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415 SMITH STREET, BROOKLYN Exclusive Development Site in Gowanus Available for Sale TABLE of CONTENTS CONFIDENTIALITY and CONDITIONS

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415 SMITH STREET, BROOKLYN Exclusive Development Site in Gowanus Available for Sale TABLE of CONTENTS CONFIDENTIALITY and CONDITIONS 415 SMITH STREET, BROOKLYN Exclusive Development Site in Gowanus Available For Sale TABLE OF CONTENTS CONFIDENTIALITY AND CONDITIONS 3 Confidentiality and Conditions 4 Executive Summary 5 Property Overview 6 Financials Your receipt of this Memorandum constitutes your ac- Neither the Owner or CBRE, Inc, nor any of their 8 Surveys knowledgement that (i) it is a confidential Memoran- respective directors, officers, Affiliates or representa- 10 Rezoning 1 dum solely for your limited use and benefit in deter- tives make any representation or warranty, expressed mining whether you desire to express further interest or implied, as to the accuracy or completeness of this 12 Zoning Map in the acquisition of the Property, (ii) you will hold it Memorandum or any of its contents, and no legal 14 Rezoning 3 in the strictest confidence, (iii) you will not disclose commitment or obligation shall arise by reason of your it or its contents to any third party without the prior receipt of this Memorandum or use of its contents; 16 Neighborhood Overview written authorization of the owner of the Property and you are to rely solely on your investigations and 18 Neighborhood Photos (“Owner”) or CBRE, Inc., and (iv) you will not use any inspections of the Property in evaluating a possible part of this Memorandum in any manner detrimental purchase of the real property. 20 New Development to the Owner or CBRE, Inc. The Owner expressly reserved the right, at its sole 22 Comp Properties If after reviewing this Memorandum, you have no fur- discretion, to reject any or all expressions of interest 30 Contacts ther interest in purchasing the Property, kindly return it or offers to purchase the Property, and/or to termi- to CBRE, Inc. nate discussions with any entity at any time with or without notice which may arise as a result of review © 2019 CBRE, Inc. The information contained in this of this Memorandum. The Owner shall have no legal document has been obtained from sources believed commitment or obligation to any entity reviewing this reliable. While CBRE, Inc. does not doubt its accuracy, Memorandum or making an offer to purchase the CBRE, Inc. has not verified it and makes no guarantee, Property unless and until written agreement(s) for the warranty or representation about it. It is your respon- purchase of the Property have been fully executed, sibility to independently confirm its accuracy and delivered and approved by the Owner and any con- completeness. ditions to the Owner’s obligations therein have been Any projections, opinions, assumptions or estimates satisfied or waived. used are for example only and do not represent the CBRE and the CBRE logo are service marks of CBRE, current or future performance of the property. The Inc. and/or its affiliated or related companies in the value of this transaction to you depends on tax and United States and other countries. All other marks other factors which should be evaluated by your tax, displayed on this document are the property of their financial and legal advisors. You and your advisors respective owners. should conduct a careful, independent investigation of the property to determine to your satisfaction the Photos herein are the property of their respective suitability of the property for your needs. owners and use of these imageswithout the express written consent of the owner is prohibited. 2 EXECUTIVE SUMMARY PROPERTY OVERVIEW The BoroLogistics team at CBRE has been With great street presence on Smith, the proper- LOCATION retained on an exclusive basis to represent ty will attract a wide range of tenants and uses. 415-419 Smith Street, Brooklyn NY ownership in the sale of 415-419 Smith Street, In addition to its 63’ of frontage on the corri- Between 4th and 5th Streets an existing 6,323 square foot warehouse with dor, the existing building has 13’ to 15’ ceiling Market: Carroll Gardens / Gowanus development potential located in the Carroll heights throughout with an open, column free Block: 00468 Gardens/Gowanus section of Brooklyn. layout. The property is just one block from the F Lot: 0003 415-419 Smith Street is currently a 63’ wide, and G subway lines at the Carroll Street station Building SF: 6,323 one-story building built full to the lot size which and is positioned directly in front of a bus stop Lot Dimensions: 63 x 107 1 2 3 will be delivered vacant. While the property is for the B57 Bus line, transporting passengers currently split-zoned M1-1 & R6B/C2-4, it is directly to downtown Brooklyn. BUILDING FEATURESB M F poised to benefit from the Gowanus rezoning as Current Zoning: R6B, C2-4, M1-1 4 5 6 the site is soon to be up-zoned to a maximum 415-419 Smith Street is an exceptional op- Frontage: 63 Feet 1 2 3 FAR of 2.2 and permit residential, retail/enter- portunity