1070 FLATBUSH AVE

DEVELOPMENT OPPORTUNITY | FLATBUSH,

EXCLUSIVE OFFERING MEMORANDUM 1070 FLATBUSH AVE

TerraCRG has been retained to exclusively represent ownership in the sale of 1070 – a development opportunity in Flatbush, Brooklyn. For more information, please contact exclusive agents.

718-768-6888 CONTENTS

3 The Offering OFER COHEN PETER MATHEOS Founder & CEO Managing Director 4 Property Information [email protected] [email protected] 5 Massings MIKE RAFTER JAMEIK HURRY Associate Associate 7 Comparable Rents [email protected] [email protected] 10 Transit Map

11 Flatbush

12 Area Retail Map

13 Area Retailers The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and 14 Nearby Attractions any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your 16 Brooklyn tax advisor and/or legal counsel. Interested party should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination.

2 1070 FLATBUSH AVE

THE OPPORTUNITY

TerraCRG has been retained to exclusively market 1070 Flatbush Avenue, a development project in Flatbush, Brooklyn. Just several blocks from , 1070 Flatbush Avenue is located between Beverly and Cortelyou Roads. Ownership is seeking both ground-lease and Joint Venture proposals.

The current stand-alone retail building is 15,330 Gross SF and was, until most recently, anchored by CVS. The mixed- use zoning calls for a 52,889 ZFA SF mixed-use building with retail on the ground level and residential above, or 70,518 ZFA with the Inclusionary Housing requirement. If proposed as fully commercial/community facility, the zoning allows for 61,320 commercial ZFA SF.

Major attractions in proximity include Prospect Park and the newly renovated Kings Theatre which brings in world-renowned talent and entertainment. Positioned along Flatbush Avenue, the retail corridor is lined with restaurants, cafés, national tenants, boutique shops and eateries. The property is only a few blocks from the 2 and 5 trains at the Beverly Ave Station, as well as the Q train at Beverly Road, providing an easy commute to Downtown Brooklyn and Lower .

3 PROPERTY INFORMATION AERIAL VIEW Address: 1070 Flatbush Avenue

Brooklyn, NY 11226

Neighborhood: Flatbush

Block-Lot: 5152-12

Lot Dimensions: 167.67 ft x 96.42

Lot SF: 15,330

Zoning: R6A, C4-4A, C2-4

Opportunity Zone: No

MIH/IH: IH TAX MAP

BUILDING INFORMATION

Building Class: K1

Commerical Units: 5

Total Building Gross SF: 15,330

ZONING INFORMATION

Max Resi. FAR 3.45

Max Resi. ZFA: 52,889

Comm. FAR 4.0

Comm. ZFA: 61,320 ZONING MAP FAR w/ IH: 4.6

ZFA w/ IH: 70,518

Property Information Information Property TAX INFORMATION

Assessment (19/20): $1,981,800

Tax Class: 4

Tax Rate: 10.537%

Taxes (19/20): $196,522

4 COMMERCIAL Commercial Massing Commercial

COMMERCIAL MASSING COMMERCIAL MASSING 1072 FLATBUSH AVE, BROOKLYN A00 03 26 2020 COMMERCIAL1072 MASSING FLATBUSH AVE, BROOKLYN A01 03 26 2020 5 1072 FLATBUSH AVE, BROOKLYN A00 03 26 2020 MIXED-USE RESIDENTIAL Mixed-Use Massing Mixed-Use

MIX USE RETAIL RESIDENTIAL MASSING MIX USE RETAIL RESIDENTIAL MASSING 1072 FLATBUSH AVE, BROOKLYN A00 03 26 2020 MIX USE RETAIL RESIDENTIAL1072 MASSING FLATBUSH AVE, BROOKLYN A01 03 26 2020 6 1072 FLATBUSH AVE, BROOKLYN A00 03 26 2020 HELLO LENOX 271 LENOX RD, FLATBUSH

$3,262 2 BEDROOM AVG MONTHLY RENT

$5,083 3 BEDROOM AVG MONTHLY RENT

HELLO ALBEMARLE 2417 ALBEMARLE RD, FLATBUSH

$2,492 1 BEDROOM AVG MONTHLY RENT Comparable Rents Comparable $3,191 2 BEDROOM AVG MONTHLY RENT

