agent for Ownership, is pleased to offer for sale 35 Pineapple Street, Brooklyn, NY 11201 (The “Property”), also known as 102 Hicks Street, a corner property which consists of a pristine 5-story, mixed-use elevator building with 11 free market apartments and 1 retail store, Joe Coffee Company. Built circa 1900, this architecturally distinct property contains 13,342± SF and is located in Historic Brooklyn Heights, Brooklyn’s premiere and most desirable neighborhood. The building is situated on a parcel measuring 25’ x 101’ on the northwest corner of Pineapple Street and Hicks Street. Just a short walk to the Brooklyn Bridge Park and The Brooklyn Heights Promenade, the Property offers easy access to the BQE and is within walking distance to the [A, C] subway station at Cadman Plaza and the [2,3] Clark Street subway station at Henry Street.
One of the first neighborhoods outside of Manhattan after crossing the Brooklyn Bridge, Brooklyn Heights offers a cozy residential feel with all of the conveniences of city life. The charming area features tree-lined streets with meticulously restored row houses, cobblestone side streets, and a thriving mix of commercial and community-focused businesses. On the Brooklyn Heights Promenade, you’ll find panoramic views of Lower Manhattan, and beyond you’ll encounter shopping, dining, live theater and music performances.
ASKING PRICE: $15,500,000 3.6% Cap Rate | $1,162 PPSF | 20.7x GRM INVESTMENT HIGHLIGHTS
A rare opportunity to purchase a fully renovated Brooklyn Heights residential gem which includes 11 luxurious free-market units with large bay windows and a ground floor corner retail space.
BOUTIQUE LIVING EXPERIENCE
The units at 35 Pineapple Street have been renovated with condo-quality finishes including: top-of-the- line open kitchens with Bosch stainless steel appliances, spacious contemporary bathrooms, beautiful oak floors, washer/dryers in each unit, ample closets, and state-of-the-art “latch" electronic door lock systems. Additionally, the Property features an elevator, landscaped roof deck, laundry room, storage units, and bike storage. With 100 feet of frontage along Pineapple Street, the building’s gorgeous exterior has been recently painted and the lobby, common areas and mail room have all been updated adding further curb appeal to the Property.
TURN KEY PROPERTY WITH STABLE CASHFLOW
The overall low supply of apartments in Brooklyn Heights helps to maintain continuous rental demand at 35 Pineapple Street. The Property boasts low on-going maintenance costs and currently, there is no deferred capital expenditures making this an attractive asset for an investor. Additionally, Ownership recently signed Joe Coffee, a specialty coffee house, for a 10-year lease term. Joe Coffee started operations in 2003 and currently has 14 locations in Manhattan, two locations in Philadelphia, and two locations in Brooklyn.
FREE MARKET BUILDING There are very few renovated buildings such as 35 Pineapple in Brooklyn Heights which are also free market. This superior quality, elevator building will always command the highest market rents in the neighborhood. There is no rent stabilization in the building making this an easy asset to manage, especially a new or out-of-town investor.
LOCATION
The property is located in prime Brooklyn Heights in the heart of the Historic District with tree-lined streets and surrounding brownstones. Montague Street’s premiere restaurants, bars, groceries, health & fitness, coffee shops, local retail, pet stores and amenities are just three short blocks away. The Property is just a few short blocks from the Riverside Promenade, Brooklyn Bridge Park, Pier 1 Playground, and Pier 2 Roller Rink, which all offer phenomenal views of lower Manhattan. In addition, subway access includes the High Street-Brooklyn Bridge subway station [A, C] and the Clark Street subway station [2,3]. The Property is only a 15-minute drive from downtown Manhattan and offers quick access to I-278 (Brooklyn-Queens Expressway), Brooklyn Battery Tunnel, the Brooklyn Bridge and the Manhattan Bridge. Of all of the neighborhoods in Brooklyn, Brooklyn heights offers the most stable long-term investment.
