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

Number of units

105 units

Year built

2017

Building area gross

8,614 m²

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