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1070 Flatbush Ave 1070 FLATBUSH AVE DEVELOPMENT OPPORTUNITY | FLATBUSH, BROOKLYN EXCLUSIVE OFFERING MEMORANDUM 1070 FLATBUSH AVE TerraCRG has been retained to exclusively represent ownership in the sale of 1070 Flatbush Avenue – 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 Prospect Park, 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 Manhattan. 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.
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  • 35 City Council District Profiles
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