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172-182
Montrose
Avenue
BROOKLYN| NY
A
T E A M
O F
M A R C U S
&
M I L L I C H A P
MARKETING TEAM
Peter Von Der Ahe
Mike Salvatico
Joe Koicim
James Saros
Shaun Riney
Tom Shihadeh
Associate Broker
270 MADISON AVENUE
Tel:212-430-5114
Fax:646-349-3308
peter.vonderahe@mmreis.com
Associate Broker
270 MADISON AVENUE
Tel: (212) 430-5147
Fax: (212) 500-7565
jkoicim@mmreis.com
Licensed Sales Associate
16 COURT STREET
Tel: (718) 475-4369
Fax: (646) 349-2282
s.riney@marcusmillichap.com
Financing Inquiries
Andrew Dansker
Licensed Sales Associate
16 COURT STREET
Tel: (718) 475-4358
Fax: (646) 349-2282
MSalvatico@marcusmillichap.com
Licensed Sales Associate
16 COURT STREET
Tel: (718) 475-4343
Fax: (646) 349-2282
JSaros@marcusmillichap.com
Licensed Sales Associate
16 COURT STREET
Tel: (718) 475-4380
Fax: (646) 349-2282
TShihadeh@marcusmillichap.com
Licensed Sales Associate
270 MADISON AVENUE
Tel: 212-430-5168
Fax: 212-500-5110
andrew.dansker@marcusmillichap.com
INVESTMENT OVERVIEW
172-182 Montrose Avenue
INVESTMENT OVERVIEW
172-182 Montrose Avenue if being offered for:
$19,500,000
The subject property, 172-182 Montrose Avenue, consists
of two contiguous tax lots located on Montrose Avenue
between Humboldt Street and Graham Avenue in the
East Williamsburg section of Brooklyn, New York.
172-182 Montrose Avenue is an existing one story
industrial property that sits on two tax lots that when
combined equal 17,000 SF of total lot area. The property
contains an unprecedented 170 feet of frontage on
Montrose Avenue and is built 100 feet deep. (172
Montrose Avenue sits on a 100’ x 100’ and 182 Montrose
Avenue sits on a 70’ x 100’). The property is zoned R6
which usually allows for an FAR of 2.2 in Northern
Brooklyn, but due to Montrose Avenue being a wide
street, the As of Right FAR is boosted to 3.0. This allows a
developer to build 51,000 Buildable SF As of Right.
The demand for new construction product is surging in
the East Williamsburg neighborhood as luxury rentals are
achieving $60 PSF and condos are achieving $1,000 PSF
or more in the area. Five new construction properties in
the immediate surrounding area have been purchased
by institutional grade investors in the past 12 months,
cementing East Williamsburg as a premier destination for
major capital investment. 42 Meserole Street, 90
Meserole Street, and 76-80 Meserole were purchased for
a total of almost $70 Million in 2014.
281 Union Avenue was purchased for $23 Million and
365 Union was purchased for $11 Million in the Late
Summer/Fall of 2014. As prices in neighboring North
and South Williamsburg continue to reach and in a lot
of cases exceed Manhattan pricing, East Williamsburg
is primed to continue its rapid growth.
The property has tremendous train access as it is
located one block from the L Train at Montrose Avenue
as well as short walks to the J & M at Lorimer Street and
the G Train at Broadway. The property is steps away
from Grand Street, Graham Avenue, and Bushwick
Avenue retail corridors where there has been an influx
of national retailers in recent years.
172-182 Montrose Avenue offers developers the
opportunity to capitalize on the incredibly strong
residential market transforming the East Williamsburg
section of Brooklyn. It is one of the last large-scale
development assemblages that could be offered for
sale with 170 feet of frontage for residential
development in the neighborhood.
