404 Pine Street - Agorafy
FULLY-OCCUPIED OFFICE BUILDING WITH 105K+ SF DEVELOPMENT SITE
404 Pine Street E as t New Yo rk , B r o ok l yn , N Y 1 1 208 Location:
UE RE AVEN GLENMO
Block / Lot: Lot Dimensions: Building Dimensions: Commercial Units Stories: Gross Square Footage Lot Size: Zoning (Split Zoning): FAR*: Lot 1 Buildable Sq. Ft*: Lot 6 Buildable Sq. Ft*: Total Buildable Sq. Ft*: Exisiting Structure: Available Air Rights:
On the northeast corner of Pitkin and Euclid Avenues 4214 / 1 & 6 200’ x 210' (approx.)(irr.) 107’ x 80.5’ (approx.) 1 4 59,003 (approx.) 31,000 (combined) C4-4D / R7A 6.02 / 4.0 120,400 (sq. ft. approx.) 44,000 (sq. ft. approx.) 164,400 (sq. ft. approx.) 59,003 (sq. ft. approx.) 105,397 (sq. ft. approx.)
Assessment (15/16): Taxes (15/16):
$2,374,551 $245,125
Financial Overview:
ET
ENUE ID A V
STRE
EUCL
PINE
Years 1-5 (15% Increase) Years 6-10 Gross AnuaI Income: $1,298,066 $1,492,776 Operating Expenses**: $51,120 Net Operating Income: $1,246,946 Cap Rate: 5.42% 10-Year Blended Cap Rate: 5.84% *Assumptions are based on the East New York Rezoning Proposal **Lease provides for the pass through of expenses in excess of $51,120
VENUE PITKIN A
Property Description: Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 404 Pine Street. This property contains a 59,003 SF, 4-story double-net leased office building solely occupied by The City of New York – a AAA Credit tenant who took occupancy when the building was constructed in 1974. The City of New York just renewed their double-net lease for another 10 years. They are currently paying approx. $1.3M annually with a 15% increase after year 5, which will bring the annual rent to roughly $1.5M for the remainder of the lease.
PINE STREET
100’
BLOCK 4214
1
200’
110’
6
PITKIN AVENUE
GLENMORE AVENUE
100’
EUCLID AVENUE Proposed Rezoning : C4-4D Proposed Rezoning : R7A
61,397 SF Transferable Air Rights from lot 1
Proposed Rezoning : R5B
The offering also includes an adjoining 100’ x 110’ parking lot, which is primed for a residential development considering the newly proposed East New York rezoning initiative. Under the NYC Department of Planning’s latest rezoning proposal, the parking lot’s zoning will change to R7A, which would increase the FAR to 4.00. This increase in FAR combined with the remaining air rights available from the office building would enable the parking lot to accommodate an approximate 105,397 square foot development. The site shares a sidewalk with an entrance to the A/C subway line at Euclid Avenue Station, making the commute to Downtown Brooklyn and Manhattan approximately 15 minutes and 20 minutes, respectively. 404 Pine Street represents the chance to own a cash-flowing development site with a $1.0 M+ NOI, making it a truly exciting investment opportunity for both investors and developers.
ASKING PRICE: $23,000,000 CAP RATE: 5.42% Stephen P. Palmese
Edward Gevinski
Michael Mazarra
Brian Streilein
Vice Chairman [email protected] 718.307.6552
Director of Sales [email protected] 718.307.6502
Director of Sales [email protected] 718.307.7052
Senior Associate [email protected] 718.307.6505
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091 www.cushmanwakefield.com
404 Pine Street E as t New Yo rk , B r o ok l yn , N Y 1 1 208 Location:
UE RE AVEN GLENMO
Block / Lot: Lot Dimensions: Building Dimensions: Commercial Units Stories: Gross Square Footage Lot Size: Zoning (Split Zoning): FAR*: Lot 1 Buildable Sq. Ft*: Lot 6 Buildable Sq. Ft*: Total Buildable Sq. Ft*: Exisiting Structure: Available Air Rights:
On the northeast corner of Pitkin and Euclid Avenues 4214 / 1 & 6 200’ x 210' (approx.)(irr.) 107’ x 80.5’ (approx.) 1 4 59,003 (approx.) 31,000 (combined) C4-4D / R7A 6.02 / 4.0 120,400 (sq. ft. approx.) 44,000 (sq. ft. approx.) 164,400 (sq. ft. approx.) 59,003 (sq. ft. approx.) 105,397 (sq. ft. approx.)
Assessment (15/16): Taxes (15/16):
$2,374,551 $245,125
Financial Overview:
ET
ENUE ID A V
STRE
EUCL
PINE
Years 1-5 (15% Increase) Years 6-10 Gross AnuaI Income: $1,298,066 $1,492,776 Operating Expenses**: $51,120 Net Operating Income: $1,246,946 Cap Rate: 5.42% 10-Year Blended Cap Rate: 5.84% *Assumptions are based on the East New York Rezoning Proposal **Lease provides for the pass through of expenses in excess of $51,120
VENUE PITKIN A
Property Description: Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 404 Pine Street. This property contains a 59,003 SF, 4-story double-net leased office building solely occupied by The City of New York – a AAA Credit tenant who took occupancy when the building was constructed in 1974. The City of New York just renewed their double-net lease for another 10 years. They are currently paying approx. $1.3M annually with a 15% increase after year 5, which will bring the annual rent to roughly $1.5M for the remainder of the lease.
PINE STREET
100’
BLOCK 4214
1
200’
110’
6
PITKIN AVENUE
GLENMORE AVENUE
100’
EUCLID AVENUE Proposed Rezoning : C4-4D Proposed Rezoning : R7A
61,397 SF Transferable Air Rights from lot 1
Proposed Rezoning : R5B
The offering also includes an adjoining 100’ x 110’ parking lot, which is primed for a residential development considering the newly proposed East New York rezoning initiative. Under the NYC Department of Planning’s latest rezoning proposal, the parking lot’s zoning will change to R7A, which would increase the FAR to 4.00. This increase in FAR combined with the remaining air rights available from the office building would enable the parking lot to accommodate an approximate 105,397 square foot development. The site shares a sidewalk with an entrance to the A/C subway line at Euclid Avenue Station, making the commute to Downtown Brooklyn and Manhattan approximately 15 minutes and 20 minutes, respectively. 404 Pine Street represents the chance to own a cash-flowing development site with a $1.0 M+ NOI, making it a truly exciting investment opportunity for both investors and developers.
ASKING PRICE: $23,000,000 CAP RATE: 5.42% Stephen P. Palmese
Edward Gevinski
Michael Mazarra
Brian Streilein
Vice Chairman [email protected] 718.307.6552
Director of Sales [email protected] 718.307.6502
Director of Sales [email protected] 718.307.7052
Senior Associate [email protected] 718.307.6505
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091 www.cushmanwakefield.com
