1133 Manhattan Ave, Brooklyn, NY, 11222-1031, US

Eleven33

Asset Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of Eleven33 (the “Property”), a seven-story, 210-unit luxury rental building located at 1133 Manhattan Avenue in the Greenpoint submarket of Brooklyn, New York. The Property is located on Manhattan Avenue, one of Greenpoint’s main thoroughfares, in one of New York’s most creative neighborhoods for the arts, dining, entertainment, and shopping. The building includes 105 fair market, 61 middle income, and 44 low income units comprised of 1 studio, 93 one-bedroom units, and 116 two-bedroom units. The Property also features approximately 10,000 square feet of retail space, which is 100% leased to a successful upscale grocer, Lincoln Market, through 2037, as well as a 122-space parking garage.

Eleven33 boasts thoughtful, modern design features with diverse apartment layouts, high-end appliances, contemporary indoor and outdoor common spaces, and extensive amenities: 24-hour concierge service, pet spa, resident lounge, cyber café with workspace amenities, state-of-the-art fitness center, landscaped rooftop with skyline views of New York City, courtyard with outdoor kitchen and grill, bike and item storage, and covered parking garage. The Property, delivered in 2015, is the beneficiary of a 25-year 421a tax abatement that will provide significant tax savings prior to expiration in 2040. There is also in-place assumable agency financing that matures in 2028.

...

Attributes

Number of units

210 units

Year built

2015

Building area Gross

19,397 m²

Media

Investment Highlights

Accretive Assumable Debt: The Property currently has approximately $66.3MM of assumable Agency financing (two different loans) at a below market blended rate of 4.3%. The ten year loans mature in 2028. Further detail can be found in the document center.

Remain Term on 421A Abatement: The Property is the beneficiary of a 25-year 421a tax abatement, which will provide significant tax savings prior to expiration in 2040.

Thoughtful, Contemporary In-Unit Design: Units at the Property boast designer fixtures and finishes that create an elegant, luxurious space. Details include light oak hardwood flooring, spacious bathrooms, full-size dishwashers, stainless steel energy efficient appliances, and full-size washer & dryer in most units.

Grocery Anchored Residential: The Property features a 10,000 square foot upscale grocery store, Lincoln Market, which has over fourteen years remaining on its initial term and is an excellent amenity.

Highly Desirable Neighborhood: Located in Brooklyn and an easy commute from Manhattan via train or ferry, Greenpoint is a quaint neighborhood comprised of charming bars, vintage shops, and a mix of chic and timeless restaurants that people from every New York borough seek out. The neighborhood’s one-of-a-kind layout boasts scenic views, never leaving residents more than five blocks from Manhattan’s waterfront skyline.

Luxury Resident Amenity Package: The Property hosts a best-in-class line of amenities that differentiates it from other existing product in Greenpoint and the surrounding neighborhoods. Eleven33’s amenities form a vibrant, connected community and residents have access to a beautiful courtyard, sweeping views of the city, dedicated work and lounge areas, a fully equipped fitness center, and an on-site dog run and pet grooming station.

Unique Outdoor Space: In addition to private terraces in select units, the Property uniquely offers a terrace with skyline views of New York City, and a huge courtyard with and an outdoor kitchen and grill, shaded lounge area, and a dog run.