TOTAL BUILDABLE SF AS-OF-RIGHT: 51,000 SF
TOTAL BUILDABLE SF W/ IINCLUSIONARY: 61,200 SF
PROPERTY DESCRIPTION
172-182 Montrose Avenue
PROPERTY DESCRIPTION
PROPERTY INFO
172 Montrose Avenue
182 Montose Avenue
Brooklyn
Brooklyn
NY
NY
3062-12
3062-17
100 x 100
70 x 100
10,000
7,000
100 x 100
70 x 100
10,000
7,000
R6
R6
3.00
3.00
14,300
10,010
Landmark District
None
None
Historic District
None
None
Annual Tax Bill
$22,298
$19,173
4
4
City
State
Block & Lot
Lot Dimensions
Lot SF
Building Dimensions
Building SF
Zoning
Max FAR
Available Air Rights
Tax Class
TAX MAP
170 FEET OF FRONTAGE ON MONTROSE AVENUE
AERIAL
ONE BLOCK FROM L TRAIN
SUBJECT
172-182 Montrose Avenue
PROPERTY DESCRIPTION
PROPERTY PHOTOS
172-182 Montrose Avenue
PROPERTY DESCRIPTION
INVESTMENT HIGHLIGHTS
• Close Proximity to Four Different Train Lines - "L" "G" "J" and "M" Trains
• 17,000 SF of Lot Area Allowing for 51,000 BSF As of Right (61,200 w Inclusionary)
• Potential for up to 75 Apartment Units (90 Units w Inclusionary Housing)
• 170 Ft. of Frontage on Montrose Avenue allowing for Subdivision of Tax Lots
• Potential Townhouse Development Utilizing 170 Ft. of Frontage into Separate Lots
• R6 Zoning in East Williamsburg Location
• $60 PSF+ Rental Market
• Opportunity for Large-Scale Luxury Rental or Condo Development
• Close to Nightlife, Shopping, Dining and Amenity Package of Williamsburg Living
SURVEY
AERIAL PHOTO
SUBJECT PROPERTY
172-182 MONTROSE AVENUE
BROOKLYN
172-182 Montrose Avenue
MARKET OVERVIEW | BROOKLYN
borough description.
The borough we know today as “Brooklyn” was
named by Dutch colonists after a village in the
Netherlands called “Breuckelen.” Brooklyn is
home to over 2.6 million residents who are part
of a much larger population system; the New
York City metropolitan area is the largest in the
United States, with more than
19 million inhabitants in
three states.
New York City consists of five boroughs with
about 8.4 million people. Brooklyn, also goes by
the name Kings County and the “Borough of
Homes and Churches.” Brooklyn is the 7th most
populous county in the United States behind
such major cities as Los Angeles and San Diego.
While physically located on the island, Brooklyn
is not considered a part of Long Island.
transportation.
About 66 percent of Brooklyn's population take
public transit to get to and from work daily.
They spend an average of 43 minutes traveling
to work45% take the subway to work 22% drive
to work10% take the bus9% walk to work 8%
carpool2% work at home Public transportation
is easily accessible with the subway and bus
systems. The vast majority of current subway
lines in Brooklyn trace their lineage back to the
Brooklyn–Manhattan Transit (BMT) and Brooklyn
Rapid Transit (BRT). Subway lines include but
are not limited to: D, N, R, F, A, C, B, Q, 2, 3, L,
G, S, J, M, Z, 4, 5
BROOKLYN
172-182 Montrose Avenue
MARKET OVERVIEW | BROOKLYN
culture & arts.
demographics.
Brooklyn has played a major role in various
aspects of American culture including literature,
cinema and theater. Brooklyn hosts the worldrenowned Brooklyn Academy of Music, the
Brooklyn Philharmonic, and the second largest
public art collection in the United States,
housed in the Brooklyn Museum. Brooklyn has
roughly 700 arts and cultural institutions and
about 30 miles of waterfront. Brooklyn is also
made up of some of New York's prominent
Universities and Colleges. Some of the more
popular and well respected include: Brooklyn
College,
Polytechnic
Institute,
Packer
Collegiate Institute, St. Joseph’s College, St.
