Portfolio

Myrtle & Steuben

Brooklyn, NY, US

Myrtle & Steuben_Property for Sale

Gallery

Myrtle & Steuben 2_Property for Sale

Portfolio description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis for the sale of The Myrtle & Steuben Portfolio (the “Properties” or “Portfolio”), a mixed-use portfolio consisting of two newly constructed, boutique buildings located in the heart of Clinton Hill at 531 Myrtle Avenue and 100 Steuben Street. The Portfolio includes 72 residential units and 8,100 square feet of prime retail with 75 feet of corner frontage along Myrtle Avenue. The Properties, delivered in 2017, are the beneficiaries of two 421-A tax abatements and a 25-year ICAP.


The Property is situated on the main road of Clinton Hill, the Myrtle Avenue Retail Corridor. Clinton Hill’s defining brownstones, retail and dining, and greenspaces, including Fort Greene Park, substantially differentiate it from other Brooklyn neighborhoods. The Properties are currently at 99% occupancy and there is a 16% spread between in-place preferential and maximum legal rents, proving significant near-term rent growth. The Myrtle & Steuben Portfolio represents a rare opportunity for an investor to acquire an attractive asset with significant upside in a high-growth, historical submarket.


Attributes

Number of units
72 units
Year built
2017
Building Area
53,409 sf
Myrtle & Steuben (2 Properties)
Myrtle & Steuben (2 Properties)

Investment highlights

  • Mark to Market Opportunity
  • Fair Market Long-Term Upside
  • Accretive Tax Benefits
  • Thoughtful Design and Amenity Package
  • Prime Corner Retail
  • Demand Drivers: Pratt Institute // Navy Yard // Brooklyn Tech Triangle
  • Transit Access and Accessibility to Area Drivers

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Last updated
Nov 30, 2022