Exclusive Listing - AGORAFY
529 SUTTER AVE & 282-284 WILLIAMS AVE EAST NEW YORK WAREHOUSE Asking Price: $5,500,000
Exclusive Listing By Marcus Jecklin & Madeline Jecklin
1
529 Sutter Avenue & 282-284 Williams Avenue
Property Overview
The Jecklin Team at Epic Commercial Realty is pleased to announce that it has been hired on an exclusive basis to sell 529 Sutter Avenue, a fully leased two-story warehouse and vacant lot. The property is located in Brooklyn's East New York neighborhood between Williams Avenue and Hinsdale Street. The asking price is$5,300,000. The subject property consists of a 29,200 SF irregularly-shaped two-story warehouse (lot 1) and a vacant 1,638 SF development site (lot 27). The warehouse is newly constructed and boasts 20' high ceilings on the ground floor and 13' high ceilings on the second floor. There are seven different tenants currently occupying the warehouse. The property contains a total of 37,267 buildable sq. ft. as-ofright and 121,147 buildable sq. ft. with community facility. It is also subject to an ICIP tax abatement. The warehouse is located two blocks from the Sutter Avenue [L] train station.
2
Property Description
282-284 Williams Ave Brooklyn, NY 11207
175’ X 100’ Irregular
20.17’ X 100’
17,000 SF
1,638 SF
Irregular
N/A
Built SF
29,200 SF
N/A
Max. Buildable SF
34,000 SF
3,276 SF
2.0
2.0
M1-4
M1-4
3750/1
3750/27
$591,750
$21,917
$63,057
$2,335
($46,753)
($0)
$16,304
$2,335
Lot Dimensions Lot SF Built Size
Max. FAR Zoning Block/Lot Assessment Taxes (15/16) ICIP Abatement Taxes After Abatement
Property Description Company Overview
529 Sutter Ave Brooklyn, NY 11207
3
INCOME Gross Residential Rent Effective Gross Income
$311,292 $311,292
EXPENSES Property Taxes (15/16)* Tax Reimbursements Water and Sewer Insurance Fuel Utilities Repairs and Maintenance Total Expenses
$21,024 ($5,287) 0 $9.328 0 0 $2,000 $27,065 $284,227
RENT ROLL Apt
Status
LXP
SF
$/SF
245-1
Comm
8/31/19
4,000
$16.05
245-2
Comm
12/31/17
6,375
$6.49
249-1
Comm
7/31/18
2,375
$11.76
523-1
Comm
12/31/16
4,000
$11.49
523-2
Comm
10/31/16
4,000
$7.50
529-1/2
Comm
9/30/18
5,250
$11.26
280-1/2
Comm
6/30/16
3,200
$13.34
29,200
$11.13
Total
Tax Reimb./ Month
Renewal Option
Rent/ Month
Rent/ Year
$5,350
$64,200
$3,450
$41,400
$2,328
$27,936
2-Yr
$3,830
$45,960
3-Yr
$2,500
$30,000
2-Yr
$4,927
$59,124
$149.85
$3,556
$42,672
$440.57
$25,941
$311,292
$100
$190.72
Financial Overview
Net Operating Income *529 Sutter Avenue is subject to an ICIP tax abatement
4
undergone urban renewal in the past few years. With this, transformation the area has become a new destination for middle-class home seekers. New developments are rising in the area, leading to a boom in housing market for the neighborhood. A large portion of the neighborhood is slated for a rezoning in the near future. The rezoning area spans from Fulton Street to Pitkin Avenue between Pennsylvania Avenue and Lincoln Avenue. The stated goal of the rezoning is to foster vibrant mixeduse corridors along the major avenues while preserving the neighborhood character mid-block. The rezoning is currently undergoing the ULURP process. East New York boasts easy access to Highland Park and the coastline to Jamaica Bay. It is well served by public transportation with the 3, C, J, L and Z trains running through the area along with several local bus routes. Jackie Robinson Pkwy and Belt Pkwy serve as the local automobile transportation routes.
NeighborhoodOverview Company
East New York is a residential neighborhood in the eastern Brooklyn, which has
5
FloorCompany Floor Plans - FirstOverview
6
Floor Plans - Second Floor Company Overview
7
EPIC Commercial Realty represent clients from around the world, focusing on investment sales in the bustling New York metropolitan area. We provide the highest level of professionalism, comprehensive and innovative real estate solutions to investors, property owners, and corporations world-wide, and ensure our clients optimum, fast, and smooth transactions.
Collectively, EPIC professionals bring nearly 70 years of commercial real estate experience to your portfolio. Not surprisingly, such teamwork produces results beyond expectations as we incessantly deliver full consultation services based on detailed research and evaluation. Every indication demonstrates our talented and accomplished professionals are performing well beyond the industry standard for commercial real estate firms producing with excellence for clients in a global arena. EPIC continues to expand its management of commercial real estate investments throughout the Greater New York Metropolitan Area, including New York State and New Jersey.
Marcus Jecklin Sales Associate
Madeline Jecklin Sales Associate
Company Overview Company Overview
Based in Soho, NY our clients include storefront owners, retail chains, institutional landlords and real estate developers. EPIC is dedicated to continuously developing dynamic relationships resulting in increased capital beyond the expectation of our clients. Through such principles as integrity and hard work, we strive to develop into an esteemed commercial investment resource for property owners, investors, and corporations worldwide. The measure of our successes is determined by the quality of business relationships we forge. A multi-tier approach allows every aspect of our service to manage transactions for each client with specialized attention to maintaining our focus on timing and the market place.