for an investor, developer or user to Ceiling Height: 13’-15’A C E tainment and community facility uses. The lot own in one of Brooklyn’s fastest growing and Transportation:B M F and G trains measures approximately 6,323 square feet and most diverse pockets. Notably, the untapped 4 5 6 will contain 13,911 buildable SF. development potential in the immediate sur- HIGHLIGHTS A rounding area has paved the way for large scale Visible fromC elevatedE trains with roughly The subject property’s prime location on the development throughout the neighborhood 4 million annualG riders border of Carroll Gardens and Gowanus, two of which is helping transform the formerly indus- Close Proximity to Prime Retail, Flex the Borough’s most sought-after neighborhoods, trial area into a hub for residential, retail, flex Office, Residential and New Development. presents a tremendous opportunity for both office, entertainment and the arts. The proposed residential and commercial developers as well rezoning will reinforce the backbone of Brooklyn 166,000 SF mixed used development coming within 1 block. as users. Additionally, the property offers unique by helping to promote both job generation and optionality as it can be leased out in its current affordable housing. Column Free Space with High Ceilings form to a retail or commercial tenant and land banked while the rezoning is approved, and the surrounding area continues to develop. 3 4 FINANCIALS PROJECTED RENT ROLL Gross Income $316,150.00 Tenant RE Tax Reimbursement $24,073.00 Tenant LL Insurance Reimbursement $6,323.00 Less Vacancy Rate Reserve (5%) $17,327.30 Effective Gross Income $298,822.70 EXPENSES (ESTIMATED) RE Taxes (18/19) $24,073.00 LL Insurance $6,323.00 Legal/Miscellaneous (1%) $2,988.23 Management (3%) $8,964.68 Gross Operating Expenses (Proj.) $42,348.91 Net Operating Income (Proj.) $256,473.79 5 SITE SURVEYS 7 8 GOWANUS REZONING - 1 M1(2)/R6B, M1(3)/R6A, M1(3)/ R7A, M1(4)/R7X On January 30, 2019, the Department of City Planning released the draft Gowanus zoning proposal based on extensive outreach and planning with local elected officials and community members. The draft Gowanus zoning proposal, which will be a part of a comprehensive package of City initiatives, seeks to achieve multiple goals outlined in the Gowanus Framework with areas to support mixed-use growth with affordable housing, areas to maintain and grow Gowanus’ commercial and industrial businesses, and special tools to activate ground floors and create new public spaces. The Gowanus Canal will become the centerpiece of a green, resilient neighborhood with new, sustain- able, mixed use development boasting more open space and parks and community resources. See below summary graphics of the zoning proposal and detailed explanatory materials by proposed district or theme. The framework consists of proposed goals and strategies to make Gowanus a cleaner, greener, inclusive neighbor- hood that can serve as a model of sustainability for New York City and beyond. Stitched together, the tapestry of policies and proposals aim to support the evolution of Gowanus into an eco-neighborhood where existing and future residents and workers can live, work and play with a minimal carbon footprint and impacts on climate change. Key strategies include: • Promoting a more resilient future, where buildings and infrastructure are designed to manage flood risk today and into the future • Increasing public open space that is green and resilient along the Canal and capitalizing on opportunities to green public spaces throughout the area • Creating new job-generating space and fostering a mix of uses within the neighborhood so residents can live, work, create, play and shop and all users can reach their destinations by walking and bicycling or other means • Promoting new housing – creating and preserving affordable housing and improving public housing – near public transit to further reduce carbon footprint • Improving access to new jobs, training opportunities and other resources that support social, economic and environmental resiliency in the community • Improving mobility and safety for pedestrians, cyclists and drivers on streets and public areas • Planning for meeting the infrastructure and community resources needs of growing neighborhood Sources: www.bridginggowanus.com https://www1.nyc.gov/site/planning/plans/gowanus/gowanus-framework.page#navigation 9 10 GOWANUS REZONING - 2 415 Smith Street Industrial and Commercial DISTRICTS — M1(3), MI(4) USES Use Groups — 3-14,16,17,18 | 3-14,16, 17 18 RESIDENTIAL Not Permitted | Not Permitted Canal Corridor DISTRICT — M1(3) R7-2 USES Use Groups — 2-14,16,17,18 Enhanced Mixed Use DISTRICTS — M1(2/R6B), MI(3)/R6A, M1(3)/R7A, MI(4)/R7X, C4-4D (R9A eqv)** USES Use Groups — 2-14,16,17,18 | 1-6, 8-10, 12 Residential Areas 11 12 GOWANUS REZONING - 3 13 14 5T H AVENUE CE W A DEGR CKETT STREET CKETT CARROLL STREET CARROLL PRESIDENT PRESIDENT GARFIELD PLA 1ST STREET BALTIC STREET BALTIC UNION STREET UNION A S DOUGLASS STREET DOUGLASS 2ND STREET 3RD STREET 5TH STREET Park Slope 4TH AVENUE F 4th Ave.
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