853 Lexington Ave, Brooklyn, NY, 11221, US

853 Lexington Avenue

Description

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to facilitate the sale of 853 Lexington Avenue (the "Property"), a seven-story building in Bed-Stuy, Brooklyn. The new construction building is comprised of 29 residential units across 17,565 rentable square feet. The Property benefits from the 70/30 Affordable New York program, meaning 70% of the apartments are free market and 30% are affordable at 130% AMI. The 35-year abatement is worth approximately $5.2M in tax savings. With the Affordable New York program no longer available, 853 Lexington Avenue will benefit from a significantly more accretive tax exemption than the 485x program.

The property’s advantageous location is enhanced by excellent accessibility to public transportation. Just a short distance away, the Knickerbocker Avenue subway station offers convenient connections to the J and Z subway lines. With the station situated a mere 0.2 miles from the property, residents can enjoy seamless commuting to various destinations across Brooklyn and Manhattan.

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Attributes

Total GSF (Above Grade)

25,349 GSF

Year built

2023

Parking spaces

Units

29 Residential, 1 Retail

Media

Investment Highlights

BRAND NEW 421A TAX ABATEMENT

The Property benefits from the 70/30 Affordable New York program, meaning 70% of the apartments are free market and 30% are affordable at 130% AMI. The 35-year abatement is worth approximately $5.2M in tax savings. With the Affordable New York program no longer available, 835 Lexington Avenue will benefit from a significantly more accretive tax exemption than the 485x program and enhancing the overall value of the property.

NEWLY BUILT, AMENITIZED BUILDING WITH PARKING

The new construction apartment building consists of 29 residential units, of which 20 are free market apartments and 9 are affordable apartments, along with 1 ground floor retail unit and 1 parking garage. Stationed in the heart of Bed-Stuy, 835 Lexington Avenue’s combination of best-in-class amenities, proximity to transportation, and quality finishes make it one of the most exciting contemporary offerings in all of Bed-Stuy.

SUPERIOR CONNECTIVITY

The elevated MTA Gates Avenue J and Z trains are two shorty blocks away from the Property which saw +1.2M annual ridership in 2023 (up 15% from the previous year). The train offers a 25-minute commute into downtown Manhattan Additionally, the Site is serviced by numerous bus lines, the B47 line also lies a few blocks away the Property. Future residential & commercial tenants will benefit from increased foot traffic in addition to enhances accessibility & connectivity to other parts of the city.

TAX SAVINGS

835 Lexington Avenue will have over $5.2M of Tax Savings (NPV) over the life of the 35-Year Tax Abatement (32-Years Remaining). The NPV calculation assumes 27.5% of EGI for full tax at a 6% discount rate.