760 Dekalb Avenue Bedford-Stuyvesant, Brooklyn, Ny Table of Contents
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760 DEKALB AVENUE BEDFORD-STUYVESANT, BROOKLYN, NY TABLE OF CONTENTS I. EXECUTIVE SUMMARY 3 II. THE NEIGHBORHOOD 7 III. DUE DILIGENCE 10 FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS DJ JOHNSTON WILLIAM CHENG Partner, Senior Managing Director Director 646 933 2619 646 933 2623 [email protected] [email protected] MICHAEL MURPHY BEN RECHLER Senior Associate Associate 646 933 2639 646 933 2657 [email protected] [email protected] B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 2 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS TAX MAP DEKALB AVENUE • 42,500 SF Commercial Building with 220’ of wrap around frontage on the corner of Tompkins Avenue and Dekalb Avenue, in the neighborhood of Bedford-Stuyvesant, Brooklyn 133 TOMPKINS AVENUE TOMPKINS 67’ • The building is 150’ x 62’ across 5 stories, offering light and air on 3 149.83’ sides. A portion of the first floor has double height ceilings, perfect for an auditorium, small gym, or common area. • The building can be sub-divided, as there is a private entrance on MARCY AVENUE MARCY the corner, which would allow for a roughly 9,000 SF office that can operate separately from the larger commercial space. • The entire building was previously used as a school, with the KOSCIUSZKO STREET potential of 20 classrooms, 20 offices, a double height auditorium, and a larger cafeteria. Preliminary plans and survey can be provided upon request. • The building was occupied as early as this year, but will be delivered vacant, allowing for immediate occupancy, or to allow for a renovation and/or reconfiguration of the existing structure. • Alternative uses include medical facility, non-profit administration, commercial offices, co-working, and student dormitory. The building falls in a residential zoning but the existing buildings non-conforming use is commercial. • Multiple transportation options available, including the G Train, 3 blocks away on Nostrand Avenue, as well as the B38 and B43 Buses located right outside the building. ASKING PRICE: $16,500,000 ($388 per SF) B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 3 EXECUTIVE SUMMARY B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 4 EXECUTIVE SUMMARY PROPERTY INFORMATION Address 760 DeKalb Avenue, Bedford-Stuyvesant, Brooklyn, NY 11216 Location On the southwest corner of DeKalb and Tompkins Avenues. Block & Lot 1780 / 133 Lot Size 149.83' x 67 Lot SF 10,039 sq. ft. (approx) Building Size 149.83' x 62' Building SF 42,500 sq. ft. (approx) Zoning R6A FAR 3.00 Available Air Rights (12,384) Overbuilt Assessment ('19/'20) $1,013,983 R.E. Taxes ('19/'20) $106,843 Tax Class 4 STATION DISTANCE FROM PROPERTY TRAIN LINE STATION WALKING DISTANCE G Myrtle-Willoughby Avenue 4 Blocks / 6 Minutes G Bedford-Nostrand Avenue 4 Blocks / 8 Minutes J Kosciuszko Street 6 Blocks / 17 Minutes Travel times estimated by Google Maps B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 5 EXECUTIVE SUMMARY B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 6 THE NEIGHBORHOOD TRANSPORTATION nd 42nd ST - TIMES SQUARE 42 STREET – GRAND CENTRAL COURT SQUARE The subject property is an 12 minute train 21 Minutes 13 Minutes ride from Manhattan and less than 20 19 Minutes minutes from Midtown via transfer. 4 5 6 7 S E M G 7 1 2 3 7 A C E N Q R W S 760 DeKalb Avenue is conveniently METRO NORTH located within close proximity of multiple subway stations along G , J lines – 4 14 STREET - UNION SQUARE blocks to either Myrtle-Willoughby 12 Minutes Avenue or Bedford-Nostrand Avenue stations, and 6 blocks to Kosciuszko 4 5 6 L N Q R W Street station. 34th STREET – HERALD SQUARE 17 Minutes Multiple bus options are also available with the B15, B38, B43, B44, B46 and B D F M N Q R W DELANCEY - ESSEX STREETS Q24, providing direct connections PATH 14 Minutes throughout Brooklyn and Queens that is conveniently located within close F M J Z proximity to the property. By car, there is easy access to Manhattan via the Manhattan Bridge, Williamsburg MARCY AVENUE Bridge, and Brooklyn Bridge. The 6 Minutes property is ideally situated in close FULTON CENTER STATION proximity to the Brooklyn-Queens 12 Minutes J Z M Expressway (Interstate 278), accessible within 1.4 miles of the property, 1 2 3 4 5 A C E J Z connecting to most major thoroughfares in Brooklyn and Queens. KOSCIUSZKO STREET The three major metropolitan airports, 6 Blocks / 17 Minutes John F. Kennedy (10 mi), LaGuardia (9.2 J mi), and Newark (16.1 mi) are located in the immediate Metropolitan area. JAY STREET - METRO TECH 7 Minutes MYRTLE-WILLOUGHBY AVENUE A C F R 4 Blocks / 6 Minutes G HOYT-SCHERMERHORN STREETS BEDFORD-NOSTRAND AVENUE 6 Minutes 4 Blocks / 8 Minutes 760 DEKALB A C G G AVENUE B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 7 THE NEIGHBORHOOD BEDFORD STUYVESANT Bedford Stuyvesant is known for its diverse culture, beautiful brownstones, historic buildings and tree-lined blocks. Throughout the neighborhood, you can also expect to find many new developments and conversion projects both