270 Freeman Street Greenpoint
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270 FREEMAN STREET GREENPOINT Exclusive Offering Memorandum TerraCRG has been retained to exclusively represent ownership in the sale of 270 Freeman Street in Greenpoint, Brooklyn. 270 FREEMAN STREET For more information, please contact exclusive agents: GREENPOINT 3 | The Offering OFER COHEN DAN MARKS Founder & CEO Partner 4 | The Property [email protected] [email protected] 4 Property Highlights 5 Property Information Building Information DANIEL LEBOR GARRETT ALLEN Partner Associate Property Taxes [email protected] [email protected] 6 Aerial Maps 7 Floor Plans 8 | Opportunity Zone 9 | Core Industrial Zone 10 | Transportation Map 718-768-6888 | terracrg.com 11 | Development Map 12 | Greenpoint 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 13 | Area Attractions 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, ex- 14 Broadway Stages pense estimates, tax brackets and general market assumptions, all of which should be evaluat- 15 Greenpoint Landing ed by your tax advisor and/or legal counsel. Interested parties should carefully verify each item 16 Acme Expansion 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. 17 | Brooklyn 2 THE OFFERING TerraCRG has been retained to exclusively represent ownership in the sale of the commercial building at 270 Freeman Street in Greenpoint, Brooklyn. The 18,974 SF, two-story property is zoned M3-1 and is located within an opportunity zone. The property allows for 22,738 gross buildable SF with 5,007 SF in available air rights. The building is best suited for a creative user or an investor searching for a commer- cially zone property in one of Brooklyn’s thriving neigh- borhoods. 270 Freeman Street is located within a commercial district that is home to manufacturers, distributors, office conversions, and production studios. One of the biggest names in the area includes Broadway Stages, next door. Just several blocks away is the partially completed Greenpoint Landing which will bring ~8,100 units to the area upon completion, as well as the ACME Smoked Fish production facility which is currently un- dergoing a multi-million-dollar expansion. The most active commercial corridors in proximity to the property are McGuiness Boulevard, Manhattan Av- enue and Franklin Street, which are lined with popular cafés, restaurants, boutique shops, galleries and bar/ cocktail lounges. 270 Freeman is just a short distance from the Green- point Avenue G train stop, bringing in an annual rid- ership of 2,934,770. It is also near the Pulaski Bridge to Long Island City and BQE, providing easy access to Manhattan and Queens. 3 270 FREEMAN STREET GREENPOINT ~18K ~75 X 150 FT ~5K SF GROSS BUILDING SF BUILDING SIZE AIR RIGHTS M3-1 OPPORTUNITY ZONE ZONED CORE INDUSTRIAL ZONE 4 THE PROPERTY PROPERTY INFORMATION Address: 270 Freeman St Brooklyn, NY 11222 Neighborhood: Greenpoint Block-Lot: 2514-27 Lot Size: 75.5 ft x 150.58 ft Lot SF: 11,369 Zoning: M3-1 Opportunity Zone: Yes Industrial Business Zone: Yes BUILDING INFORMATION Building Class: F9 Building Size: 75.5 ft x 150.5 ft Stories: 2 Basement Floor SF: 1,250 Ground Floor SF: 11,369 Second Floor SF: 6,362 Above Grade SF: 17,731 Total Building SF: 18,974 Total Buildable SF: 22,738 Available Air Rights: 5,007 TAX INFORMATION Assessment (19/20): $580,320 Taxes (19/20): $61,015 5 AERIAL MAPS 6 FLOOR PLANS 11,369 h: 15’5” h: 13’5” h: 7’5” h: 11’ h: 14’5” h: 11’ h: 11-16’5” 7 OPPORTUNITY ZONES 270 Freeman Street is in a Qualified Opportunity Zone (“Opportunity Zone”). Opportu- nity Zones were created under The Tax Cuts and Jobs Act of 2017 to encourage private investment in distressed communities around the United States. The new regime creates certain tax benefits that are available to investors with capital gains, who invest those gains in a Qualified Opportunity Fund (“QOF”), which in turn invests in so-called “qualified opportunity zone property.” An investor may obtain three types of U.S. federal income tax benefits as a result of investing a capital gain in a QOF: A TEMPORARY DEFERRAL OF CAPITAL GAINS TAX ON ANY GAIN INVESTED IN A QOF; THE ELIMINATION FOR TAX PURPOSES OF A PORTION OF THE INVESTED 270 FREEMAN ST GAIN UPON THE 5TH AND 7TH ANNIVERSARY OF THE INVESTMENT IN THE QOF; AND THE ABILITY, AFTER HOLDING A QOF INVESTMENT INTEREST FOR 10 YEARS, TO ELECT FOR THE BASIS OF THAT INTEREST TO BE EQUAL TO ITS FAIR MARKET VALUE ON THE DATE SUCH INTEREST IS SOLD OR EX- CHANGED, WITH THE RESULT THAT AN