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166 Berry Street, Williamsburg, Brooklyn Investor Prospectus: Prime Retail Development Opportunity 166 Berry Street, Williamsburg, Brooklyn Executive Summary 166 Berry Street, Williamsburg Brooklyn NY 11249 166 Berry Street is on a prime Williamsburg retail corner at North 4th Street and Berry Street (the “Property”). The site can be developed into a 3-story retail space with a terrace and a total of 16,740 BSF*. Asking price is $32,000,000 or $1,912 per BSF. Given the growth explosion in Williamsburg, the lack of high-end retail space and the foot traffic on this block, there is already substantial brand interest in the site: Shake Shack, Nike and Zara among others. The neighborhood already boasts a new Whole Foods complex, a WeWork office sharespace and an Apple Store. Property Overview (166 Berry) Proposed Development (166 Berry plus Townhouse) Block/Lot 2342/23 Building Type Commercial/Retail/Development Lot Area 6,200SF Gross Building Area 23,490SF*(3) Lot Dimension 62ft X 100ft Building Dimension 87ft X 100ft Zoning/FAR M1-2/R6A/MX-8 Total Retail Area 17,443SF*(3) Max Buildable Area 16,740SF* Floors 3 plus terrace Available Air Rights 10,540SF* Elevator yes Current RE Tax $16,800(1) Entitlements as-of-right, no-landmark Projected RE TAX $23,506(1) School District 14 Financial (166 Berry) Asking Price $32,000,000 Price/SF $1,912/SF Construction Costs $10,044,000 ($600/SF) Annual Rent 16,740 x $156/SF= $2,611,440 Less: Projected RE Taxes $23,506(1) (*)Approximate – Architect should be consulted Less: Expenses $66,960(2) (1)Estimate (2)Estimated $4/SF NOI $2,520,974 (3)Blended rate of $250/SF Street Level and $100/SF Above Cash on Cash Return 6.0% (4)Add townhouse annexed 25x100 lot and 6,750BSF – price upon request Neighborhood Description Williamsburg Brooklyn NY 11249 Williamsburg is one of Brooklyn’s most popular and exciting neighborhoods. The L Magazine, a New York City publication, lists Williamsburg as one of the top Most Livable Neighborhoods in Brooklyn. It is one of Brooklyn’s top dinning, shopping, and nightlife destinations. The hipster hub has a diverse demographic that attracts people from all over the city. Bedford Avenue is the neighborhood’s main thoroughfare, anchored by the Bedford Mini Mall, and surrounded by shops, bars, and eateries. The ‘Burg, as locals call it, also offers many seasonal events and activities, including Smorgasburg in East River Park, one of NYC’s best street fairs. Williamsburg also has a thriving music scene and boasts several local music venues. The neighborhood is known for fantastic beer and cocktail bars, and its dining options. Spanning everything from old-school steakhouse Peter Luger, to new hip eateries like Reynard, the Williamsburg restaurant scene is one of the best in Brooklyn. Brooklyn Brewery and Brooklyn Bowl are considered two Brooklyn institutions that are located in Williamsburg. Brooklyn Brewery offers an award-winning roster of year-round, seasonal, and specialty beers. The venue has been such a success, that it just opening locations in Las Vegas and London, with Chicago on the way. The brewery is open to the public seven days a week for both private and open tours and tastings. Brooklyn Bowl, located on Wythe Avenue, was labeled as “one of the most incredible places on earth,” by Rolling Stone Magazine. The venue offers premier performances, food by Blue Ribbon, bars which feature local craft brewed beers, and 16 bowling lanes. The Wythe Avenue corridor is zoned commercial, leaving hotels as the only development option. With the major success of the Wythe Hotel, three more hotels are underway. The planned hotels will certainly help generate more foot traffic, and lead to more retail options. The Wythe Hotel sits in a converted waterfront factory that was built in 1901. It has 70-rooms, including four lofts, six event spaces, cinema, the Reynard restaurant, and The Ides rooftop bar. Parks and Recreation Space There are several parks within the neighborhood that also offer a variety of activities. The three most notable parks are McCarren Park, East River State Park, and Cooper Park. The 35-acre McCarren Park is centrally located, and has baseball, soccer, and football fields, basketball, bocce handball and tennis courts, ice skating rinks, playgrounds, running tracks, dog runs, recreation center and a newly renovated Olympic sized pool. The 7-acre East River State Park offers incredible views of the Manhattan skyline, play areas, picnicking, barbeques, and music concerts. Lastly, Cooper Park, steps away from 81 Olive Street and 29 Orient Avenue, features a Sunday Farmer’s Market and sports facilities. Transportation Williamsburg is just one subway stop away from Manhattan. All of the properties are serviced by local stops on the L train, which provides service in and around Brooklyn as well as to and from Downtown Manhattan. The neighborhood is also serviced by the J, M, Z and G trains. The East River Ferry makes stops in both