completed and under construction. This blend of new and old has generated an influx of popular restaurants and nightlife that have families, younger individuals, and investors flocking to the area. Some notable establishments include the Michelin recommended Saraghina on Halsey Street as well as the Michelin recommended L’Antagoniste on Malcolm X Boulevard offer fantastic dining options, while the Casablanca Cocktail Lounge, on Malcolm X Boulevard, and Bar LunAtico, on Halsey Street, offer authentic, small music venues covering all music genres. Bedford-Stuyvesant’s proximity to transportation, exciting cultural elements, new beautiful living spaces and exciting, wide-ranging nightlife possibilities makes Bedford-Stuyvesant one of New York City’s most unique & exciting neighborhoods. Proximity to transportation, the neighborhoods character, new development in the area, and exciting new retail popping up throughout the neighborhood are just a few of the factors drawing investors and residents to Bedford-Stuyvesant. THE FOUNDING Originally settled by freed slaves who were among the first to purchase land for homes, Bedford-Stuyvesant is an area where Brooklynites have effectively negotiated the difficult balance between protecting meaningful historic places and developing and reshaping public resources. Over the years, many of Bedford-Stuyvesant’s residents have transplanted their own cultures and experiences to the historically rich community, although it was occupied by British troops after the Revolutionary War’s Battle of Brooklyn. Innovations in transportation accelerated a growth in population. In 1836 the Brooklyn and Jamaica Railroad traversed Atlantic Street, which is now Atlantic Avenue. By 1873 the population had reached 14,000 and included Irish, German, Scottish, Dutch American, and African-American residents. GROWTH YEARS Bedford-Stuyvesant became more accessible from Manhattan upon completion of the Brooklyn Bridge (1883) and the elevated railroad (1885). The grandeur of the area around Bedford Corners and its thoroughfare, Stuyvesant Avenue, lured middle- and upper-class residents, notably F.W. Woolworth of the five-and-ten-cent stores and Abraham Abraham of Abraham & Straus. By 1920 the population had reached 45,000, and during the next decade the numbers of residents in the area rose dramatically, with an especially large increase after the subway reached the area in 1936. New immigrants poured into the neighborhood from Europe, the southern US, and the Caribbean. (Novelist and essayist Paule Marshall often includes descriptions of her family’s Caribbean American lifestyle and the brownstones of Bed-Stuy in her writing.) Around this time many began referring to Bedford and Stuyvesant Heights by their current, combined name. In 1950 Bedford-Stuyvesant had a peak population of 250,00. The population declined progressively, by 46.7% overall, between 1950 and 1980 to reach a low of 133,377. Since then, it has steadily increased to its current level of about 144,000. Increases have been notable in the northeast quadrant, along Broadway, and along the southern side of Lafayette Ave. B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 8 THE NEIGHBORHOOD RETAIL MAP RESTAURANTS & BARS 1 Project Parlor 2 Samurai Papa 3 Marcy & Myrtle 4 Sally’s 5 KLEINBERG'S 6 BKLYN Blend 7 Rocco Pizza 8 New Hardee 9 Burly Coffee 10 Mary's Coffee Shop LIFESTYLE 1 The Home Depot 2 Family Dollar 3 Duane Reade 4 Key Food Supermarkets 5 M&D Mini Market 6 Lincoln Market 7 Natural Mini Market 8 Greene Organic Deli Corp 9 Family Dollar 10 Associated Supermarkets 760 DEKALB CULTURE & ENTERTAINMENT AVENUE 1 Bedford-Stuyvesant YMCA 2 Crazy Legs Skate Club 3 Kosciuszko Pool 4 Tompkins Park Senior Center 5 Herbert Von King Park 6 CrossFit Outbreak Bed Stuy 7 Brooklyn Stuy Dome Powered by Game Over 8 Pulaski Playground 9 Jesse Owens Playground 10 GYM X Boxing B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 9 New construction under New MIH construction Basic Quality Mandatory R6A R6A regulations under R6A regulations HousingDUE envelope DILIGENCEInclusionary Housing envelope R6A , created in 1987, ZONING R6A contextual districts New construction under New MIH construction Basic Quality Mandatory R6Aare medium density districts designed R6A regulations under R6A regulations Housing envelope Inclusionary R6A is a contextual district where the Quality Housingto produce bulk Quality regulations Housing are buildings mandatory. Housing envelope that are seven or eight stories tall. Several These regulations produce high lot coverage, R6Asix- contextualto eight-story districts apartment, created buildingsin 1987, set at or near the street line. Designed to be compatiblebulk regulations, with olderincluding buildings high lot found in are medium density districts designed medium-density neighborhoods, R6A districtscoverage are mapped allowances, in the Bronx,street wall Brooklyn location and to produce Queens. Parts of Kingsbridge in the Bronx andrules Williamsburg and maximumQuality in Housing Brooklynbase height buildings are rules typical that are seven or eight tall.