Francis College and Brooklyn Law School. The
Cyclone, a hybrid roller coaster at Coney
Island, has been entertaining thrill seekers for
over 83 years. It was named a New York City
landmark in 1988 and added to the National
Register of Historic Places in 1991.
The median age of a Brooklyn resident is 34.7
years. 38 percent of Brooklyn's population are
foreign born. Families make up 64 percent of
Brooklyn households. In 2006, the U.S. Census
Bureau calculates Brooklyn's population at
2,508,820.
Brooklyn remains the most populous of the
city's five boroughs: 2,230,722 Queens
1,585,873 Manhattan (New York County)
1,385,108 The Bronx 468,730 Staten Island
(Richmond County)7.1% (7.5%) are under the
age of 5 years 23.7% (25.1%) are under the
age of 18 11.5% (12.3%) are age 65 or older
The median age of females in Brooklyn is 35.7
(36.5) years old. For males, it's 32.4 (32.7)
years.
BROOKLYN
Brooklyn
is
an international brand,
cultural hub, culinary capital, and real estate
juggernaut. Its streets are full of diversity,
interesting people, and things to do. For more
New York City arrivals than ever, for long-time
New Yorkers looking for an easier life, for firsttime homeowners and long-term renters, it has
become the first choice of where to live and
where to lay down their roots.
Neighborhoods
are
why.
“Brownstone
Brooklyn” contains row after row of
magnificent homes. Downtown has become a
perfect mixed-use neighborhood, containing a
vibrant mélange of residential lofts, top retail,
and commercial creativity. Williamsburg has
emerged as one of the best neighborhoods for
adults and families in the world.
Don’t forget the charm. Park Slope rivals the
West Village and Upper West Side for New
Yorkers seeking good schools and park-front
living. Brooklyn Heights, Fort Greene and
Clinton Hill are blessed by some of the most
beautiful urban streets anywhere. Manhattan
Beach offers coastal living in a neighborhood
lined with trees.
172-182 Montrose Avenue
MARKET OVERVIEW | BROOKLYN
There are breathtaking mansions in Prospect
Lefferts Gardens, Midwood, and Ditmas Park.
Prospect Heights has an arch like Paris and
edifices that resemble life on Europe’s grandest
boulevards.
The only way to truly understand Brooklyn is to
walk its streets, see its homes, meet its people,
and understand its ebb and flow. Never before,
has looking for a home in Brooklyn been this
exciting. One of the best places to start is here.
WILLIAMSBURG
WILLIAMSBURG has undergone one of the
most exciting real estate transformations of any
area in New York City. The warehouses and
garages of the past have undergone
spectacular renovations into modern industrial
lofts, which rub shoulders with new high-rise
condos.
The area is divided in half into North and South
Williamsburg by Grand Street. The Mason-Fisk
building, a new brick loft condo conversion at 72
Berry is situated within North Williamsburg, offering
a virtual doorman, a shared roof terrace, central
air conditioning, washer-dryer hookups, and
floors made of Douglas fir. In South Williamsburg,
238 South 3rd is a condo which boasts wideplank pine floors and stainless steel appliances in
blowout loft configurations. In the nineteenth
century, Williamsburgh (back then it had an “h,”)
was a city in and of itself and home to
businessmen like Charles Pfizer. In more recent
times, the availability of large loft spaces for sale
and rent has made Williamsburg something of a
draw for artists and musicians.
172-182 Montrose Avenue
MARKET OVERVIEW | BROOKLYN
Carnivores will enjoy the porterhouse at Peter
Luger’s, referred to by many as the best
steakhouse in New York City. Even better, you
can sample much of the cuisine that
Williamsburg has to offer at “Smorgasburg,” a
weekly food fest with over 100 vendors each
weekend serving up the most popular menu
items. Williamsburg is claimed by some to be
the brunch capital of NYC with Zagat rated
spots such as Rabbit Hole and Egg.
Williamsburg offers all assortments of late night
watering holes that garner influence from
German Beer Halls and hole in the wall
Whiskey Bars. Due to the constant buzz,
Williamsburg, is considered to be a great
place for entrepreneurs to get started.