North and South Williamsburg; and provides service to 34th Street and the Wall Street area in Manhattan. The neighborhood is also serviced by express and local MTA buses for local and Manhattan bound service. By car, Williamsburg is easily accessible from the Brooklyn-Queens Expressway. The Williamsburg Bridge connects the Lower East Side in Manhattan to Williamsburg. Williamsburg is close to three major metropolitan airports; LaGuardia Airport (approximately 15 minutes by car) located in Queens, NY, John F. Kennedy Airport (approximately 30 minutes by car) located on Long Island, and Newark International Airport (approximately 35 minute drive). Why Williamsburg Williamsburg offers the best of both worlds: stable cash flow with enormous future potential upside in both the residential and retail units. The location encompasses one of the best Brooklyn neighborhood to live and work. In today’s market commercial space of this magnitude and quality are extremely rare. Potential Buyers Williamsburg, Brooklyn, NY 11249 Crown Acquisition Ponte Gadea Acadia Realty Trust Waterbridge Capital Xinyuan Real Estate Vornado Realty Trust Ashkenazy Acquisition Sitt Asset Management RedSky Capital Monian Group Wharton Properties SL Green Realty Chitrit Group BrooklynBoss Capital Aurora Capital Thor Equities Aurora Capital Alex Adjmi Family Kuafu Properties Associates Potential Retailers Williamsburg, Brooklyn, NY 11249 Appendix: Published References Williamsburg's $40 Million Retail Sites to Add 21,000 Square Feet of Shopping Racked, LAURA GURFEIN Feb 23, 2015 184-186 Bedford Avenue. Photo: Meshberg Group It looks like RedSky Capital wants to turn a profit on its Williamsburg investment as quickly as possible. The real estate firm that spent $40 million on two Bedford Avenue addresses late last year will convert both properties to all-retail spaces, The Wall Street Journal reports, and have set rents at $400 per square foot for the ground floor and $125 per square foot on the second level. "Five years ago, you would decide to do retail on the ground floors and apartments upstairs," Peter Levitan, of the firm that represented RedSky in the transaction for 184-186 Bedford Avenue and 204-206 Bedford Avenue, told the newspaper. "I think there is a lot of pent-up demand from before the recession for retailers to open stores in Williamsburg." These conversions will bring a total of 21,000 square feet of refurbished retail space to Bedford Avenue, which has higher commercial rents than anywhere else in the borough—elsewhere, the average is $125 per square foot. Driving that price up here are businesses like Whole Foods, J. Crew, and Redsky's other Bedford Avenue project: the Apple store. Shop Williamsburg Mainstream brands look for a foothold in Brooklyn’s hippest neighborhood September 01, 2012 The Real Deal, By Jane C. Timm The corner of Bedford Avenue and North 5th Street in Williamsburg Now that major retailers like Whole Foods are opening in the area, other mainstream brands are clamoring to get into the hip neighborhood, too. “This year, there has been a new level of acceptance of Williamsburg as a prime spot for business,” said David Leiter of the Williamsburg-based brokerage Leiter Real Estate Group. “Whole Foods was the stamp of approval on the neighborhood as an area retailers needed to be in.” The shift is also due in part to changing demographics in Williamsburg, which has long attracted twentysomething singles. As the city emerges from the downturn, pricey condos and rentals are now filling up with wealthy families, who in turn are attracting high-end retailers. “As more and more families come into the neighborhood, more and more family-oriented and mainstream retailers are coming to meet that demand,” said Timothy King, the managing partner of Brooklyn-based commercial firm CPEX Real Estate Services. Demand on the rise Retail interest in Williamsburg has been spurred by skyrocketing residential prices: According to the brokerage MNS, studios in June were renting for an average of $500 more per month than last year. “The residential side of Williamsburg has really established itself and there’s a stronger density of residents now,” said Ryan Condren, managing director of retail leasing at CPEX. That, in turn, “provides a consistent flow of foot traffic to the mainstream retailers.” According to brokers, the floodgates opened in March, when Midtown Equities and other investors signed a deal to buy 242 Bedford Avenue, where they plan to develop a $40 million, 150,000-square foot complex with a Whole Foods, luxury apartments, a Citibank and a New York Sports Club. That deal has prompted other mainstream retailers to seriously consider Williamsburg, brokers said. Williamsburg Cinema, a new movie theater being built at Driggs Avenue and Grand Streets, will have seven screens and 1,000 stadium seats, giving movie-goers a more mainstream alternative to the artsy, smaller Nitehawk Cinemas, which opened this summer.
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