58 GRATTAN ST East Williamsburg • , NY 11237 BSA-APPROVED PLANS FOR A FOUR-STORY 7,975 SF MIXED-USE BUILDING NON - ENDORSEMENT AND DISCLAIMER NOTICE

Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

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58 GRATTAN ST Brooklyn, NY ACT ID Y0340543

2 PRESENTED BY

Peter Michalski Jr Jason Grunberg Jakub H. Nowak Associate Associate First Vice President of Investments Licensed Real Estate Salesperson Licensed Real Estate Salesperson Licensed Associate Real Estate Broker Brooklyn Office Brooklyn Office Brooklyn Office Tel: (718) 475-4393 Tel: (718) 475-4390 Tel: (718) 475-4353 Fax: (718) 475-4310 Fax: (718) 475-4310 Fax: (718) 475-4310 [email protected] [email protected] [email protected] License: NY 10401296320 License: NY 10401266011 License: NY 10301211147

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INVESTMENT OVERVIEW

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PROPERTY OVERVIEW PROPERTY OVERVIEW Nowak + Partners of Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 58 Grattan Street, a mixed-use development site in between Knickerbocker Ave and Morgan Ave in the East Williamsburg section of Brooklyn, NY. The subject offering is a vacant 25 ft x 100 ft lot which offers 2,500 square feet of buildable air rights. The M1-1 zoned property is being delivered with plans approved by the Board of Standards and Appeals (BSA). The BSA-approved plans call for a four-story commercial building, totaling 7,975 square feet. The plans also include a fully built basement with high ceilings 58 Grattan Street is located just two blocks from the Morgan Avenue "L" subway station. The parcel sits in the heart of East Williamsburg’s artist community. The surrounding neighborhood is home to several creative office and artist loft buildings. The neighborhood has also seen a strong demand for retail. 58 Grattan Street is a rare opportunity for a developer to purchase a commercial development site with BSA approved plans in East Williamsburg.

PROPERTY OVERVIEW

▪ Prime Commercial Development Opportunity in East Williamsburg ▪ BSA-Approved Plans for 7,975 Square Foot Mixed-Use Building ▪ Plans include a Full Basement with High Ceilings ▪ Two Blocks Away From Morgan Ave "L" Subway Station ▪ Heart of East Williamsburg Artist Community ▪ 25 Minute Commute into Manhattan ▪ High Demand For Retail and Creative Office Development

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FINANCIAL ANALYSIS Financial Overview

Pricing Metrics OFFERING PRICE $1,800,000 Number of Lots 1 Gross Buildable Square Feet 7,975 Price/BSF $ 225.71 Lot Dimensions 25 ft x 100 ft Lot Size 2,500 Property Overview Property Address 58 Grattan St City & Zip Brooklyn, NY 11237 Block / Lot 03008-0015

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FINANCIAL ANALYSIS Local Retail and Office Rents:

Tenant Name Property Address Property Type Rent Per Square Foot Property Size (SF) Tiltz Sports Bar & Arcade 942 Retail $ 62.47 2,785 Black Rabbit Barber Shop 1117 Grattan Street Retail $ 60.00 500 Arrogant Swine 173-175 Morgan Ave Retail $ 50.00 1,850 Crossfit 101 Wilson Ave Retail $ 48.00 2,150 Remezcla 203 Moore Street Office $ 45.00 8,900 Koda Restaurant 985 Flushing Avenue Retail $ 42.00 1,200 Teapigs 117 Grattan Street Office $ 40.19 1,045 Myspace NYC 96 Bogart Street Office $ 40.00 7,500 Blue Bottle Coffee 279 McKibben Street Retail/Manufacturing $ 38.00 15,833 Art Studio NS 47 Thames Street Office $ 34.60 1,041 Averages: $ 46.03 4,280

