Retail

369 Leonard Street #C2

369 Leonard St, Brooklyn, NY, 11211-2318, US

369 Leonard Street #C2_Property for Sale

Gallery

369 Leonard Street #C2 2_Property for Sale

Asset Description

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.

Attributes

Asking Price
TRY 26,627,000
Building area gross
215 m²
Year built
2018

Investment Highlights

  • 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


369 Leonard Street #C2 4_Property for Sale

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Last updated
21 Feb 2023