960 Atlantic Ave
Brooklyn, NY 11238
Milk River Lounge · Property For Lease

TURN KEY RESTAURANT/BAR/LOUNGE/EVENT SPACE | 12,000SF ACROSS TWO FLOORS | CAPACITY 600, SEATED 300 KEY MONEY: $1,600,000 | LIQUOR LICENSE + FURNITURE + FIXTURES + EQUIPMENT + INVENTORY + LEASE REASSIGNMENT ENTERTAINMENT DEAL TRIFECTA LEASE REASSIGNMENT: 12,000 SF multi-level turn key restaurant / bar / lounge / event and entertainment space. The sweetest aspect of this business sale is the reassignment of the remaining 10years left on the lease. Current rate is $13,912/month ($13.91/SF/Yr) with 3% annual increases. In 2022, there is a 5 year extension option with a one-time CPI linked inflation adjustment to the lease rate, then a return to the 3% annual increase for the remaining life of the lease. There’s also the possibility of additional lease extensions. Take a quick look around and you'll realize this is an unbelievable discount to market rates which range $35/SF/Yr to $125/SF/Yr. This represents an opportunity to improve your bottom line by reducing overhead expense! PRIME LOCATION: Located on the edge of Prospect Heights, Fort Greene, and Clinton Hill on a heavily trafficked stretch of Atlantic Avenue. As a 12,000SF single tenant restaurant/bar building, this is a one of a kind venue in Northwest Brooklyn. Only four blocks to Barclays Center and Atlantic Terminal with easy access to the LIRR, A, C, B, D, Q, N, R, 2, 3, 4, 5 trains and only 15 minutes to Manhattan. There's also robust development and no less than 10 condo and commercial projects within a 4 block radius. TURN KEY BUSINESS: For $1.6Mil in key money, you acquire a fully functioning event space. Impeccably decorated with crystal starburst chandeliers, white leather tufted banquettes, two stages, state of the art lighting and sound systems, two fully equipped DJ booths, two bars, two levels capable of hosting 300 seated or 600 patrons combined in various cocktail settings, four VIP areas, a step and repeat area, six sleek unisex restrooms, fully equipped open kitchen, and 15 high-def television and projection screens. The building itself has high ceilings, grand open layout, loads of character, fully built out sprinkler and HVAC systems, loading dock and ramp, as well as the possibility of building out the roof for additional entertainment use. Includes all audio, visual, sound, and lighting equipment, appliances, fixtures, kitchen and restaurant equipment, furniture, artwork, liquor license and stock.