2857 West 8th Street
2857 West 8th Street
Newly Renovated Retail Building With Credit Tenancy For Sale
Asking Price : $28,000,000
FOR SALE
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a renovated retail building with credit tenants located on the east side of West 8th Street between Sheepshead Bay Road and Surf Avenue. The two-story building consists of 52,302 square feet of which 31,069 square feet are on the ground floor. Another 12,000 rentable square feet have the ability to be added to the 2nd floor by renovating a currently un-used mezzanine space. The tenants include Blink Fitness, Dollar Tree, and The New York City Human Resources Administration. The building is ideally located in close proximity to high density residential complexes, including Trump Village and the Varbasse and Beach Haven apartments. The building is also steps from the entrance to the DMV which is a major driver of foot traffic for the block and less than one block from the New York Aquarium and the recently re-built Coney Island Boardwalk which attracts over 10 million visitors annually. It is also within close proximity to both entrances of the West 8th Street F & Q train stops and across the street from a 11,000 unit apartment complex. There is future upside in the property as it has 17,914 square feet of commercial air rights, potentially allowing a purchaser to construct additional retail or office space. This is a rare opportunity to acquire a high cash flowing, low maintenance asset with high quality tenancy in the heart of Coney Island, one of Brooklyn's fastest growing neighborhoods. Property Information Block / Lot Lot Dimensions Lot SF (Approx.) Building Dimensions Gross Building SF (Approx.) Zoning
7279 / 162 200' x 200' Irr. 35,108 200' x 200' Irr. 53,202 C8-2
Buildable SF (Approx.)
70,216
Air Rights SF (Approx.)
17,914
CF Air Rights SF (Approx.)
116,216
RE Assessment (16/17) RE Taxes (16/17)
$3,048,758 $324,876
FOR MORE INFORMATION, PLEASE CONTACT: James Nelson James Nelson Vice Vice Chairman Chairman (212) 2500x397710 x7710 (212) 696 696 2500 [email protected] [email protected]
Alex Svetlakou Michael DeCheser DirectorDirector Executive (718) 7062 (212) 660606 7772 [email protected] [email protected]
Carly Weinreb Matthew Nickerson Senior Director Associate Associate (212) 5114 (212) 660589 7742 [email protected] [email protected]
Darragh Clarke Associate Director (212) 660 7737 [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue, 3rd Floor New York, NY 10016 www.nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our client. The depiction in the above photography of any person, entity, sign, logo
Cushman & Wakefield 2016. Noclient warranty representation, express or implied, is made the accuracy orconnote completeness of connection, the information contained herein, and by same is submitted to errors, of or price, rental or other conditions, withdrawal without or property (other thanCopyright Cushman & Wakefield’s and the or Property offered by Cushman & Wakefield) is incidental only,to and is not intended to any affiliation, association, sponsorship or approval or between that whichsubject is incidentally depictedomissions, and Cushmanchange & Wakefield its client. notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
2857 West 8th Street
Newly Renovated Retail Building With Credit Tenancy For Sale
Space
Tenant
Lease Exp.
1st - 1
HRA
Nov-28
1st - 2
Dollar Tree
SF
Monthly Rent
Rent/SF
Annual Rent
(1)
21,651
$50,519
$28
$606,228
Oct-24
(2)
9,418
$22,760
$29
$273,120
(1)
14,733
$40,835
$33
$490,020
2nd - 1
Blink Fitness
May-30
2nd - 2
Lease Out
TBD
3,600
$9,600
$32
$115,200
Office - Vacant
TBD
2,900
$7,733
$32
$92,800
2nd - Exp.
