270 Freeman Street Greenpoint

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 neighborhoods.

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 ridership 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 development 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 details 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. 27 Java Street - 644,020 SF residential building job filed

33. 211 McGuinness Blvd - 197 units, 8 stories 34

34. 107 Norman - Brooklyn Public Library Renovation - in construction

11 GREENPOINT

Greenpoint is the most northern neighborhood in Brooklyn, and also hap- pens to be one of the coolest neighborhoods in the borough. Greenpoint has recently seen a new wave of young, creative residents who want to live quietly, yet have the option of going out to the local bar scene or walking over to Williamsburg for its nightlife. Greenpoint is serviced by the G train and a variety of bus routes to get you around the borough.

12 2 AREA ATTRACTIONS

1 1. Broadway Stages 3 Broadway Stages is one of New York’s largest growing full-service film, television production compa- 5 ny that has made an unparalleled commitment to renewable energy by creating the world’s first solar powered sound stages.

2. The Box House Hotel 6 In a converted factory across the 1 street from the Pulaski Bridge, this 4 8 polished hotel features artwork 7 commissioned by local artists, as well as balconies offering city views.

3. Sweetleaf Coffee Roasters 6. The Brooklyn Bazaar Sweetleaf is an industrial yet Brooklyn Night Bazaar is a conflu- cozy coffeeshop. Delicious coffee ence of night market, art fair, food options and quiet, with a range of festival and concert that brings seating available for patrons. together New York’s creative independent vendors, musicians, chefs, artists breweries and wineries.

4. The Brooklyn Barge 7. The Brooklyn Expo Center Floating, seasonal bar & grill on a Lofty event space with floor-to- barge, serving New American bites, ceiling windows hosting a range of cocktails & draft beer. programs, talks & conventions.

5. Esme 8. Sunshine Laundromat & Pinball Seasonal cocktails pair with Ameri- This speakeasy pinball bar is behind can plates in a bustling space with a laundromat entrance, and is the vintage touches & a small bar. type of place that’ll make you feel cool and retro, without feeling pre- tentious.

13 BROADWAY STAGES

Broadway Stages is one of New York’s largest growing full-service film, television production company. For over 30 years, Broadway Stages and its clients have employed thou- sands of people and have created hundreds of local jobs. Broadway Stages is equipped to handle every conceivable size, style and type of production, whether it is for film, television, music or commercial studio photography. New York’s premier Film and Television Produc- tion company, has made an unparalleled commitment to renewable energy by creating the world’s first solar powered sound stages.

14 GREENPOINT LANDING

Greenpoint Landing is an exciting mixed-use development located along the waterfront in Greenpoint. The project will transform a half-mile, 22-acre stretch along the East River and open up access to the water. With a total of 5,500 planned units, Greenpoint Landing will bring substantial new residents, open space and neighborhood retail to the existing community.

15 ACME SMOKED FISH FACTORY EXPANSION

The famous Acme Smoked Fish Corporation is pursuing a major expansion of its existing facilities in Greenpoint, Brooklyn. Located at 30 Gem Street, the Acme Smoked Fish factory was founded in 1905 and is now one of the country’s leading producers and distributors of smoked fish and pickled fish products by volume.

Designed by Gensler Architects, the proposed scope of work includes the construction of approximately 532,000 square feet of office area, a 150-vehicle parking lot, loading docks, bicycle storage for commuting employees, and expanded processing facilities.

The new processing facilities will be located within a four-story structure at the northeastern corner of the property along Meserole Avenue and Banker Streets. There will be two new loading berths for the main processing facility with access from Meserole Avenue, and another three for the commercial building with access from Banker Street.

The office component will span nine stories and occupy the remainder of the block.

16 BROOKLYN

With 2.6 million residents, Brooklyn is the most populous borough of New York City and the most

The borough is situated at the southwestern end of Long Island populous county in and is bounded on the north and east by the borough of Queens, on the south by Lower New York Bay, the Atlantic Ocean and Ja- maica Bay and on the west by the East River, Upper New York Bay New York state. and the Narrows, which separates it from the borough of Staten Is- land. Brooklyn was an independent city until its consolidation with New York City in 1898. The borough’s 36 neighborhoods continue Brooklyn is the to maintain a distinct culture, independent art scene and unique architectural heritage. second most densely populated county in the U.S. For more information, please contact exclusive agents:

OFER COHEN DAN MARKS Founder & CEO Partner [email protected] [email protected]

DANIEL LEBOR GARRETT ALLEN Partner Associate [email protected] [email protected]

718-768-6888 | terracrg.com

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. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, ex- pense 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. Exclusive Offering Memorandum