35 Pineapple Street, Brooklyn, NY 11201 | 5 PROPERTY OVERVIEW – 35 Pineapple Street
Neighborhood Brooklyn Heights
Block / Lot 225 / 20
Lot & Built Size 101’ x 25’ (Built 88’ x 25’)
13,342± SF includes 11,842 SF above-grade Gross Building Area plus an additional 1,500 SF± of useable basement for Joe’s Coffee Company
Stories 5 story elevator
Total Apartments & Stores 11 apartments & 1 retail store
Apartment Layout 3/5, 7/3 & 1/2
Zoning R6, LH-1
FAR (built / allowed) 4.65 / 2.43
Year Built / Renovated Circa 1900 / Gut-renovated in 2017
Assessment & Taxes (18/19) $1,204,620 / $153,215 LOCATION MAP
Public School 8 Elementary
Peaks Mason Mints Candy Factory
High Street – Brooklyn Bridge Station
35 Pineapple Street Cadman Plaza
Plymouth Church & School
Towers Bethel
St. George Tower Danish Seamen’s Church Clark St
One Eighty Four Columbia Heights Tazza Park Plaza
The Standish Contemporary Ozu Gristede’s Foods First Presbyterian Church March of Dimes Congregation Mount Sinai
Morgan Stanley - Smith Barney Brooklyn Bridge Pediatrics
Brooklyn Women’s Exchange
Saint Ann’s School Heights Casino Mansion
35 Pineapple Street, Brooklyn, NY 11201 | 7 TENANT OVERVIEW – JOE COFFEE
“Joe was founded in 2003 as a singular specialty coffee house in Manhattan’s west village with the simple vision of brewing the highest quality, unique coffees and serving them with unsurpassed hospitality and knowledge. in order to bring such highly curated coffees to our customers, we worked alongside some of the most renowned domestic and international roasteries. with the July 2013 launch of our own roasting operations in Red Hook, Brooklyn, we now roast 100% of our own single-origin and blended offerings. whether in the roastery or in one of our now 10 cafes, we strive to effect our deeply rooted core value proposition: the desire to build, maintain and strengthen community at every level from producer to customer.” JOE’S
35 Pineapple Street, Brooklyn, NY 11201 | 9
LOBBY ROOF
35 Pineapple Street, Brooklyn, NY 11201 | 29 COMMON AREAS SUBWAY MAP
BUS MAP
35 Pineapple Street, Brooklyn, NY 11201 | 15 TRANSPORTATION
SUBWAY Just a short walk from the property are multiple trains stations, all just one stop away from Lower Manhattan and Downtown Brooklyn.
2/3 - Clark Street Station (2 minutes) A/C - High Street Station (6 minutes) R - 4/5 Court Street Station (11 minutes) F - York Street Station (15 minutes)
BY CAR The Brooklyn–Queens Expressway (I-278) is a convenient four-minute drive from the property. The Brooklyn and Manhattan Bridges are each less than a ten-minute drive away, providing easy connections to airports and the neighboring boroughs.
AIRPORTS Three major airports are located within 15 miles of the site. LaGuardia and John F. Kennedy international airports are both within the New York City borough of Queens, while Newark Liberty International Airport is situated across the Hudson River in New Jersey.
FERRY SERVICE Just an eight-minute walk from the property, water taxi or ferry service is available from Pier 1 at Brooklyn Bridge Park. The NYC East River Ferry offers stops along the river from Wall Street northward to 34th Street in Manhattan, including the stops at Williamsburg and Greenpoint in Brooklyn.
BIKE & BUS Steps away, Citi Bike docking stations on Clark Street and nearby Columbia Heights are made even more appealing by the dedicated bike paths throughout Brooklyn Heights and Brooklyn Bridge Park. The B26 bus services the area as well, offering a quick and convenient ride to Downtown Brooklyn. Amit Doshi Shallini Mehra Executive Director Senior Director (212) 951-8401 (212) 951-8414 [email protected] [email protected]
Ronald H. Cohen Paul J. Nigido Chief Sales Officer Senior Financial Analyst (646) 424-5317 (646) 424-5350 [email protected] [email protected]