Vacant - To Be Built
TBD
12,000
$20,000
$20
$240,000
Roof
Verizon
Sep-20
-
$2,122
-
$25,464
64,302
$153,569
$31
$1,842,832
2nd - 3 (3)
(1) One (1) Five (5) Year Option At Pre-Stated Rent (2) Three (3) Five (5) Year Options At Pre-Stated Rent
FOR SALE
(3)This additional space would require major construction to create, as it is above HRA occupied space. That being said, there is a window of opportunity to reconfigure the 2nd floor to provide elevator access and egress to the space
Expenses
Metric
Annual
Actual
$324,876
Insurance
As Provided
$45,000
Contracts
As Provided
$18,400
Water & Sewer
As Provided
$12,500
Projected @ $10,000
$10,000
Projected @ 1% Of Gross Income
$19,521
RE Taxes (16/17)
Repairs & Maintenance Management Total
$430,297
Gross Income
543 Neptune Avenue Planned 544 Units & 162,000 SF Retail Dev. 11,000 Apartments (In-Place)
NY State DMV
5,000 Seat Amphitheater
$1,842,832
RE Tax Reimbursements
$109,290
Less Expenses
($430,297)
Net Operating Income
$1,521,824
2002 Surf Avenue Planned 135 Units & 8,000 SF Retail Dev.
FOR MORE INFORMATION, PLEASE CONTACT: James Nelson Vice Chairman (212) 696 2500 x397710 [email protected]
Michael DeCheser Executive Director (212) 660 7772 [email protected]
Matthew Nickerson Associate Director (212) 660 7742 [email protected]
Darragh Clarke Associate Director (212) 660 7737 [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue, 3rd Floor New York, NY 10016 www.nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our client. The depiction in the above photography of any person, entity, sign, logo & Wakefield Copyright 2016. warranty representation, express or implied,only, is made to intended the accuracy or any completeness of theassociation, information contained herein, and samethat is which submitted subject to errors, omissions, change price, rental or other conditions, withdrawal orCushman property (other than Cushman & Wakefield’s client No and the Propertyor offered by Cushman & Wakefield) is incidental and is not to connote affiliation, connection, sponsorship or approval by or between is incidentally depicted and Cushman & Wakefield or itsof client.
without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Newly Renovated Retail Building With Credit Tenancy For Sale
Asking Price : $28,000,000
FOR SALE
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a renovated retail building with credit tenants located on the east side of West 8th Street between Sheepshead Bay Road and Surf Avenue. The two-story building consists of 52,302 square feet of which 31,069 square feet are on the ground floor. Another 12,000 rentable square feet have the ability to be added to the 2nd floor by renovating a currently un-used mezzanine space. The tenants include Blink Fitness, Dollar Tree, and The New York City Human Resources Administration. The building is ideally located in close proximity to high density residential complexes, including Trump Village and the Varbasse and Beach Haven apartments. The building is also steps from the entrance to the DMV which is a major driver of foot traffic for the block and less than one block from the New York Aquarium and the recently re-built Coney Island Boardwalk which attracts over 10 million visitors annually. It is also within close proximity to both entrances of the West 8th Street F & Q train stops and across the street from a 11,000 unit apartment complex. There is future upside in the property as it has 17,914 square feet of commercial air rights, potentially allowing a purchaser to construct additional retail or office space. This is a rare opportunity to acquire a high cash flowing, low maintenance asset with high quality tenancy in the heart of Coney Island, one of Brooklyn's fastest growing neighborhoods. Property Information Block / Lot Lot Dimensions Lot SF (Approx.) Building Dimensions Gross Building SF (Approx.) Zoning
7279 / 162 200' x 200' Irr. 35,108 200' x 200' Irr. 53,202 C8-2
Buildable SF (Approx.)
70,216
Air Rights SF (Approx.)
17,914
CF Air Rights SF (Approx.)
