237 11th Street_Property for Sale
237 11th Street_Property for Sale
237 11th St, Brooklyn, NY, 11215-4495, US

237 11th Street

Asset description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of 237 11th Street (the “Property”) a full-service, mid-rise class A mixed-use property at the crossroads of Park Slope and Gowanus. 237 11th Street is a 79,724 rentable square foot property that features 73,460 residential square feet, 6,264 square feet of fully-leased retail space, and benefits from a 15-year 421a tax abatement through 2032 with no affordable housing component in the building. As part of the limited NYC housing supply built after 2009, the Property is statutorily exempt from this year’s Good Cause Eviction (“GCE”) rent growth legislation at least through 2047, allowing the next owner to capitalize on this spread. 

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Attributes

Units
105 units
Year built
2017
Building area gross
8,614 sm

Media

Investment highlights

  • Significant Mark-to-Market Opportunity 
  • Exemption from Good Cause Eviction Legislation
  • One Block from the 4th Ave / 9th St Station
  • 421a Tax Abatement
  • Unrealized Air Rights Potential
  • Prime Location at the Convergence of Park Slope and Gowanus
  • Fully-Leased Retail with 6.8-Year WALT and Starbucks Credit
  • Discount to New Construction Rents, Creating Defensive and Durable Cashflows with Upside Rent Potential
  • Discount to Replacement Costs
  • Abundant Amenities and Outdoor Space
  • Favorable Supply Demand Fundamentals
  • New York City Remains one of the Strongest Markets Nationally
237 11th Street 4_Property for Sale
237 11th Street 4_Property for Sale

Contact brokers

237 11th Street (0 Properties)

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Last updated
May 7, 2024