Exclusive Offering Memorandum 190 WEST STREET | GREENPOINT, BROOKLYN
Exclusively Marketed Through THE FORRAY TEAM AT THE CORCORAN GROUP
Christopher Cavorti
Evan F. Church
Lic. Associate RE Broker 914.804.7091 ccavorti@corcoran.com
Lic. Associate RE Broker 917.684.0663 echurch@corcoran.com
Marvin Chu
Matthew Ball
Lic. Associate RE Broker 718.685.9430 mchu@corcoran.com
Lic. RE Salesperson 973.975.5941 matthew.ball@corcoran.com
“Real Estate with Results”
190 WEST STREET | GREENPOINT, BROOKLYN Executive Summary
The Forray Team at The Corcoran Group has been retained to exclusively represent ownership in the sale of commercial condominiums located at 190 West Street in Greenpoint Brooklyn. Please note these are sponsor units. This offering is an extremely rare and unique opportunity to purchase authentic Brooklyn loft commercial space in the heart of the next major residential and retail corridor of Brooklyn. Projecting well over 8,000 new residential units to immediate area, this centric location is well insulated between Franklin Street and the mega developments of Greenpoint Landing, 18 India Street, 145 West Street coupled with numerous boutique Mixed Use, Residential & Hotel Development. The opportunity consists of x4 commercial condos totaling 16,169 SF with approximately a combined retail frontage of over 175LF, 4 potential loading areas/docks and the potential to expand the commercial frontage and interior SF further offers the rare opportunity to solidify boutique and national tenants alike. A truly 3 dimensional property.
190 WEST STREET | GREENPOINT, BROOKLYN Individual Unit Sale Information Individual Unit Sale Price
Interior SF
Monthly CC’s
Monthly Taxes
PPSF
Individual Sale Price
Unit 16 Commerical
7,357
$1,348
$705.47
$1,000
$7,357,000
Unit 17 Commerical
3,224
$735
$309.19
$1,200
$3,868,800
Unit 18 Commerical
3,191
$728
$306.02
$1,200
$3,829,200
Unit 19 Commerical
2,397
$728
$221.24
$1,000
$2,397,000
Total Commercial Sale Price
$17,452,000
PROPERTY INFORMATION Address: 190 West Street | Brooklyn, NY 11220 Alt. Address: 59, 61-63 & 65 Green Street | 184 & 190 West Street | 62 Freeman Street Neighborhood: Greenpoint Cross Street: Green Street & Freeman Street Building Class: Mixed Residential & Commercial Building Zoning District: M1-2/R6A/MX-8 Former Block & Lot: 02511-0001 | Condo Conversion Tax Class: 2 Residential Units: 15 Commercial Units: 4 Parking Spots: 6 Lot Size: 125’ x 200’ Building Dimensions: 125’ x 200’
190 WEST STREET | GREENPOINT, BROOKLYN Current Income, Lease Information & Market Projections Unit Existing Lease Info & Income
Interior SF
Monthly CC’s
Monthly Taxes
Monthly Rent
Yearly
Unit 16 (Subdivided)
*7,357
$1,348
$705.47
—
—
Milennium Electrical Lease ends 2018
2,357
—
—
$3,343
$40,120
Off Hollywood Lease Ends 2021
5,000
—
—
—
—
Unit 17 - Off Hollywood Lease ends 2021
3,224
$735
$309
$15,321
$183,855
Unit 18 - Fastenal Lease ends 2018
3,191
$728
$306
$6,125
$73,500
Unit 19 - Vacant Possession TBD
2,397
$728
$221
—
—
Total Commerical
16,169
$3,539
$1,542
—
—
Existing Total Revenue
$24,789
$297,475
Total Expenses (Taxes, CC’s & Heat)
$5,357.5
$64,290
—
$233,185
Existing NOI
Rental Projections Commercial Market
Interior SF
Monthly CC’s
Monthly Taxes
Monthly Rent
Unit 16 - Commercial
7,357
$1,348
$705.47
$30,654
$367,850
$50
Unit 17 - Commercial
3,224
$735
$309
$16,120
$193,440
$60
3,191
$728
$306
$15,955
$191,460
$60
Projections
Unit 18 - Commercial
Yearly
PPSF
Unit 19 - Commercial
2,397
$728
$221
$9,988
$119,850
$50
Total Commercial
16,169
$3,539
$1,542
$72,717
$872,600
—
Sale Price Based off 5% Cap Rate with Triple Net Lease
$17,452,000
Tenant pays all utilities, unit leases and offering plan to be provided with Non-Circumvent Agreement and expressed offer for purchase from prosepective buyer
190 WEST STREET | GREENPOINT, BROOKLYN Existing Floorplans
West Greenstreet Lofts Condominium Ground Floor Commercial Space
190 WEST STREET | GREENPOINT, BROOKLYN New Development in the Area
2 3 4
5
1
1
SUBJECT PROPERTY — 190 WEST STREET
4
15 Residential, 4 Commercial Units Mixed Residential & Commercial Building
2
145 WEST STREET Projected 605 Units | 40 Story Tower Mixed Use Buildings
3
161 WEST STREET Projected 516 Units | 22 Story Tower Mixed Use Buildings
GREENPOINT LANDING Projected 5,500 Units | 10 Mixed Use Buildings
5
77-87 COMMERCIAL STREET Projected 720 Units | 3 Mixed Use Buildings
190 WEST STREET | GREENPOINT, BROOKLYN New Development in the Area Property Address
Number of Units
Commercial Offering
18 India St. 26 West St. 27 West St. 29 Clay St. 44 Kent St. 49-93 Dupont St. 50 Greenpoint Ave 56-72 Box St. 60 West St. 77-87 Commercial St. 78 Freeman St. 79 Clay St. 79 Quay St. 144 West St. 145-155 West St. 161 West St. 170 West St. 211 McGuinness Blvd 1050-1066 Manhattan Eleven33 The Gibralter Greenpoint Landing Haus 33 Eagle St. 21 Commercial St. “GP Landing” 1133 Manhattan Ave 72 Box St. 173 Green St. 160 West St.
— 72 234 60 44 400 44 20 155 720 4 8 234 25 605 516 15 197 105 105 14 5500 7 98 93 210 50 7 14
Mixed Use Residential Mixed Use Residential Residential Mixed Use Residential Residential Hotel 3 Mixed Use Buildings Residential Residential Residential Residential 40 Story Tower Mixed Use Mixed Use Residential Mixed Use Mixed Use Residential Residential Mixed Use Residential Mixed Use Mixed Use Mixed Use Mixed Use Residential Residential
Total Units
9,551
THE FORRAY TEAM AT THE CORCORAN GROUP Evan F. Church Lic. Associate RE Broker 917.684.0663 | echurch@corcoran.com
Christopher Cavorti Lic. Associate RE Broker 914.804.7091 | ccavorti@corcoran.com
Marvin Chu Lic. Associate RE Broker 718.685.9430 | mchu@corcoran.com
Matthew Ball Lic. RE Salesperson 973.975.5941 | matthew.ball@corcoran.com
Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All listing phone numbers indicate listing agent direct line unless otherwise noted. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.