1245 Fulton St
Brooklyn, NY 11216
1245 Fulton Street · Retail Property For Sale

1245 Fulton Street a long-term leased newly-developed retail building located on the north side of Fulton Street between Arlington Place and Bedford Avenue. The building is 100% leased to Planet Fitness who pays $655,000 per year with 12.5% increases every five years and reimburses for 100% of the real estate taxes over base year 2014/2015. Their lease expires in December 2030 and they have one (1) five (5) year option at another 12.5% increase. Additionally, the property will benefit from a new 15-year ICAP tax abatement which nearly caps a buyer's future expenses for the period. Planet Fitness, a publicly traded company with over 1,000 stores nationwide, carries a B1 credit rating (Moody's) and their lease features a full corporate guaranty. The single-story plus lower level building features 11' ceiling heights and consists of 7,860+ SF on the ground floor with an 8,213+ SF sell-able lower level with 15' ceilings accessible internally through stairs or an elevator. The building is located in the Bed-Stuy Gateway, one of Brooklyn's fastest growing retail corridors and within two blocks of 10 new developments on the same street. The property features 25,551+ SF of air rights for The property features 25,551+ SF of air rights for residential or commercial use in a district that has seen development sales reach over $200 per BSF. There is additional future upside as retail rents continue to rise in the area where demand currently outpaces supply by a significant margin. This is a rare opportunity to acquire a high cash flowing, zero maintenance asset with a high-quality tenant and tremendous long-term upside.