JLL is exclusively retained to arrange for the sale of a retail condo located on the ground level of the iconic 33-unit luxury condominium building in Williamsburg, Brooklyn - Element 88.
The retail condominium spans 2 levels, offering 1,190 SF on the ground floor with 15-foot ceilings and a 1,129 SF cellar level with 10-foot ceilings. Both levels are fully built-out with exceptional finishes and fixtures. The unit also features new restaurant-grade infrastructure including 200 Amp three-phase electrical service, 2.5 inch gas line, 5000 CFM venting and 250 pound grease trap.
369 Leonard is leased for 10.5 years to a restaurant paying
$114,000 annually with 2.25% rent increases commencing in Year 2. The tenant is responsible for its own share of tax increases and utilities. The space also carries a 12AM liquor license.
The property is in an excellent location, surrounded by a growing number of new residential developments and an eclectic mix of bars, cafes & restaurants. 369 Leonard is conveniently accessible by car via the adjacent BQE and multiple means of public transport including the Metropolitan Avenue / Lorimer Street G & L train station just 4 blocks away.
This is an excellent opportunity to acquire a low-maintenance turn-key retail asset with long-term stable cash flow in one of NYC’s most desirable neighborhoods.
- Fully-leased turn-key retail condo
- 2,319 GSF including 1,129 SF cellar level
- New lease to a restaurant paying over $110,000/yr with annual increases
- 32 feet of retail frontage
- 15ft ceilings on ground floor and 10ft ceiling on cellar level
- Both levels fully built-out
- 200 Amp three-phase electrical service
- 2.5 inch gas line
- 5000 CFM venting
- 250 pound grease trap