POPULAR SPOTS
-Momofuku Milk Bar
-Smorgasbord
-Blue Bottle Coffee
-Brooklyn Brewery
-Bedford Cheese Shop
-Brooklyn Kitchen
-The Whiskey Shop
-Peter Luger
WILLIAMSBURG
WILLIAMSBURG is served by 3 subway lines:
the BMT Canarsie Line (L train) on the north, the BMT
Jamaica Line (J M Z trains) on the south, and the IND
Crosstown Line (G train) on the east. The Williamsburg
Bridge crosses the East River to the Lower East Side.
Williamsburg is also served by the Brooklyn-Queens
Expressway. Several bus routes, including the B24,
B32, B39, B44, B44 SBS, B46, B60, and Q54 terminate at
the Williamsburg Bridge/Washington Plaza. Other bus
lines that run through the neighborhood are the B43,
B48, B62, B67, and Q59.
As of June 13, 2011, North Williamsburg is served by
the East River Ferry to 34th Street and the Wall Street
area, leaving every 20 minutes during rush hour and
every hour during the rest of the day.
One of Williamsburg’s most popular landmarks, the
Brooklyn Brewery on 79 N 11th Street has been in the
brewing business since 1988. Not only is beer brewed
here, but special events are also held. On January
16th, 2006 Brooklyn Brewery teamed up with Blue
Smoke for “Beer-B-Q,” a party that served BBQ
entrees together with Brooklyn Beers.
It even featured beer experts Kenny Callaghan and
Garrett Oliver, who spread their knowledge of how
to pair the perfect beer with a dish.
172-182 Montrose Avenue
MARKET OVERVIEW | BROOKLYN
Past events have included fi lm screenings, all you
can drink nights, and fundraiser. The party room
can be rented out and hold up to 300 people. If
you’re looking to get inside, every Saturday tours
are led by the brewmaster Garrett Oliver himself.
Catch a live band at the Music Hall of
Williamsburg (formerly NorthSix) or head over to
an art gallery housed in a converted garage.
Carnivores will enjoy the porterhouse at Peter
Luger’s, referred to by many as the best
steakhouse in New York City. Even better, you can
sample much of the cuisine that Williamsburg has
to offer at “Smorgasbord,” a weekly food fest with
over 100 vendors each weekend serving up the
most popular menu items.
Brought to you by the same promoters from
Manhattan’s Bowery Ballroom, Music Hall of
Williamsburg straddles the line between attracting
bigger names and established acts as well as
nurturing up and coming bands. Some of the best
things about this venue are its excellent sound
system and upstairs and downstairs bar as well as
its great location at the heart of Williamsburg’s
Northside.
A
T E A M
O F
M A R C U S
&
M I L L I C H A P
MARKETING TEAM
Peter Von Der Ahe
Mike Salvatico
Joe Koicim
James Saros
Shaun Riney
Tom Shihadeh
Associate Broker
270 MADISON AVENUE
Tel:212-430-5114
Fax:646-349-3308
peter.vonderahe@mmreis.com
Associate Broker
270 MADISON AVENUE
Tel: (212) 430-5147
Fax: (212) 500-7565
jkoicim@mmreis.com
Licensed Sales Associate
16 COURT STREET
Tel: (718) 475-4369
Fax: (646) 349-2282
s.riney@marcusmillichap.com
Financing Inquiries
Andrew Dansker
Licensed Sales Associate
16 COURT STREET
Tel: (718) 475-4358
Fax: (646) 349-2282
MSalvatico@marcusmillichap.com
Licensed Sales Associate
16 COURT STREET
Tel: (718) 475-4343
Fax: (646) 349-2282
JSaros@marcusmillichap.com
Licensed Sales Associate
16 COURT STREET
Tel: (718) 475-4380
Fax: (646) 349-2282
TShihadeh@marcusmillichap.com
Licensed Sales Associate
270 MADISON AVENUE
Tel: 212-430-5168
Fax: 212-500-5110
andrew.dansker@marcusmillichap.com