725 THIRD AVENUE
GREENWOOD HEIGHTS
EXCLUSIVE OFFERING MEMORANDUM 725 THIRD AVENUE
GREENWOOD HEIGHTS
TerraCRG has been retained to exclusively represent ownership in the sale of 725 Third Avenue – a mixed-use property within Greenwood Heights, Brooklyn. For more information, please contact exclusive agents.
718.768.6888
CONTENTS
4 The Offering OFER COHEN TIM THOMPSON 5 Property Information Founder & CEO Managing Director [email protected] [email protected] 7 Tax Maps 8 Greenwood Heights 9 Industry City JAMIE WALKER 10 Brooklyn Army Terminal Associate 11 Nearby Neighborhoods [email protected] 12 Sunset Park Industrial 13 Transportation Map 14 Area Commercial Business 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. 15 Area Development All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense 16 Brooklyn estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel. Interested party should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination. F G R 4TH AV- 9TH ST
R PROSPECT AVE
725 Third Avenue
GREENWOOD
R HEIGHTS 25TH ST
D N R 36TH ST
725 Third Avenue 725 Third 725 Third Avenue
25TH ST R
3 725 THIRD AVENUE
GREENWOOD HEIGHTS
THE OPPORTUNITY
TerraCRG has been retained to exclusively represent ownership in the sale of a value-add mixed-use building in Sunset Park. 725 third avenue is located at the corner of 24th Street and Third Avenue and offers the opportunity to obtain property in one of NYC’s fastest growing submarkets.
After a renovation, the building has a projected rent roll of approximately $154,800 and, at asking price, is offered at approximately $339/gross SF. The property offers a projected NOI of $110,340 and the current taxes are $25,661.84.
On the border of buzzing mixed-use neighborhoods, Greenwood Heights and Sunset Park, the property is conveniently located near the 25th Street R subway entrance as well as the on-ramp to the BQE, providing easy access to Manhattan and beyond. Nearby successful commercial projects include Industry City and Liberty View Plaza, among a plethora of other Brooklyn manufacturers, warehouses, retailers and more.
ASKING $1,6O0,000
4 PROPERTY INFORMATION Address: 725 3rd Avenue Brooklyn, NY 11232 Neighborhood: Greenwood Heights Cross Streets: 23rd St and 24th St Block-Lot: 648-66 Lot Size: 20 ft x 100.7 ft Lot SF: 2,003
BUILDING INFORMATION Building Class: G9 Tax Class: 4 Building Size (Total): 20 ft x 100.7 ft Building Size (Residential): 20 ft x 34 ft Building Size (Commercial): 20 ft x 66.7 ft Stories (Residential): 3 Stories (Commercial): 2 Residential Units: 2 Commercial Units: 2 Total Units: 4 Building SF (Residential): 2040 Building SF (Commercial): 2668 Total Building SF: 4,708
Property Information Information Property ZONING INFORMATION Zoning: M1-2D FAR: 2.00
TAX INFORMATION Taxes (20/21): $25,661.84
5 REVENUE (After Renovation) Unit Gross SF Beds/Baths $/SF Monthly Rent Annual Rent Ground Floor Commerical 1,334 $36 $4,000 $48,000 Second Floor Commerical 1,334 $27 $3,000 $36,000 Unit 1 680 1 Bed/1 Bath $42 $2,400 $28,800 Unit 2 1,360 2 Bed/ 2 Bath Duplex $31 $3,500 $42,000 Total 4,708 3 Bed/3 Bath $34 $12,900 $154,800
EXPENSES (EST.) Exp/Gross SF % Gross Rent Annual Exp Real Estate Taxes $5.45 16.58% $25,662 Insurance $0.59 1.81% $2,800 Heating/Electric (Residential) $0.42 1.29% $2,000 Heating/Electric (Commercial) tenants Water/Sewer (Residential) $0.38 1.16% $1,800 Water/Sewer (Commercial) tenants Maintenance/Repairs $0.97 3.00% $4,551 Management $0.97 3.00% $4,551 Total: $8.79 26.84% $41,364
Property Information Information Property REVENUE (After Renovation) Gross Monthly Income $12,900 Gross Annual Income $154,800 Vacancy 2% ($3,096) Efffective Gross Income $151,704 Net Operating Income $110,340
6 725 THIRD AVENUE
GREENWOOD HEIGHTS
AERIAL MAP
725 THIRD AVE
ZONING MAP TAX MAP Tax Maps Tax
7 Squeezed between its neighbor Park Slope to the north and Sunset Park to the south, Greenwood Heights has quietly transformed itself with new modern condominium developments and a surge in new local restaurants and bars catering to a diverse demographic. Originally the site of a major Revolutionary War battle, Greenwood Heights borrows some of its name from Green-Wood Cemetery which the neighborhood wraps around. Greenwood Heights real estate is most notable for its range of small, neatly maintained row- and single-family houses, many of which have been gut renovated and interspersed with small modern condominiums built in the past 10 years. The neighborhood is serviced by the R train and is nearby the D train in Sunset Park.
