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Portfolio For Sale
Brooklyn, NY
Hospitality Property For Sale
PROPERTY FACTS
| Property Type | Hospitality | Corridor | Interior |
| No. Stories | 12 | APN / Parcel ID | 00176-1002 |
| Zoning | C6-1 - C6 districts permit a wide range of high-bulk commercial uses requiring a central location | ||
| Property Type | Hospitality |
| No. Stories | 12 |
| Corridor | Interior |
| APN / Parcel ID | 00176-1002 |
| Zoning | C6-1 - C6 districts permit a wide range of high-bulk commercial uses requiring a central location |
DESCRIPTION
Ariel Property Advisors presents a package of three unit commercial condominiums at the base of 75 Smith Street, which is on the corner of Smith Street and State Street in the heart of Boerum Hill. The offering consists of three distinct commercial assets: The Garage - The first condominium consists of a 27,980 square foot garage that contains 64 parking spaces. The current tenant' s initial term is set to expire in 2033 and they have one option to extend for an additional 5-year term at 95% of market with a floor outlined in the lease. This condominium' s value is poised to grow as parking spaces become increasingly scarce in this rapidly developing area. Retail Unit - Located at the prime Boerum Hill intersection of Smith and State Streets, this 1,440 square foot corner retail space currently generates excellent cash flow, has annual increases at greater of 3% or CPI and possesses significant upside in the near-term. The current lease' s initial term expires in 2019 and the tenant has one option to extend at 95% of market rent with a floor outlined in the lease. Southeast corner of Smith Street and State Street
