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525 Myrtle Avenue EXECUTIVE SUMMARY 525 Myrtle Avenue EXECUTIVE SUMMARY TerraCRG has been retained to the condo common charges are $980 per exclusively represent ownership in the month. With low taxes and common sale of a new-construction, vacant retail charges, this opportunity provides an condo at 525 Myrtle Avenue in Clinton excellent investment for investors Hill, Brooklyn. and/or users. This vacant retail condo offers investors Myrtle Avenue continues to flourish as and/or users the opportunity to acquire one of Brooklyn’s most heavily 18 feet of frontage on Myrtle Avenue trafficked retail corridors. The property between Grand Avenue and Steuben is in the heart of Clinton Hill, directly Street. The condo offers 1,700 SF of across the street from the Pratt Institute above grade space and 200 SF of below- where rents on Myrtle Avenue are grade space, totaling 1,900 gross SF. All achieving upwards of $65/SF. uses are permissible, and with the shaft way in place for venting, it is an ideal The property is located within walking space for a restaurant. The space is distance to Pratt Institute, Fort Greene white-boxed with an HVAC unit and two Park, Brooklyn Academy of Music and ADA approved bathrooms. Brooklyn Navy Yard. The commute to Union Square in Manhattan is only 30 525 Myrtle Avenue has a 25-year 421-A minutes with the Classon Ave G train and ICAP abatement in place. The net stop just four blocks away. taxes are low at $2,496 annually, and Asking Price: $1,850,000 525 Myrtle Avenue PROPERTY SUMMARY Property Information Address: 525 Myrtle Avenue (#RS-1) Brooklyn, NY 11205 Neighborhood: Clinton Hill Cross Streets: Grand Ave/Steuben Street Block: 1893 Lots: 1301 Lot Size: 50 ft x 100 ft Building Information Building Class: RK Tax Class 4 Commercial Units: 1 Above Grade SF: 1,700 Basement SF: 200 Gross SF: 1,900 Zoning: R7A, C2-4 Taxes Assesment (18/19): $ 148,369 Gross Annual Taxes (18/19): $ 15,600 421-A & ICAP abatements: $ 13,528 Net Annual Taxes (18/19): $ 2,496 * Abatement Expires 2043 525 Myrtle Avenue REVENUE & EXPENSES PROJECTED REVENUE Unit Above Grade SF PPSF Montly Rent Annual Rent RS-1 1,700 $ 64 $ 9,000 $ 108,000 * Total 1,700 $ 64 $ 9,000 $ 108,000 *Vacant/Projected REVENUE (PROJECTED) : Gross Monthly Income $ 9,000 Gross Annual Income $ 108,000 EXPENSES (ESTIMATED) : Real Estate Taxes $ 2,496 Condo Common Charges $ 11,765 Management 2% $ 2,160 Total: $ 16,421 Gross Annual Income: $ 108,000 Less Expenses: $ 16,421 Net Operating Income: $ 91,579 525 Myrtle Avenue AREA TRANSPORTATION 57 62 525 Myrtle Ave. 54 69 Fort Greene Park B Q R 38 G 2 3 4 5 G 525 Myrtle Avenue TAX MAP Block: 1893 Lot: 1301 The property is located between Grand Avenue and Steuben Street. 525 Myrtle Avenue ZONING MAP 525 Myrtle Avenue is a 1,900 SF retail condo zoned R7A/C2-4 525 Myrtle Avenue FLOOR PLANS 525 Myrtle Avenue CLINTON HILL Wedged between Fort Greene and Bed-Stuy, Clinton Hill is a neighborhood in transition as it borrows from its' past and celebrates its future. With a fine mixture of pre-Civil War era mansions, brownstones and carriage houses, a significant portion of the neighborhood is a historic district. But, like all of Brooklyn, modern new developments dot the landscape and have altered the demographics of what was once a neighborhood wrestling to shed its past. At the center stands Pratt Institute, renowned for its focus on architecture, industrial and interior design. Today, Clinton Hill is a neighborhood on the move. A short stroll to both Fort Greene and Bed-Stuy, Clinton Hill shares five of the top restaurants in Brooklyn with its neighbors according to a 2015 review by Yelp. Home to Pratt Institute's 25-acre campus, the neighborhood is bustling with artistic studies and young professionals. Home to Pratt University founded by oil baron, Charles Pratt in 1887 Had a total of 50 commercial real estate transactions in 2015 - led mainly by 19 multifamily sales Clinton Avenue with expansive 19th century mansions was once called Brooklyn's "Gold Coast" Area Transportation 525 Myrtle Avenue AREA RETAIL Russ & Daughters Wegman’s (Coming Soon) (Coming Soon) Food Hall 50 (Coming Soon) 51 26 28 24 36. Thai Holic 27 23 Retail 37. Gentleman Farmer 1. Brooklyn Tap House 38. LaRina Pastificio & Vino 2. Gino’s Pizzeria 39. Energy Fuel 3. Moot Bar 40. Chipotle 4. The Emerson 41. Starbucks 25 5. Taqueria Tepango 42. Subway 6. Brewklyn Grind Roasters 43. Putnam’s Pub & Coocker 7. Bergen Bagels 44. Chase Bank 8. Dunkin’ Donuts 45. Apple Bank 9. Castro’s 46. Connecticut Muffin 10. SoCo 47. Spice & Grill 11. Wray’s 48. Citibank 12. Los Pollitos III 49. T-Mobile 13. Waza Sushi & Ramen 525 Myrtle Ave. 