Investment Overview

The subject offering is a two-tenant retail property located directly in front of the entrance to the subway in one of New York City's most desirable and most dynamic neighborhoods. The property is located on the corner of Prospect Park W and Prospect Park S in Park Slope, directly next to the entrance to the 15th Street Subway Station (F and G Trains). This is a minimal management single-story retail asset leased to two outstanding tenants with strong increases throughout the base-term of the leases, and absolutely great real estate. The offering is 4,156 SF. Chipotle recently executed a brand-new 10-year lease through March 31, 2034. The lease has a full corporate guaranty from Chipotle, with 10% increases every five years, and two (5) five-year options to renew. Chipotle is responsible for paying 67.5% of real estate taxes above their base year (2023/2024). Chipotle currently operates approximately 3,400 restaurants, with yearly revenue in 2022 of $2.51 Billion. Over Greens Salads & Juice occupies 1,396 SF plus a 873 SF lower-level. They have a 3% annual increase with one (5) five-year option to renew. They are responsible for 33.6% of the property's real estate taxes. Over Greens has three locations, all in Brooklyn. This property is located on Bartel-Pritchard Square, a traffic circle at the Southwest entrance to Prospect Park, the second largest park in Brooklyn. Prospect Park gets over ten million yearly visitors, and the 15th Street Subway Station (property is located directly in front of the station) has a ridership of just under two million passengers per year. This site has 12,812 SF of additional buildable square footage. The is zoned R8B/C2-4 and allows for a total buildable square footage of 16,968 SF. Both tenants are responsible for paying their direct utilities (gas/electric) and reimbursing landlord for their share of water/sewer.