7 123 LINDEN BOULEVARD

$2,305 STUDIO AVG MONTHLY RENT $2,839 ONE-BEDROOM AVG MONTHLY RENT $3,667 TWO-BEDROOM AVG MONTHLY RENT

125 ON THE PARK 125 PARKSIDE AVE $2,500 STUDIO AVG MONTHLY RENT

Comparable Rents Comparable $3,025 ONE-BEDROOM AVG MONTHLY RENT $4,067 TWO-BEDROOM AVG MONTHLY RENT

8 THE LINCOLN 33 LINCOLN RD

$2,724 ONE-BEDROOM AVG MONTHLY RENT

$3,144 TWO-BEDROOM AVG MONTHLY RENT

THE LAWRENCE 520 PARKSIDE AVE & 111 CLARKSON AVE Comparable Rents Comparable $2,999 TWO-BEDROOM AVG MONTHLY RENT

9 CHURCH AV

CHURCH AV

Q BEVERLY RD WEEKDAY RIDERSHIP | 3,350 ANNUAL RIDERSHIP | 1,060,568 BEVERLY RD BEVERLY RD

2 5

BEVERLY RD CORTELYOU RD WEEKDAY RIDERSHIP | 4,255 ANNUAL RIDERSHIP | 1,307,405 NEWKIRK AVE

Q CORTELYOU RD WEEKDAY RIDERSHIP | 6,276 ANNUAL RIDERSHIP | 1,994,734 NEWKIRK PLAZA

Transportation Map Transportation FLATBUSH AVE SUBJECT PROPERTY

AVE H

10 One of the original Dutch towns of early Brooklyn, Flatbush is as economically and socially diverse as any in New York. Served by the B and Q trains, and multiple bus lines, commercial property in Flatbush is being coveted for reasons of population density and future growth opportunity. The neighborhood is a known residential area which is great for families as it’s near Prospect Park. A few of the local attractions include the Kings Theatre, Bar Chord, Brooklyn Center for Performing Arts, and the street art of Juan Carlos Pinto.

TRANSPORTATION

Subways

2 5 B Q

BUSES

B8, B44, B103, B2, B11, B103 Flatbush

11 1. Flatbush Sandwich Spot 2. Beautiful Fabrics 3. Flatbush Pharmacy 4. Metro by T-Mobile 5. Fancy Buffet 6. FIB Tattoo Bar 7. La Cabaña Rodríguez 8. Boost Mobile 26 9. T-Mobile 25 24 10. ACE Theatrical Group 23 21 22 11. Los tres Chiflados 20 19 18 12. Taco Bell Cantina 14 17 13. Crunch Fitness 12 16 15 14. Gap Factory 13 11 15. King’s Theater 9 10 6 16. Rent-A-Center 5 4 17. Rainbow 7 8 2 3 18. Dunkin’ 1 19. Old Navy Outlet 27 20. Sprint Store 28 21. Carter’s 29 22. Stop & Shop 31 23. Edible Arrangements 33 30 24. Cookie’s Department Store 34 32 25. Popeye’s Louisiana Chicken 35 26. Burger King 36 27. Brookdale Family Care Center 40 28. St. Marc Bakery 39

Area Retail Map Retail Area 29. Sun Fresh Fish & Seafood Market 38 30. Texas Chicken & Burgers 37 31. Sam Wine & Liquors 32. Key Supermarket 33. Cafe Madeline 34. Duane Reade 35. Cafe Tibet 36. Koko Ramen 37. The Farm on Adderly 38. Sycamore Flower Bar 39. Purple Yam

12 ON-SITE RETAILERS Terms of Lease Monthly Rent Annual Rent

CVS(VACANT) 9/1/15-8/31/20 $25,935.26 $311,223.09

KLARA SALON, LLC 6/1/20-5/31/21 $3,005.01 $3,005.01

SHOE REPAIR 1/1/19-12/31/19 $950.00 $11,400.00

SIGN 7/1/18-12/31/20 $1,200.00 $14,400.00

FLATBUSH DISC. LIQUORS 8/1/20-8/30/21 $10,764.39 $129,172.71

BENNY SHEHI 12/1/17-11/30/18 $4,100.00 $49,200.00

NEARBY NATIONAL RETAIL DEVELOPMENTS

1016 FLATBUSH AVENUE Gap Factory 8,750 Building SF Updated 2014 Area Retailers Area 1024-1030 FLATBUSH AVENUE Brooklyn Vybe Hotel 37,744 Building SF Developed 2014

1034-1036 FLATBUSH AVENUE Crunch Gym & Taco Bell Cantina 17,987 Building SF Developed in 2015

13 KINGS THEATER The Kings Theatre today, the $95 million project features an au- thentic restoration of the original 1929 design. Original plaster and painting schemes have been restored, vintage carpet and seating have been recreated and historic lighting fixtures have been renovated and re- installed. New state-of-the-art building systems, including new HVAC, expanded patron restrooms and concessions facilities will provide the very finest in patron com- fort. Technical improvements including expanded staging facili- ties, a new theatre rigging system, new dressing rooms and pro- fessional sound and lighting systems, will ensure that the Kings will be able to host the very finest performing arts attractions. The transcendent theatre hosts hundreds of performances an- nually.

