The Broadway Assemblage
2750 Broadway, New York, NY, 10025, US
1 677 mètres carrés
Description de l'actif
27 Smith Street is an existing ~9,000 SF commercial building with retail on the ground floor, and four stories of office above. The Property is located on the east side of Smith Street between Fulton Street and Livingston Street in Downtown Brooklyn, with Brooklyn Heights to the west and Boerum Hill to the south. The Property is surrounded by a number of new construction multifamily assets and is among the most dense retail corridors in Brooklyn. 27 Smith Street is also ICAP eligible.
With in-place leases that expire in 2025-2027 and leases that are terminable, 27 Smith Street allows an investor or developer to cash flow the asset while developing a plan or immediately vacate the asset and develop. More specifically, The Property is zoned DB (C5-4) which permits a 12.00 FAR for residential development. Additionally, the opportunity provides a developer the opportunity to take advantage of the new 485X Tax Abatement Option B. As a result, The Property offers the optionality to lease up the remaining floors of office space to increase revenue and yield, or capitalize on the favorable zoning and the new 485X Tax Abatement Option B.
27 Smith Street is nestled perfectly on the border between Brooklyn Heights and Downtown Brooklyn. With proximity to some of Brooklyn’s most prestigious and coveted neighborhoods, 27 Smith Street offers an investor a well-located asset with development optionality. 27 Smith Street has great transportation options as well, just three blocks from the Borough Hall 4 & 5, two blocks from the Hoyt Street 2 & 3 and Jay Street - MetroTech A, C, & F.
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Attributs
Superficie du bâtiment brute
862 mètres carrés
Superficie du terrain brute
214 mètres carrés
Zonage
DB (C5-4)
Média
Points forts de l'investissement
Exceptional Demographics
With a population of approximately 2.65 million, Brooklyn is a city comprised of several dense neighborhoods. Much like Brooklyn as a whole, Downtown Brooklyn has seen impressive increases in population, average personal and household income, and educational attainment over the past 15 years. 27 Smith Street is well positioned to capitalize on these favorable demographic trends, which are projected to continue into the near future.
Established Retail Market
The Downtown Brooklyn retail market has gained the attention of major national brands. Today’s consumer brands understand that they need to be near their customer base to cater to their ever-changing preferences. The demographics in Downtown Brooklyn reflect an affluent, educated population with a significant disposable income stream. Brands like Trader Joe’s, Equinox, Target, Whole Foods, and Soulcycle are all within a seven minute walk from 27 Smith Street.
Superior Transit Connectivity
The Property is less than a five minute walk from the Borough Hall (R, 2, 3, 4, & 5) and Jay Street / Metrotech (A, C, F, & R) subway stations. Additionally, 27 Smith Street is located one subway stop away from Atlantic Terminal, one of New York’s most transited subway stations with over 42,095 daily weekday ridership. Atlantic Terminal is served by nine subway lines (B, D, N, Q, R, 2, 3, 4, & 5) and the LIRR. This incredible subway connectivity provides quick and direct access to every major employment center in New York. Residents can get to DUMBO in 8 minutes, the Financial District in 15 minutes and Midtown in under 30 minutes.
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27 Smith Street (0 Propriétés)
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Dernière mise à jour
2 oct. 2024
