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Bushwick

198

Exclusive Offering Memorandum

WYCKOFF AVENUE

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TerraCRG has been retained to exclusivelyrepresent ownership in the sale of 198 WyckoffAvenue a mixed-use building located inBushwick.

The information provided herein has either been given to us by theowner of the property or was obtained from sources we deem reliable.We do not guarantee the accuracy of any information. All zoning,existing square feet of buildings, available buildable square feet,permitted uses and any other information provided herein must beindependently verified. The value of any real estate investment isdependent upon a variety of factors including income, vacancy rates,expense estimates, tax brackets and general market assumptions, allof which should be evaluated by your tax advisor and/or legal counsel.Interested party should carefully verify each item of informationherein; there can be no guarantee that the enclosed information isaccurate or that the subject property will sell for the suggested askingprice. The estimates and assumptions provided herein are based onthe subject property containing no environmental contamination.

For more information, please contact exclusive agents:

Matthew CosentinoPartnermcosentino@terracrg.com

Eric SatanovskySenior Associateesatanovsky@terracrg.com

718-395-1877terracrg.com

Fred BijouSenior Associatefbijou@terracrg.com

Asking Price:$2,550,000

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The Offering

TerraCRG has been retained to exclusively representownership in the sale of the free market mixed-use buildinglocated at 198 Wyckoff Avenue in the Bushwick neighborhoodof Brooklyn.

The building is located directly on Wyckoff Avenue, one of thebest and most dynamic retail strips in Brooklyn. It is also just 4blocks from both the DeKalb Avenue L Station and the Myrtle-Wyckoff M & L trains. The property offers the rareopportunity to own a free market building with retail frontageon the most prime section of Wyckoff Avenue.

The three story brick building is 25 ft x 60 ft and consists of 6total units (5 free market residential apartments along with aground floor commercial space). The retail space is owneroccupied and will be delivered vacant. After renovation theproperty can generate approx. $207K/year in gross income.

The property is ideally located in one of the most desirablelocations in Bushwick – on Wyckoff Avenue in very closeproximity to both the M and L trains. The retail developmentin this location has exploded with some of the bestrestaurants, bars and cafes opening in the immediate vicinity,including: Sally Roots, Hanna Natural Organic Market andWine Shop, Starbucks, Planet Fitness, Artichoke Pizza, SeaWolf, Heavy Woods, The Cobra Club, Left Hand Path, FairWeather Bushwick, Old Stanley’s, GoodYoga, Variety CoffeeShop and Wyckoff Starr Coffee Shop to name a few.

