415 SMITH STREET, 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 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 5TH AVENUE

CE

W

A DEGR CKETT STREET CKETT

BALTIC STREET

CARROLL STREET CARROLL

DOUGLASS STREET DOUGLASS

PRESIDENT PRESIDENT

A S UNION STREET UNION

GARFIELD PLA 1ST STREET

2ND STREET

3RD STREET

5TH STREET Park Slope

4 TH AVENUE F 4th Ave. & 9th St.

3RD AVENUE

3 RD AVENUE

3

RD AVENUE UNION STREET UNION

NEVINS STREET

6TH STREET

7TH STREET

8TH STREET

9TH STREET

10TH STREET

11TH STREET Gowanus Canal 12TH STREET

13TH STREET

14TH STREET

2ND AVENUE

NEIGHBORHOOD TENANTS

BOND STREET CARROLL STREET CARROLL HOYT STREET

F Smith & 9th St.

PRESIDENT STREET

2ND STREET

5TH STREET

3RD STREET 4TH STREET 415 SMITH STREET GOWANAS EXPRESSWAY SMITH STREET

SMITH STREET Carroll St. F

WEST 9TH STREET 9TH WEST

NELSON STREET NELSON

HUNTINGTON STREET HUNTINGTON

LUGEUR STREET LUGEUR

4TH PLACE 4TH 3RD PLACE 3RD

2ND PLACE 2ND COURT STREET

1ST PLACE 1ST

UNION STREET UNION

SACKETT STREET SACKETT

DEGRAW STREET DEGRAW

CARROLL STREET CARROLL BUTLER STREET BUTLER

PRESIDENT STREET

BALTIC STREET BALTIC DOUGLASS STREET DOUGLASS

COURT STREET

Carrol Gardens HENRY STREET

HENRY STREET

NEIGHBORS

Milk Bar – 360 Smith Street Smith Canteen – 343 Smith Street White Maize – 277 Smith Street Frankies 457 Spuntino – 457 Court Street Brooklyn Habit – 405 Smith Street Leyenda Brooklyn Cocteleria – 221 Smith Street The Banana Farm – 98 4th Street Svendale Brewing Co. Tasting Room – 486 Court Street Ugly Baby – 407 Smith Street Rite Aid – 320 Smith Street Court Street Grocers – 485 Court Street Buttermilk Channel – 524 Court Street Kittery – 305 Smith Street Bar San Miguel – 307 Smith Street Franks Wine Bar – 465 Court Street Lucali – 575 Henry Street

15 16 NEIGHBORHOOD HIGHLIGHTS

Gowanus/Carroll Gardens cuts its own distinctive path, much like the mile-plus-long canal of the same name that helps define the neighborhood. Industrial in look, it manages to feel small scale: filled with intimate rock clubs, up- start breweries, hip restaurants and, of course, a shuffleboard hangout. Art studios, galleries and green businesses dot the streets, while a walk near the banks of the Gowanus itself has an undeniable rough-hewn charm.

17 18 NEW DEVELOPMENT

1 365 Bond Street, 2 363 Bond Street 3 124 9th Street 4 577 Baltic Street 415 Smith Street 5 322 3rd Avenue 6 213 6th Street 7 599 Baltic Street 8 399 3rd Avenue 9 561 President Street 10 491 Baltic Street 11 513 3rd Avenue 12 313 Bond Street 13 455?459 Smith Street 14 341 Nevins Street 15 545 Sackett Street 16 24 4th Avenue 17 613 Baltic Street 18 255 Butler Street 19 500 4th Avenue 20 175-225 3rd Street

19 20 Atlantic Realty

21 22 8 ) 399 3rd AVENUE | The hotel at 399 Third Avenue will rise six stories and house 58 rooms, spread across 19,127 square feet. GlobiWest Hospitality Group

7) 599 BALTIC STREET Co-Living (Common Baltic) 70 units, 7 stories | Adam America 10) 491 BALTIC STREET

Residential Development | 55 foot tall building with 13 residential units and an enclosed parking garage with 10 space. 942 sf community facility. Tankhouse Development

9 ) 561 PRESIDENT STREET Development Site -TownePlace Suites Hotel by Marriot

23 24 12) 313 BOND STREET

Site stretches length of Union Street from Bond Street to the Gowanus Canal. 95,000 SF lot. Projected rezoning could grow to approximately 400,000 SF of mixed use development. Recently sold by All Year Management and purchased by Rabsky Group

11) 513 3rd AVENUE Mixed Use (New Condo Development) | 12,657 total SF, 9 units. Avg size of 900sf. Harel Edery (EDG Development)

13) 455-459 SMITH STREET 14) 341 NEVINS STREET Resi Dev Site – Recently traded for $50m. Site offers over 330,000 Mixed Use Dev Site | For Sale in the Gowanus Rezoning. buildable SF but will grow based on proposed rezoning. Projected to allow for 14,760 BSF or 12300 BSF of Yoel Goldman & PMG commercial uses

25 26 16) 24 FOURTH AVENUE Mixed Use | 72 Unit Condo Development 6,600 sf Commercial Space Adam America

15) 545 SACKETT STREET Development Site Vorea Group 19) 500 4th AVENUE Mixed Use | 156 Unit Condo Development, Located in the Heart of Gowanus & Park Slope Matri Holdings

17) 613 BALTIC STREET 18 ) 255 Butler Street | Filed plans to convert 20) 175 – 225 3rd Street Mixed Use | 11 stories, 43 units condo building in former printing plant into a four story office 140,000 SF site along Gowanus Canal. the heart of Gowanus on Baltic & 4th Ave building spanning 95,000 SF Bjarke Ingles tapped as architect for the residential VOA Architecture | JDS Development Sam Boymelgreen Development development site by RFR

27 28 Jacob Tzfanya Jon Kamali Brad Cohen Andre Sigourney +1 212 984 8298 +1 212 984 8318 +1 646 374 8575 +1 212 984 8166 [email protected] [email protected] [email protected] [email protected]

© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.