TRANSPORTATION
Subway
D N R
BUSES
Greenwood Heights Greenwood BM1, BM2, BM3, BM4, B37, X27, X37, x28, x38, B35, B70
8 Industry City is a one-stop destination of experiences, eateries, events and everything in between. An historic intermodal city, IC is comprised of 16 buildings, built on 35 acres of repurposed industrial space. The waterfront green spaces, immersive retail, and public art installations make for an entire day of discovery. The diverse mix of culture and locally born businesses is as authentic a New York experience as it gets. No visit to Industry City is ever the same. 550+ companies
50+ eateries & retailers
16 campus buildings
Industry City is a community of designers, thinkers, and creators. A diverse multi-generational ecosystem, where emerging brands and established ones, artisans and entrepreneurs meet, Industry City connect, and cross-pollinate across industry lines.
Starting in the 2010s, and to date, Industry City has undergone a $450 million redevelopment. New owners, Belvedere Capital and Jamestown, reinvented the complex to support a burgeoning innovation economy. It has since opened a world of opportunity for local businesses and neighbors, creating more than 7,500 new jobs and welcoming thousands of visitors every day.
https://industrycity.com
9 Brooklyn Army Terminal (BAT) is the premier affordable hub for modern industrial businesses, entrepreneurs, and working families in NYC. Located on the Sunset Park waterfront in Brooklyn, BAT provides manufacturers with the tools and space they need to grow and succeed.
55 Acre waterfront & industrial campus
41M+ SF total space
100+businesses
41k+ employees
BAT isn’t only a community of manufacturing businesses; it’s a vital part of its local community and economy. The campus and its tenants partner with Sunset Park groups and organizations to train and hire local workers; and BAT hosts a variety of programs, including arts and cultural events, to bring tenants and the community together.
Home to brand launches, block parties, trade shows, live shows, corporate events, and more, BAT is a unique industrial/ waterfront venue for public and private events large and small.
Brooklyn Army Terminal Army Brooklyn https://brooklynarmyterminal.com
10 SUNSET PARK Sunset Park is a diverse neighborhood that features busy ave- nues with a number of shops and restaurants. Industry City, an industrial complex spanning over 35-acres on the waterfront, hosts dozens of food vendors, retail stores and creative events throughout the year. Industry City and its next-door neighbor, Costco, attract people from all around the city on the weekends. The Park, founded in the 1890s, has a high point with views of the Statue of Liberty, Brooklyn neighborhoods and even hills along Staten Island and New Jersey. The neighborhood is serviced by the D, N, and R trains as well as several buses that connect throughout Brooklyn.
PARK SLOPE One of the most popular neighborhoods in all of New York, Park Slope takes its name from the iconic Prospect Park which runs along the neighborhoods’ eastern edge. With great public and private schools, Park Slope has been a magnet for families with young children. Voted the #1 neighborhood in New York by New York Magazine, Park Slope is consistently in the top 10 list for most livable places. The area is known for its diverse restaurants and retail corridors on 5th and 7th Avenues. A few local attractions include the Park Slope Food Co-op, Talde, Blue Ribbon, and the Celebrate Brooklyn concert series in the sum- mer. The neighborhood is serviced by the 2, 3, B, F, G, Q as well as the B61, B63 B67, and B69 buses. Nearby Neighborhoods Nearby
11 Biggest Multistory Warehouse in the U.S. Planned for Brooklyn
Bridge Development Partners and DH Property Holdings have joined forces to acquire an 18-acre site in Brooklyn, where they plan to a build a four-story, 1.3M SF distribution center, the largest multistory warehouse in the United States.
Bridge and DH, run by developer Dov Hertz, plan to demolish the existing brick industrial buildings on the site and replace them with the behemoth. The warehouse would allow trucks to access all four floors, with 38-foot clearance heights on the bottom two floors and 28-foot clearances on the top two. Bridge Northeast Region partner Jeff Milanaik said in a press release.
The JV expects to start demolition early next year and to begin ground-up construction before the end of 2020. It was unclear whether the developers would wait for a tenant or begin construction speculatively.