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PROPOSED INTERIOR RENDERING

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PROPOSED INTERIOR RENDERING

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PROPOSED FRONT ELEVATION

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BUILDING SECTION

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CELLAR PLAN

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FIRST FLOOR PLAN

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SECOND FLOOR PLAN

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THIRD FLOOR PLAN

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FOURTH FLOOR PLAN

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ROOF PLAN

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REGIONAL MAP

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LOCAL MAP

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AERIAL PHOTO

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ZONING MAP

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PARCEL MAP

22 NEIGHBORHOOD REPORT East Williamsburg EAST WILLIAMSBURG NEIGHBORHOOD REPORT

History Williamsburg was incorporated as a village in 1827, and was relatively Many consider East Williamsburg to be called the East Williamsburg small, comprising 26 streets that ran East to West and 12 Streets east Industrial Park, because of its many industrial properties, warehouses of the shore line. The area was split into districts and East Williamsburg and manufacturing plants. Conversion into residential spaces are became a section of its own. Borders of East Williamsburg expanded under way and making room for new housing. and the neighborhood grew, and today’s boundaries are The Brooklyn Expressway to the North, to the East, Flushing Development is slowly moving east away from the burgeoning Avenue to the South, and Woodpoint Road/Bushwick Avenue to the Williamsburg Waterfront and new hotels, apartments, and creative West. offices are being planned, especially attracting TAMI tenants to the area. Private Equity Firms have begun to develop the area as well with Once the domain of manufacturers, East Williamsburg is now a some new projects such as 333 Johnson Avenue, a Mixed-Use neighborhood in the midst of gentrification. The population has Commercial Complex, featuring offices and retail space. increased, and property values are rising. The increasing rents and decreasing vacancy have created an opportunity for development. EAST WILLIAMSBURG NEIGHBORHOOD REPORT

Zoning Designation EAST WILLIAMSBURG NEIGHBORHOOD REPORT Demographics

East Williamsburg has a total population of 96,539. The neighborhood occupies approximately 2.51 square miles of Brooklyn. Overall, the expenses in East Williamsburg are 23% higher than the national average. Residents of Williamsburg are on average the age of 32 and have an income of $54,543. Population of men and women are essentially 50/50.

Rent vs. Own • 85 Percent of households are occupied by renters • 14 percent of households are occupied by owners • $2,249 is the average annual property tax in this area

Household Income and Average EAST WILLIAMSBURG NEIGHBORHOOD REPORT Tourism

Cooper Park Moore Street Market Peter Cooper Park was named after a successful American 110 Moore Street, Brooklyn, NY 11206 business man in his day who dedicated his life to philanthropy. Moore Street Market, which has been around since the 1930’s, is one of Cooper made his fortune in iron, glue, railroads and real estate, but the oldest indoor markets in Brooklyn. This 15,000 square foot facility used his wealth to help others in need. Cooper Park amenities sells unique products all year round, and offers cooking classes during include volleyball courts, tennis courts, basketball courts, and a certain times of the year. This market focuses on serving fresh Puerto skateboarding park. The facility has plenty of area’s for families to Rican cuisines. Frequent guest say that the Moore Street Market is a BBQ and space for people to relax. Considered a hidden gem in great place for families to have fun and explore different types of food. East Williamsburg, Cooper Park went under a major reconstruction project to fill the needs of the neighborhood residents. EAST WILLIAMSBURG NEIGHBORHOOD REPORT

Retail Corridor DIRECTORY Food + Drinks 1. Roberta’s 11. Moku Moku 2. Bunker Vietnamese 12. C. Lo Cafe 3. Momo Sushi Shack 13. The Topaz 4. Cape House 14. Testo 5. Fitzcarraldo 15. Bunna Cafe 6. Nha Minh 16. Il Passatore 7. East Wick 17. 983 8. Falansi 18. Arrogant Swine 9. Newtown 19. Carmine’s Pizzeria 10. Messa Coyacan

Banking 1. Chase Bank (3) 2. Bank of America 3. Popular Community Bank 4. Cross Country Saving Bank

Groceries 1. Associated Supermarket (2) 2. C-Town Supermarket 3. Food Story 4. Key Food

Shopping + Errands 1. Treehouse Brooklyn 2. Smallhome 3. Five Stride Skate Shop 4. Olly Oxen Vintage 5. Zukkies Bicycle Shop 6. Mobile Vintage Shop 7. House of La Rue 8. Beacon’s Closet 9. Reuse America Vintage Warehouse 10. Friends NYC 11. Brooklyn Yarn Cafe 12. Shops at the Loom 13. L Train Vintage

Attractions + Entertainment 1. Cooper Park EAST WILLIAMSBURG NEIGHBORHOOD REPORT Restaurants