8
Epic Commercial Realty 580 Broadway, Suite 1107 New York, NY 10012 Tel: (212) 226-9000
Marcus Jecklin Sales Associate (646) 278-4674 [email protected]
Madeline Jecklin Sales Associate (646) 278-4615 [email protected]
9
Exclusive Listing By Marcus Jecklin & Madeline Jecklin
1
529 Sutter Avenue & 282-284 Williams Avenue
Property Overview
The Jecklin Team at Epic Commercial Realty is pleased to announce that it has been hired on an exclusive basis to sell 529 Sutter Avenue, a fully leased two-story warehouse and vacant lot. The property is located in Brooklyn's East New York neighborhood between Williams Avenue and Hinsdale Street. The asking price is$5,300,000. The subject property consists of a 29,200 SF irregularly-shaped two-story warehouse (lot 1) and a vacant 1,638 SF development site (lot 27). The warehouse is newly constructed and boasts 20' high ceilings on the ground floor and 13' high ceilings on the second floor. There are seven different tenants currently occupying the warehouse. The property contains a total of 37,267 buildable sq. ft. as-ofright and 121,147 buildable sq. ft. with community facility. It is also subject to an ICIP tax abatement. The warehouse is located two blocks from the Sutter Avenue [L] train station.
2
Property Description
282-284 Williams Ave Brooklyn, NY 11207
175’ X 100’ Irregular
20.17’ X 100’
17,000 SF
1,638 SF
Irregular
N/A
Built SF
29,200 SF
N/A
Max. Buildable SF
34,000 SF
3,276 SF
2.0
2.0
M1-4
M1-4
3750/1
3750/27
$591,750
$21,917
$63,057
$2,335
($46,753)
($0)
$16,304
$2,335
Lot Dimensions Lot SF Built Size
Max. FAR Zoning Block/Lot Assessment Taxes (15/16) ICIP Abatement Taxes After Abatement
Property Description Company Overview
529 Sutter Ave Brooklyn, NY 11207
3
INCOME Gross Residential Rent Effective Gross Income
$311,292 $311,292
EXPENSES Property Taxes (15/16)* Tax Reimbursements Water and Sewer Insurance Fuel Utilities Repairs and Maintenance Total Expenses
$21,024 ($5,287) 0 $9.328 0 0 $2,000 $27,065 $284,227
RENT ROLL Apt
Status
LXP
SF
$/SF
245-1
Comm
8/31/19
4,000
$16.05
245-2
Comm
12/31/17
6,375
$6.49
249-1
Comm
7/31/18
2,375
$11.76
523-1
Comm
12/31/16
4,000
$11.49
523-2
Comm
10/31/16
4,000
$7.50
529-1/2
Comm
9/30/18
5,250
$11.26
280-1/2
Comm
6/30/16
3,200
$13.34
29,200
$11.13
Total
Tax Reimb./ Month
Renewal Option
Rent/ Month
Rent/ Year
$5,350
$64,200
$3,450
$41,400
$2,328
$27,936
2-Yr
$3,830
$45,960
3-Yr
$2,500
$30,000
2-Yr
$4,927
$59,124
$149.85
$3,556
$42,672
$440.57
$25,941
$311,292
$100
$190.72
Financial Overview
Net Operating Income *529 Sutter Avenue is subject to an ICIP tax abatement
4
undergone urban renewal in the past few years. With this, transformation the area has become a new destination for middle-class home seekers. New developments are rising in the area, leading to a boom in housing market for the neighborhood. A large portion of the neighborhood is slated for a rezoning in the near future. The rezoning area spans from Fulton Street to Pitkin Avenue between Pennsylvania Avenue and Lincoln Avenue. The stated goal of the rezoning is to foster vibrant mixeduse corridors along the major avenues while preserving the neighborhood character mid-block. The rezoning is currently undergoing the ULURP process. East New York boasts easy access to Highland Park and the coastline to Jamaica Bay. It is well served by public transportation with the 3, C, J, L and Z trains running through the area along with several local bus routes. Jackie Robinson Pkwy and Belt Pkwy serve as the local automobile transportation routes.
NeighborhoodOverview Company
East New York is a residential neighborhood in the eastern Brooklyn, which has
5
FloorCompany Floor Plans - FirstOverview
6
Floor Plans - Second Floor Company Overview
7
EPIC Commercial Realty represent clients from around the world, focusing on investment sales in the bustling New York metropolitan area. We provide the highest level of professionalism, comprehensive and innovative real estate solutions to investors, property owners, and corporations world-wide, and ensure our clients optimum, fast, and smooth transactions.
Collectively, EPIC professionals bring nearly 70 years of commercial real estate experience to your portfolio. Not surprisingly, such teamwork produces results beyond expectations as we incessantly deliver full consultation services based on detailed research and evaluation. Every indication demonstrates our talented and accomplished professionals are performing well beyond the industry standard for commercial real estate firms producing with excellence for clients in a global arena. EPIC continues to expand its management of commercial real estate investments throughout the Greater New York Metropolitan Area, including New York State and New Jersey.
Marcus Jecklin Sales Associate
Madeline Jecklin Sales Associate
Company Overview Company Overview
Based in Soho, NY our clients include storefront owners, retail chains, institutional landlords and real estate developers. EPIC is dedicated to continuously developing dynamic relationships resulting in increased capital beyond the expectation of our clients. Through such principles as integrity and hard work, we strive to develop into an esteemed commercial investment resource for property owners, investors, and corporations worldwide. The measure of our successes is determined by the quality of business relationships we forge. A multi-tier approach allows every aspect of our service to manage transactions for each client with specialized attention to maintaining our focus on timing and the market place.
8
Epic Commercial Realty 580 Broadway, Suite 1107 New York, NY 10012 Tel: (212) 226-9000
Marcus Jecklin Sales Associate (646) 278-4674 [email protected]
Madeline Jecklin Sales Associate (646) 278-4615 [email protected]
9