Articles:
“Biggest Multistory Warehouse In The U.S. Planned For Brooklyn”
Sunset Park Industrial Park Sunset 725 third avenue “Investment manager for Texas teachers’ pension fund joins Dov Hertz and partner on Sunset Park last-mile play”
12 F G R 4TH AV- 9TH ST R 25TH ST WEEKDAY RIDERSHIP | 9,959 ANNUAL RIDERSHIP | 3,093,428
D N R
36TH ST R WEEKDAY RIDERSHIP | 13,493 PROSPECT AVE ANNUAL RIDERSHIP | 4,293,364
R PROSPECT AVE WEEKDAY RIDERSHIP | 6,884 ANNUAL RIDERSHIP | 2,239,760
F G R 25TH ST R 4TH AV-9TH ST WEEKDAY | 5,161 ANNUAL | 1,619,602
SUBJECT PROPERTY Transportation Map Transportation D N R BQE ON-RAMP 36TH ST
PROSPECT EXPRESSWAY ON-RAMP
13 1. Baked In Brooklyn 2. Taksim Square II 3. Lestis Desserts 4. KFC 5. NAPA Auto Parts 6. Minnie’s Bar 7. Mama Lupita’ Bistro 8. Big John’s Coffee Shop 9. Ardon Sweet Science Gym 10. La Parada 11. Slice of Brooklyn
12. Speedeway 39 13. Best Western 38 14. Almonte Deli 24 40 37 15. Greenpath Bikes 36 35 16. C Town 20 25 34 21 33 17. Brooklyn Way Hotel 23 22 32 18. Baskin Robins/Dunkin Donuts 30 31 19 29 28 41 19. Metro by T-Mobile 16 18 27 20. Pet Delight 17 15 26 2 21. Gaby’s Beauty Salon 3 22. Greenwood Grape Wines 4
23. Tin Cup Cafe 5 1 24. Rite-Care Pharmacy 25. 23rd St Deli 14 26. Pablito’s 13 43 27. Jalepeño King 12 8 11 28. Panchita’s Place 10 29. Bar 718 9 7 30. Nostro 42 31. Sea Witch 6 32. La Bodega Art Gallery 33. Girasol Bakery 34. Luigi’s Pizza 35. Laurentino’s Pasticceria 36. Quarter Bar 37. Korzo 38. South Bar Area Commercial Business Commercial Area 39. Freddy’s Bar 40. Tambour Bistro and Wine Bar 41. Lot 2 Restaurant 42. Costco
43. Industry City 14 1. 150 17th Street - Storage - Under Construction
2. 200 23rd Street - Residential - Completed
3. 734 5th Ave - Residential - Under Construction
4. 197 22nd Street - Residential - Completed 19 18 17 1 5. 239 27th Street - Residential - Job Filed 16
6. 183 30th Street - School - Under Construction
14 7. 162 30th Street - Residential - Completed 15
8. 135 32nd Street - Residential - Completed
13 9. 875 Fourth Avenue - Residential - Completed 4 11 10. 95 29th Street - Demo Job Filed 12 2 10 11. 193 23rd Street - Residential Job Filed 3
12. 201 23rd Street - Residential Under Construction
13. 194 21st Street - Residential - Completed
5 14. 156 20th Street - Residential - Completed 6 7 15. 104 22nd Street - Under Construction 8
16. 10 21st Street - Demo Job Filed Development Map Development 9 17. 70 20th Street - Demo Job Filed
18. 64 19th Street - Demo Job Filed
19. 26 19th Street - Demo Job Filed
15 With 2.6 million residents, Brooklyn is the most populous borough of New York City and the most populous county in New York state. Brooklyn is the second most densely
The borough is situated at the southwestern end of Long Island and is bounded on the north and east by the borough of Queens, populated county in on the south by Lower New York Bay, the Atlantic Ocean and Jamaica Bay, and on the west by the East River, Upper New York Bay and the Narrows, which separates it from the borough of Staten Island. Brooklyn was an independent city until its consolidation the U.S. with New York City in 1898. The borough’s 36 neighborhoods continue to maintain a distinct culture, independent art scene and unique architectural heritage.
16 For more information, please contact exclusive agents:
718.768.6888 | TERRACRG.COM
OFER COHEN TIM THOMPSON Founder & CEO Managing Director [email protected] [email protected]
JAMIE WALKER Associate [email protected]
TerraCRG 634 Dean Street Brooklyn, NY 11238 P: 718-768-6888 terracrg.com Only Brooklyn.®
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