The restoration of this former movie palace marks the rebirth of a historic venue, and a transformation into a state-of-the-art live performances theatre that has revitalized the Brooklyn arts scene, and provides and economic stimulus to the Flatbush Av- enue business district, and the region beyond.

MEDGAR EVERS COLLEGE Medgar Evers College is a senior college of The City University of New York (CUNY), offering baccalaureate and associate de- grees. It was officially established in 1970 through cooperation between educators and community leaders in central Brooklyn. It is named after Medgar Wiley Evers, an African American civil

Nearby Attractions Nearby rights leader who was assassinated on June 12, 1963.

The college is divided into four schools: the School of Business, the School of Professional and Community Development, the School of Liberal Arts and Education, and the School of Science, Health, and Technology. The college also operates several ex- ternal programs and associated centers such as the Male De- velopment and Empowerment Center, the Center for Women’s Development, the Center for Black Literature, and the DuBois Bunche Center for Public Policy. The college is a member of the Thurgood Marshall College Fund. 14 PROSPECT PARK With over eight million visitors a year, the Park borders diverse neighborhoods and attracts both locals and tourists. Popular activities range from skating to birding to pedal boating and pic- nicking on the Long Meadow on beautiful days. The Park also boasts a stunning variety of natural and geological features. Brooklyn’s only forest is here, along with a complex water sys- tem, rolling meadows and shaded hillsides

BROOKLYN BOTANICAL GARDENS is a botanical garden in the borough of Brooklyn in . Founded in 1910, and located in the Prospect Park neighborhood, the 52-acre garden includes a number of specialty “gardens within the Garden”, plant collec- tions and the Steinhardt Conservatory, which houses the C. V. Starr Bonsai Museum, three climate-themed plant pavilions, a white cast-iron and glass aquatic plant house, and an art gallery. The Garden holds over 14,000 taxa of plants and each year has over 900,000 visitors.

BROOKLYN MUSEUM The , located at 200 in Brook- lyn, is the second-largest art museum in New York City, and one of the largest in the United States. The Brooklyn Museum, housed in a 560,000 square foot Beaux-Arts building, is one of the old- est and largest art museums in the country. Its world-renowned

Nearby Attractions Nearby permanent collections range from ancient Egyptian masterpiec- es to contemporary art, and represent a wide range of cultures. Only a 30-minute subway ride from midtown Manhattan, with its own newly renovated subway station, the Museum is part of a complex of nineteenth-century parks and gardens that also includes Prospect Park, the Brooklyn Botanic Garden, and the . The Museum is located on Eastern Parkway, at Washington Avenue. It is located near the Brooklyn Botanic Garden, Mount Prospect Park, and the Central Branch of the . The museum sits at the border of the Prospect Heights, Crown Heights, and Flatbush neighborhoods. 15 With 2.6 million residents, Brooklyn is the most populous borough of New York City and the most populous county in New York state. Brooklyn is the second most densely The borough is situated at the southwestern end of and is bounded on the north and east by the borough of Queens, populated county in on the south by Lower New York Bay, the Atlantic Ocean and Jamaica Bay, and on the west by the East River, Upper New York Bay and the Narrows, which separates it from the borough of . Brooklyn was an independent city until its consolidation

with New York City in 1898. The borough’s 36 neighborhoods continue to maintain a distinct culture, independent art scene and the U.S. unique architectural heritage.

16 For more information, please contact exclusive agents:

OFER COHEN PETER MATHEOS

Founder & CEO Managing Director [email protected] [email protected]

MIKE RAFTER JAMEIK HURRY

Associate Associate [email protected] [email protected]

TERRACRG.COM | 718-768-6888

TerraCRG 634 Dean Street Brooklyn, NY 11238 P: 718-768-6888 terracrg.com Only Brooklyn.®

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