50. Brooklyn Roasting Co. 3 2 14. Liberty Pizza 51. J&J Navy Yard Sub Shop 6 4 15. Brooklyn Eats 52. Dosa Royale 11109 8 1 16. Kum Kau 53. Maison May 13 12 5 17. Five Spot 30 34 17 16 54. Brooklyn Public House 38 43 46 47 71 7 18. El Cofre 55. Roman’s 14 70 19. Luigi’s Pizzeria 29 313233353637 15 56. Kiki’s Pet Spa & Boutique 39404244 45 48 49 18 20. Mike’s Coffee Shop 57. Bagel World 41 21. Clinton Park Café 58. Colonia Verde 22. Tony’s Pizza Spot 59. Evelina 23. Il Porto 60. Black Iris 24. Brooklyn Roasting Co. 61. Dino 25. Fresh Fanatic 62. Wallabout 26. Chase Bank 63. Sushi D 27. Samui 64. Dick and Jane’s 28. Oaxaca Taqueria 65. Madiba 29. Domino’s Pizza 66. Smooch 30. Red Lantern Bicycles 67. Miss Ada Park Greene Fort 22 31. Gnarly Vines 68. BitterSweet 21 32. Who’s Your Doggy 69. Walter’s 33. Burger UrWay 66 64 70. TD Bank 63 34. Walgreens 71. Key Food 65 59585756 5554 35. Brooklyn Sweet Spot 1920 69 6867 626160 53 52 525 Myrtle Avenue AREA RESTAURANTS Lady’s Gentleman Farmer Sisters Putnam’s Habana Outpost Black Forest Brooklyn Walter’s Wallabout 525 Myrtle Avenue FORT GREENE PARK Fort Greene Park is a municipal park in Brooklyn, New York, comprising 30.2 acres (122,000 m²). In 1847, the site became Brooklyn's first park under the name of Washington Park. Its name was changed to Fort Greene Park in 1896. One of the park's distinctive features is the Prison Ship Martyrs' Monument. The architectural firm of McKim, Mead, and White won a design competition, and the monument was unveiled in 1908. It is a 149 foot (44 m) high granite Doric column, which was the tallest freestanding Doric column in the world at the time it was built. At the top is an eight ton urn. Fort Greene Park is host to the annual Fort Greene Park Summer Literary Festival, an event featuring young writers aged 7-18 reading alongside established writers, such as Sonia Sanchez, Amiri Baraka, Jhumpa Lahiri, Sapphire, Gloria Naylor and Jennifer Egan. The Fort Greene Park Conservancy operates a summer concert series. 525 Myrtle Avenue PRATT INSTITUTE Pratt Institute is a private art college in New York City located in Brooklyn, New York, with satellite campuses in Manhattan and Utica. Pratt is one of the leading undergraduate art schools in the United States and offers programs in Architecture, Graphic Design, History of Art and Design, Industrial Design, Fashion Design, Jewelry Design, Illustration, Interior Design, Digital Arts, Creative Writing, Library and Information Science, and other areas. Pratt is named one of the best design schools in the world by Bloomberg Businessweek and a member of the Association of Independent Colleges of Art and Design (AICAD), a consortium of 36 leading private art schools in the United States. Pratt Institute is an enclosed landscaped 25-acre (100,000 m2) campus in Clinton Hill, Brooklyn, with historic buildings, library, and an athletic center. pratt.edu 525 Myrtle Avenue NAVY YARD NAVY YARD DEVELOPMENT 3,320,000 Total SF Steiner 12,500 Jobs Studios Expansion 1,100,000 SF Dock 72 $468,000,000 3,500 jobs Green 675,000 SF Manufacturing $380,000,000 Center 4,000 jobs 260,000 SF Wegmans $68,000,000 285,000 SF 800 jobs $140,000,000 1,200 jobs Building 77 1,000,000 SF $185,000,000 3,000 jobs 525 Myrtle Avenue NAVY YARD NAVY YARD EXISTING/FUTURE TENANTS Existing Kings County Distillery Anne Collier Inc. BRIC Arts/Media Brooklyn Grange Eric Forman Studio Daddy-O Productions Duggal Greenhouse Steiner Studios Honeybee Robotics New Lab Beta Final Frontier Design Pratt Institute Precision Flight System A&E Design Dev. Building 92 Situ Fabrication Building 280 Future Brooklyn Brewery Terreform One Wegmans WeWork Mast Brothers Chocolate Rooftop Reds TH Partnership Brooklyn Roasting Co. Also around 350 other companies and growing. 525 Myrtle Avenue DOCK 72 675,000 RSF state-of-the-art Brooklyn office space for the technology and start-up community Ground up construction by Boston Properties and Rudin Development Executed 222,000 RSF lease with WeWork 40,000 RSF to 60,000 RSF floor plates with private terraces on multiple floors First floor specialty food & beverage service* Second floor fitness center Bike valet & Dedicated parking 525 Myrtle Avenue BUILDING 77 Total of 1 million SF; 58,000 SF floor plates, divisible 16 floors, newly renovated with all new building systems 60,000 public food production hall anchored by Russ & Daughters 16,000 SF usable rooftop with unparalleled views 525 Myrtle Avenue STEINER STUDIOS Steiner Studios is located within the Brooklyn Navy Yard, situated along the East River and flanked by the Williamsburg Bridge to the north and the Brooklyn and Manhattan Bridges to the south.
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