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1166 Avenue of the Americas, 15th Floor | New York, NY 10036 | 212.729.7140 | avisonyoung.com © 2019 Avison Young – New York, LLC. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
102-110 North First StreetWilliamsburg, Brooklyn NY
For more information, please contact:
Allan [email protected]
James NelsonPrincipal, Head of Tri-State Investment [email protected]
Gabrielle [email protected]
Daniel [email protected]
Avison Young, as exclusive agent, is pleased to offer a leasehold with an option to purchase a development site at 102-110 North 1st Street (the “Property” or the “Site”). The Property is a development site across two separate lots providing 134 feet of frontage on North 1st Street between Berry Street and Wythe Avenue in the Williamsburg neighborhood of Brooklyn. Plans are filed for the Site to construct a 7-story, 38 units (avg. 1,045 NSF) residential building with retail. The new construction project will deliver 39,720± residential square feet, 8,900± retail square feet, 49 on-site parking spaces, and a full amenities package including an exclusive fitness center, private lounge, bike storage, storage room, private cabanas, virtual doorman and a private courtyard. The project has a projected residential condo sellout of $1,752 per square foot across its well-balanced unit mix of studio, one, two- and three-bedroom units. The project has been structured as a leasehold position on which a developer will construct two condominium units, one encompassing the retail, with the other encompassing the entirety of the residential portion.
The existing 99-year ground lease commenced on May 31, 2017. Per existing agreement, upon completion of the project, the landlord has the option to exchange the leased-fee on the residential component for the retail condo. By executing
this option, the lessor becomes fee owner of the retail condominium and the lessee (developer) becomes fee owner of the residential condominium and the lease is terminated. In addition, there is a profit share provision above sell-out pro-forma hurdles. This mutually beneficial structure enables the lessee to defer acquisition costs and enables the landlord to defer capital gains taxes on the land through a 1031 exchange into the retail condo.
The current lease holder has already added significant value to the project by vacating tenants, assembling air rights, filing development plans and arranging access agreements with neighbors. Demolition permits are in place and architecture plans are ready for finalization. Being 80% through construction document, it gives the new Lessee the flexibility to go with the filed plans or edit the design to give the project new characters. With these tasks complete, the new Lessee will be able to break ground on the project right away.
102-110 North 1st Street is a short walk to the L train at the Bedford Avenue Station, and within a 15-minute walk to the G train at the Metropolitan Avenue Station and M, J, and Z trains at Marcy Avenue Station. The Property is only three blocks away from the water front and in proximity to the Apple Store, Wholefoods and Equinox.
Highlights· Residential development site in a prime
Williamsburg location
· Demolition permit is in place
· Nearly shovel-ready
· Arranged access agreements with neighbors
Submit OffersFor more information, click here:
AYTriStateInvestmentSales.com
Conceptual Rendering
1166 Avenue of the Americas, 15th Floor | New York, NY 10036 | 212.729.7140 | avisonyoung.com © 2019 Avison Young – New York, LLC. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
102-110 North First StreetWilliamsburg, Brooklyn NY
For more information, please contact:
Allan [email protected]
James NelsonPrincipal, Head of Tri-State Investment [email protected]
Gabrielle [email protected]
Daniel [email protected]
Property Information
Address 102-110 North First Street
Cross Street Berry Street and Wythe Avenue
Block 2379
Lot 16 and 19
Lot Dimensions (Approx.) 134 ft x 85 ft
Lot SF (Approx.) 11,330 SF
Zoning M1-2 / R6A / MX-8
Maximum Residential FAR 3.0 x
Maximum Commercial and Manufacturing FAR
2.0 x
Existing Building Information
Stories 1
Use Warehouse
Existing Building Size 11,128 SF
Proposed Building Information
Stories 7
Residential SF 39,720
Commercial SF (Owner has option to purchase)
8,900
Total SF 48,620
Current Taxes
Tax Class 4
Current Tax Bill (20/21) $70,033North First Street
Grand Street
Berr
y St
reet
Wyt
he A
venu
e
192379 16 Submit OffersFor more information, click here:
AYTriStateInvestmentSales.com
102-110 North First Street