Roberta’s Pizza Fitzcarraldo Terra Firma 261 Moore Street, Brooklyn NY, 11206 195 Morgan Avenue, Brooklyn, NY 11237 119 Ingraham Street, Brooklyn NY, 11237 Despite the lack of appeal on the outside of the Fitzcarraldo is a rustic Northern Italian restaurant The former art studio is now one of East restaurant, Roberta’s Pizza is known throughout located in East Williamsburg. The gourmet Williamsburg favorite eatery. Terra Firma is a café Brooklyn. Many call it a “destination spot” and a restaurant seeks to provide a farm to table that serves breakfast, lunch and dinner but serves “trend” for residents and tourist to go too. experience by selecting their ingredients from their customers with more of an up class cuisine. Customers will stand in line for hours to receive local farms around New York. Fitzcarraldo is Owners Darrin Morda and Tom Beauliu wanted to pizza from Roberta’s. Considered a “cool hipster” “inspired by the seafood of the Italian Rivera and change the standard café atmosphere, and offer pizzeria, Roberta’s offers a brunch, lunch and the vegetables of the Alps” when preparing their their guests “full reign over the menu and dinner menu. Most customers go to Roberta’s for food. The menu is mostly Liguria, which consists creativity.” Terra Firma is known for their smoked their crafted pizzas and seasonal Italian dishes. mostly around legumes, mushrooms and seafood. meat that is cooked in house. Specifically, their While the restaurant is quite pricey (ranging from Customers recommend their scallops when brisket is what their customers love and $11.00-$30.00), customers recommend the ordering one of their entrees. In the recent repeatedly come back for. Not only is Terra Firma Guanicale and Egg Pizza, the Beatmaster Pie, months, Fitzcarraldo is adopting a new business great for lunch and dinner, but customers speak and the Speckenwolf Pie. The restaurants also model. They will be serving the same food, but at highly of their breakfast. They serve a Columbia offer a nice list of canned beers and wines. In the a lower price so that everyone can enjoy their coffee with entrees such as crab benedict or warmer months, Roberta’s has a small garden for meals. They’re open for dinner on Friday and shrimp mac and cheese. The restaurant offers a their customers to enjoy their famous pizza. Saturdays, but on Sunday through Thursday they full bar and is opened everyday from 11:00am to use the space to host pop-ups innovative. 8:00pm. EAST WILLIAMSBURG NEIGHBORHOOD REPORT New Residential Developments

30-42 Orient Avenue 172 Montrose Avenue 387 Bushwick Avenue This vacant lot will be the home to two Developer Moses Silberstein has filed plans for an A proposed 70-foot-tall project has just been filed connected apartment buildings on a 6,600 apartment complex that is directly next to the L train at 387 Bushwick Avenue, at the corner of square lot. Astral Weeks’, the developers on at Montrose Avenue. This complex will hold 75 Bushwick Avenue and Varet Street. This this project, will construct a four story building apartments that stretches across a 49,664 square proposed site will include 60 apartment units with a total of 18 units. 30 Orient will hold eight foot space lot. The average unit will have 660 square across a 40,328 square foot space. In addition to apartments and 42 Orient will host 10 feet of space for their tenants. The design of this the housing, the complex will include a medical apartments. Each unit will average out to be building is very unique. Its design presents a boxy facility on the first floor and an 890 square foot 700 square feet and will be provided with their stacked figure, geometrical shape layout that has recreation room on the top floor. own balcony, private storage, and access to a red, white, and black panels. The plans call for some landscaped roof deck. The future tenants of of the units to be rented out as affordable housing these buildings will be right across the street options. There will be 36 parking spots behind the from the park and walking distance from the building, which did not meet the minimum set by Graham Avenue L train. The site was . Currently, this lot houses two purchased for 1.95 million dollars in 2013, warehouses that will eventually be demolished paying roughly $163.00 per square foot of their planned building. EAST WILLIAMSBURG NEIGHBORHOOD REPORT Office and Retail Developments

