MYRTLE 725 AVENUE 119,913 Buildable SF Zoned R7D/C2-4

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Ofer Cohen Founder & CEO [email protected]

Dan Marks Partner [email protected]

Property Information 725 Myrtle Avenue is mixed-use multifamily development site along Address: 725 Myrtle Avenue, Brooklyn NY 11205 one of the busiest corridors in Brooklyn on the Clinton Hill and Mike Hernandez Alt. Address: 723-733 Myrtle Avenue Bedford Stuyvesant border. Associate Vice President Neighborhood: Bedford-Stuyvesant [email protected] Cross Streets: Corner of Myrtle Ave & Sanford St This is a unique opportunity to acquire a rental development site Block: 1736 that could accommodate over 100 residential units in one of the Lots: 35, 37, 38, 39, 137 fastest growing sub-markets of New York City. Daniel Lebor Lot Dimensions: 161.67 ft x 100 ft irreg. Dir. of Business Development Building Class: V1 Located on the corner Sanford Street, 725 Myrtle Avenue is a [email protected] ~14,677 SF lot with 161 feet of frontage along Myrtle Avenue. The Zoning Analysis property is zoned R7D/R6A/C2-4 with a Mandatory Inclusionary Zoning: R7D/C2-4 Housing requirement. The site has to be developed as a mixed-use Joseph Terzi Lot SF: 14,667 multifamily rental project with the new affordable NY tax abatement FAR: 5.6 Mandatory Inclusionary Housing Senior Associate program. 25% of the residential units are designated as inclusionary [email protected] As of right FAR SF: 82,135 affordable with pre-determined income level restrictions of 40% and Proposed Gross Building SF: 119,913 Including Cellar & Fresh Program 60%. The same affordable units could also qualify for the Affordable Proposed Gross Building SF: 105,246 Above Grade NY 35-year tax abatement program Option A. Proposed Gross Residential SF: 93,080 75% Market / 25% Inclusionary Matt Trotter Proposed Fresh SF: 16,166 Including Cellar Senior Associate The ~82,135 BSF property is also located within a FRESH-eligible area, Proposed Cellar Parking/Util SF: 10,667 [email protected] allowing for one additional square foot of floor area in mixed-use Taxes residential development for every square foot provided for a grocery Assessment (17/18): $322,331 store. The gross buildable square footage with the mandatory Michael Rafter Taxes (17/18): $33,890 Inclusionary Housing plus the FRESH program is [~119,913]. Associate [email protected] The brownstone-rich Bedford-Stuyvesant neighborhood has gone G through a robust revitalization over the last decade. In particular, this specific section of Bedford-Stuyvesant, close to Clinton Hill has seen a strong demographic shift, pushing rents, condo sale prices, and brownstone prices to compete with more established areas such as MYRTLE Fort Greene and Clinton Hill. CondoJ pricesM Z in the immediate area are 718-768-6888 725 AVENUE projected at $1,000/SF, rental rates have been climbing towards G $60/SF, and brownstones are achieving prices above $2 million.

Just a few blocks away, Pratt Institute has officially opened a new six- story, 120,000-square-foot green academic and administrative facility named Myrtle Hall at 536 Myrtle Avenue. Pratt Institute is recognized as one of the best art, design and architecture school Fort Greene Park colleges in the northeast and has an enrollment of almost 5,000 students from more than 60 countries and all 50 states. G B Q R G To the north, The Brooklyn Navy Yard is amidst a robust revitalization with several development projects, including Wegmans Food 2 3 4 5 G G Market, Building 77, Dock 72 and the Steiner Studios expansion. C The property is located within walking distance from Brooklyn Academy of Music and the Barclays Center. The commute to Union Square in Manhattan is only 25 minutes with the Myrtle-Willoughby Ave G train stop just few blocks away. C

TerraCRG | 634 Dean Street | Brooklyn, NY 11238 | P: 718-768-6888 | terracrg.com I Only Brooklyn ® The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified by prospective purchasers. The value of any real estate investment is dependent upon a variety of factors, including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel. Prospective buyer and tenants should carefully verify each item of information herein.