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Opportunity Highlights

Proj. Gross Annual Income

Proj. AnnualExpenses

Proj. Net Operating Income

Total Units

Price/SF

$207,000

$28,870

$178,130

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$566

822Broadway

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Area Map

198 Wyckoff Avenue

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Walgreens

Starbucks

Planet Fitness

BKLYN House

Skytown

Bizarre

Little Mo

Rheingold Brewery

Dillinger’s

Little Skips

Gallery Bar Santa Pizza

The Living Gallery

Hearts Coffee

Whiskers

Rookery

Central CafeCentral Station

Precious Metal

Clara’sYours

Sincerely

Supercrown Coffee

Forrest Point

95 Evergreen

Dweebs

Molasses Books

The Wheelhouse

101 Wilson Bar

Brooklyn Kava

Le GarageMaite

Brooklyn Public House

Juno

Bossa Nova

Heavy Woods

Starr Bar

Greenstreets Salads

Mominette Bistro

The Three Diamond Door

Punch Bowl Social

Mad Tropical

Lot 45

AP Cafe

Sea Wolf

The Bushwick Starr

The Johnson’s

The Cobra Club

House of Yes

Artichoke Pizza

Wyckoff Starr Coffee Shop

MetroRock Climbing

Pearl’s Social

Hana Natural Market

Montana’s Trail House

Union Pizza Works

Faro

Idlewind

Hi Hello

Left Hand Path

Starbucks

L’imprimerie

Color Me Greens

Milk & PullLucy’s Kitchen

Barcey’s

Sally Roots

Variety Coffee

Ops Pizza

Old Stanley’s Bar

Lucha Lucha

Petra

Cup Of Brooklyn

Boobie Trap

Pizza Party

Bonus Room

Industry 1332

Routine BushwickFather Knows Best

Salud Bar & Grill

The Evergreen

Bushwick Retail Map

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198Wyckoff AvenueBushwick

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198 Wyckoff Avenue

Property Information

Address: 198 Wyckoff Avenue

Neighborhood: Bushwick

Cross Streets: Greene Ave & Bleecker St

Block: 3301

Lot: 38

Lot Size: 25 x 100

Building Information

Building Size: 25 x 60

Zoning: R6

FAR: 1.4

Stories: 3

Residential Units: 5

Commercial Units: 1

Total Units 6

Building SF: 4,500

Taxes (18/19): $8,525

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198 Wyckoff Avenue

Projected Revenue After Renovation

Unit Approx. Unit SF Status Monthly RentMonthly Market

Rent

Annual Market

RentLease Expiration

Store 750 Vacant 3,500$ 42,000$

1 750 Free Market $800 2,750$ 33,000$ month to month *

2R 750 Free Market $1,800 2,750$ 33,000$ 43,615$

2L 750 Free Market $1,800 2,750$ 33,000$ 43,615$

3R 750 Free Market $1,800 2,750$ 33,000$ 43,495$

3L 750 Free Market $1,600 2,750$ 33,000$ 43,495$

Total 4,500 17,250$ 207,000$

*Private Backyard/Projected as a Duplex Unit

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198 Wyckoff Avenue

Projected Revenue After Renovation

REVENUE: (Projected)

Gross Monthly Income 17,250$

Gross Annual Income 207,000$

EXPENSES: (Estimated)

Real Estate Taxes 8,525$

Heat (Tenants)

Electric (common areas) 675$

Insurance 3,000$

Water/Sewer 4,250$

Maintenance 3% 6,210$

Management/Vacancy 3% 6,210$

Total: 28,870$

Gross Annual Income: 207,000$

Less Expenses: 28,870$

Net Operating Income: 178,130$

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Brooklyn

With 2.6 million residents, Brooklyn is the most populousborough of New York City and the most populous county inNew York state. It is the second most densely populatedcounty in the U.S., after New York County (Manhattan). Theborough is situated at the southwestern end of Long Islandand is bounded on the north and east by the borough ofQueens, on the south by Lower New York Bay, the AtlanticOcean and Jamaica Bay and on the west by the East River,Upper New York Bay and the Narrows, which separates itfrom the borough of Staten Island. Brooklyn was anindependent city until its consolidation with New York City in1898. The borough’s 36 neighborhoods continue to maintain adistinct culture, independent art scene and uniquearchitectural heritage.

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BushwickHome to Brooklyn's nascent creative arts class,Bushwick is generating the kind of buzz and attentionits neighbor Williamsburg to the west has recentlyexperienced. Bushwick has emerged as a desirablefocus of developers capitalizing on the many formerfactories and industrial buildings which are beingrestored and re-positioned as for office, residentialand cultural uses. With a vibrant street-art scene anddozen's of galleries and pop-ups, Bushwick is beingbrought to life along with a continual restoration ofsignature lofts and multi-colored brownstonesthroughout the neighborhood.

With the well-known Williamsburg borderingBushwick on the west, it’s no surprise that new retailand critically-acclaimed restaurants have begunquickly migrating and finding space on Bushwick’smain thoroughfares.

Area TransportationBushwick Collective

Roberta’s

Highest Volume of Brooklyn Multifamily Sales in 2016.

With over 50 gallery spaces, Bushwick has one of the fastest growing art scenes in the country.

The Myrtle (J/M/Z) subway station in Bushwick had an annual ridership of 3,764,562 in 2016

Maria Hernandez Park

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Bushwick

VOGUE Mapping Out the

15 Coolest Neighborhoods in

the World

Sources: BrownstonerLaura Leebove – 8/26/2015

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BROOKLYN STEELHOUSE OF YES ROBERTA’S THE WICK / THE WELL

House Of Yes is a funky venue showcasing dance, circus, theater & cabaret performances in a former ice warehouse.

Roberta’s became an international brand, as evidenced by the frozen pizzas it sells at Whole Foods and the crowds who line up at the restaurant daily.

The Wick and the Well are sprawling joints that are open for music performances, with pub grub, tons of beer and a huge patio.

Brooklyn Steel , which opened in April 2017, is an 1,800 capacity music club located at 319 Frost Streetin East Williamsburg.

NEIGHBORHOOD ATTRACTIONS: ENTERTAINMENT

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LoftOpera is opera for the 21st Century, packing the house with hip young crowds with a formula that includes artisanal beer and highly talented performers.

The BushwickCollective is completely covered in amazing street art and murals by some of the best national and international street artists, muralists & graffiti artists.

NEIGHBORHOOD ATTRACTIONS: CULTURE

THE BUSHWICK COLLECTIVE THE BOGART THE PAPER BOX LOFTOPERA

The BogArt was converted to an artist production studio space in 2005 and has become the artist center of Bushwick.

The Paper Box is a multi-use complex with performance space, a rehearsal/recording studio, bar/lounges & an outdoor patio.

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Bushwick

198Wyckoff Avenue