333 Johnson Avenue 314 Scholes Street 333 Johnson Avenue is a development site located on the This property is located in the East Williamsburg corner of Johnson Avenue and Bogart Street. Normandy neighborhood in Brooklyn. It was built in 1920 and has Real Estate Partners is slated to develop the site as a 3 stories and 3 units. The building has roughly 80,000– 130,000 square foot, six-story commercial complex. It is square feet and is being converted from a warehouse located 2 blocks from Morgan Avenue’s L-train station. It into an office and retail complex. Upon completion of offers companies looking to rent office space, retail, the project there will be offices on the first, second and creative or mixed-use space a whole building identity in third floors. Retail will occupy part of the first floor and Williamsburg. The developers are looking to be granted a the rooftop will house a restaurant and bar. It is special permit to install a 279-car parking lot, as opposed scheduled to be completed in 2018. to the 497 spaces mandated under the current zoning. The architect for the site is Architecture Plus Information (A+1). EAST WILLIAMSBURG NEIGHBORHOOD REPORT New Developments

101 Bogart Street 71 White Street Last October, developers Sam and Jacob Polastek Yoel Goldman from All Year Management, has proposed a seven- story, introduced a 21,000-square foot hotel and worship hall to mixed-use site in East Williamsburg. This 79,365 square foot facility will hold East Williamsburg. The multi-use building will be six stories 112 hotel rooms, retail space, an amphitheater, and a restaurant. The existing tall and will be right outside the Morgan Avenue warehouse that is already there will be preserved and turned into retail space. “L” train station. The first floor of this building will hold the The hotel portion will occupy the upper five floors, which will include a variety Worship Hall, a conference room, lecture room, library and a of different suites and rooftop bars. Goldman bought the site for $9.4 million in few offices. Some of the rooms in the hotel will offer a November of 2014. balcony. The remaining floors will hold 10 rooms each and average out to be 352 square feet per room. Hotel amenities will include a lounge, café, and a bike parking area. The building will feature an industrial combination of exposed steel, brick lattice, and glass panels. EAST WILLIAMSBURG NEIGHBORHOOD REPORT New Developments

Rheingold Brewery Site, 123 Melrose Street, ODA New York Architects The redevelopment of the Rheingold Brewery is underway and will encompass the full 10 blocks of the original Brewery in East Williamsburg/ Bushwick. The entire site is owned and being developed by three companies, that being Princeton Holdings/Read Property Group, All Year Management and the Rabsky Group. ODA New York and ND Architecture are the architects designing the site. The section rendered above, developed by All Year Management will be made up of 800 to 900 rental apartments, as well as 17,850 square feet of public park space creating a village type feel for residents. 20% of the apartments will be dedicated as affordable housing. The complex is currently under construction. EAST WILLIAMSBURG NEIGHBORHOOD REPORT

Apartment Rentals

456 Grand Street Forty2East Olive Park Condo 1 bedroom: $3,450 Studio: $2,300 Studios: $2,200 2 bedrooms: $3,900 1 bedroom: $2,650 1 Bedroom: $2,696 3 bedrooms: $4,500 2 bedrooms: $3,800 2 bedrooms: $3,750 EAST WILLIAMSBURG NEIGHBORHOOD REPORT

Transportation

Subway • East Williamsburg is served by several subway lines, mainly Grand Street, Montrose Avenue and Morgan Avenue stops on the “L” train. • The “L” train has a weekly ridership of 566,997 • The BMT Jamaica Line line stops at Flushing Avenue (“J” and “M” Trains) • The “G” train also stops at Flushing Avenue

Buses • B24 • B38 • B48 • B57 • B60 • Q54 • Q59

Brooklyn Queens Expressway Exit 32B at , Exit 33 at McGuinness Boulevard and Humboldt Street, and Exit 34 at Meeker and Morgan Avenues all lead to East Williamsburg. PRESENTED BY

Peter Michalski Jr Jason Grunberg Jakub H. Nowak

Associate Associate First Vice President of Investments Licensed Real Estate Salesperson Licensed Real Estate Salesperson Licensed Associate Real Estate Broker Brooklyn Office Brooklyn Office Brooklyn Office Tel: (718) 475-4393 Tel: (718) 475-4390 Tel: (718) 475-4353 Fax: (718) 475-4310 Fax: (718) 475-4310 Fax: (718) 475-4310 [email protected] [email protected] [email protected] License: NY 10401296320 License: NY 10401266011 License: NY 10301211147

www.MarcusMillichap.com 36