INVESTOR WILL NOT RECOGNIZE A GAIN AND WILL NOT OWE ANY TAX ON THE SALE OR EXCHANGE OF ITS QOF INTEREST. Although the final details of the Opportunity Zone program have yet to be finalized, the new provisions are expected to result in a significant influx of capital into real estate located in the newly-designated Opportunity Zones. For more information regarding Opportunity Zones, please visit: https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions https://esrimedia.maps.arcgis.com/apps/View/index.html?appid=77f3cad12b6c4bffb816332544f04542 8 CORE INDUSTRIAL AREA NORTH BROOKLYN LAND USE FRAMEWORK: A Plan for Balanced Growth This Land Use Framework aims to retain areas for industrial businesses that ben- efitfrom separation from other uses while channeling commercial growth to areas near transit. It also aims to update land use regulations to better support today’s 270 FREEMAN ST businesses in line with New York Works goals. The recommendations presented here are conceived of as pieces of a balanced overall strategy, interdependent and intended to reinforce one another. Because the Land Use Framework enables an increase in the amount of workspace in the Study Area to accommodate growth in multiple sectors, the overall intended effect of these recommendations would be conducive to job growth. The Land Use Framework does not put into place zoning regulations on develop- ment but, rather, will inform the development of a zoning proposal for the Study Area. A City-led rezoning will reflect the recommendations of the North Brooklyn Plan and will include further analysis and outreach to stakeholders about the de- tails of a rezoning proposal, including boundaries. Subareas were identified based on employment trends and physical characteris- tics such as concentrations of large lots and subway access: read the full report here: https://on.nyc.gov/2F5WmS4 9 E M COURT SQUARE G 7 TRANSPORTATION COURT SQUARE RIDERSHIP OVERVIEW G 7 Greenpoint Ave 7 Weekday | 9,648 Annual | 2,934,770 VERNON BLVD- HUNTERS POINT AV JACKSON AV G Nassau Ave Weekday | 9,105 Annual | 2,765,172 7 Vernon Blvd - Jackson Av Weekday | 15,781 Annual | 4,821,191 E G M 7 Court Square Weekday | 23,672 270 FREEMAN ST Annual | 7,003,218 LOCAL MTA BUS LINES: B24, B48, B43, B62 Pulaski Bridge pedestrian walkway and bike path G GREENPOINT AVE Pulaski Bridge Daily vehicles | 40,722 CitiBike Locations East River Ferry G NASSAU AVE 10 DEVELOPMENT MAP 1. 268-276 Green Street - 49,992 SF commercial building planned 2. 216 Freeman Street - 23,048 SF residential building in construction 3. 215 Freeman Street - 18,747 SF residential building completed 4. 197 Freeman Street - 19,142 SF residential building completed 5. 182 Freeman Street - 8,983 SF residential building completed 6. 184 Huron Street - 4,935 SF residential building under construction 7. 1059 Manhattan Avenue - 19,210 SF residential building completed 8. 153 Green Street - 13,435 SF residential building under construction 18 9. 141 Green Street - 6,693 SF residential building under construction 20 24 17 10. 108 India Street - 4,757 SF residential building under construction 16 19 11. 81 India Street - 4,937 SF residential building job filed 21 15 22 14 12. 127 Kent Street - 22,068 SF residential building under construction 23 25 13 26 13. 96 Clay Street - 9,989 SF residential building completed 27 270 FREEMAN ST 14. 91 Clay Street - 6,729 SF residential building under construction 15. 44 Box Street - 13,491 SF residential building under construction 28 7 3 16. 72 Box Street - 26,714 SF residential building completed 4 5 2 17. 77 Box Street - 69,990 SF residential building completed 1 9 8 18. 51 Ash Street - 2,200 SF residential building under construction 19. 25 Paidge Avenue - Demo job filed 6 20. 47 Rear Paidge Avenue - Demo job filed 30 29 11 21. 37 Blue Slip - 292,408 SF mixed use building completed 31 10 22. 21 Commercial Street - 85,033 SF mixed use building completed 32 23. 5 Blue Slip- 98,506 SF mixed use building completed 12 24. 1 Bell Slip- 295,482 SF residential building job filed 25. 50 Commercial Street - 22,974 SF residential building job filed 26. 26 Clay Street - 102,159 SF residential building job filed 33 27. 69 Dupont Street - 142,096 SF residential building job filed 28. 33 Eagle Street - 88,254 SF residential building completed 29. 160 West Street - 16,136 SF residential building completed 30. 53 Huron Street - 178,000 SF residential building job filed 31. 10 Huron Street - 463,705 SF residential building complete 32.