116,216
RE Assessment (16/17) RE Taxes (16/17)
$3,048,758 $324,876
FOR MORE INFORMATION, PLEASE CONTACT: James Nelson James Nelson Vice Vice Chairman Chairman (212) 2500x397710 x7710 (212) 696 696 2500 [email protected] [email protected]
Alex Svetlakou Michael DeCheser DirectorDirector Executive (718) 7062 (212) 660606 7772 [email protected] [email protected]
Carly Weinreb Matthew Nickerson Senior Director Associate Associate (212) 5114 (212) 660589 7742 [email protected] [email protected]
Darragh Clarke Associate Director (212) 660 7737 [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue, 3rd Floor New York, NY 10016 www.nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our client. The depiction in the above photography of any person, entity, sign, logo
Cushman & Wakefield 2016. Noclient warranty representation, express or implied, is made the accuracy orconnote completeness of connection, the information contained herein, and by same is submitted to errors, of or price, rental or other conditions, withdrawal without or property (other thanCopyright Cushman & Wakefield’s and the or Property offered by Cushman & Wakefield) is incidental only,to and is not intended to any affiliation, association, sponsorship or approval or between that whichsubject is incidentally depictedomissions, and Cushmanchange & Wakefield its client. notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
2857 West 8th Street
Newly Renovated Retail Building With Credit Tenancy For Sale
Space
Tenant
Lease Exp.
1st - 1
HRA
Nov-28
1st - 2
Dollar Tree
SF
Monthly Rent
Rent/SF
Annual Rent
(1)
21,651
$50,519
$28
$606,228
Oct-24
(2)
9,418
$22,760
$29
$273,120
(1)
14,733
$40,835
$33
$490,020
2nd - 1
Blink Fitness
May-30
2nd - 2
Lease Out
TBD
3,600
$9,600
$32
$115,200
Office - Vacant
TBD
2,900
$7,733
$32
$92,800
2nd - Exp.
Vacant - To Be Built
TBD
12,000
$20,000
$20
$240,000
Roof
Verizon
Sep-20
-
$2,122
-
$25,464
64,302
$153,569
$31
$1,842,832
2nd - 3 (3)
(1) One (1) Five (5) Year Option At Pre-Stated Rent (2) Three (3) Five (5) Year Options At Pre-Stated Rent
FOR SALE
(3)This additional space would require major construction to create, as it is above HRA occupied space. That being said, there is a window of opportunity to reconfigure the 2nd floor to provide elevator access and egress to the space
Expenses
Metric
Annual
Actual
$324,876
Insurance
As Provided
$45,000
Contracts
As Provided
$18,400
Water & Sewer
As Provided
$12,500
Projected @ $10,000
$10,000
Projected @ 1% Of Gross Income
$19,521
RE Taxes (16/17)
Repairs & Maintenance Management Total
$430,297
Gross Income
543 Neptune Avenue Planned 544 Units & 162,000 SF Retail Dev. 11,000 Apartments (In-Place)
NY State DMV
5,000 Seat Amphitheater
$1,842,832
RE Tax Reimbursements
$109,290
Less Expenses
($430,297)
Net Operating Income
$1,521,824
2002 Surf Avenue Planned 135 Units & 8,000 SF Retail Dev.
FOR MORE INFORMATION, PLEASE CONTACT: James Nelson Vice Chairman (212) 696 2500 x397710 [email protected]
Michael DeCheser Executive Director (212) 660 7772 [email protected]
Matthew Nickerson Associate Director (212) 660 7742 [email protected]
Darragh Clarke Associate Director (212) 660 7737 [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue, 3rd Floor New York, NY 10016 www.nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our client. The depiction in the above photography of any person, entity, sign, logo & Wakefield Copyright 2016. warranty representation, express or implied,only, is made to intended the accuracy or any completeness of theassociation, information contained herein, and samethat is which submitted subject to errors, omissions, change price, rental or other conditions, withdrawal orCushman property (other than Cushman & Wakefield’s client No and the Propertyor offered by Cushman & Wakefield) is incidental and is not to connote affiliation, connection, sponsorship or approval by or between is incidentally depicted and Cushman & Wakefield or itsof client.
without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
