Government
1150 E New York Ave
1150 E New York Ave, Brooklyn, NY 11212
Listing Price: $40,000,000
Investment Overview
The Nowak Group of Marcus & Millichap
has been exclusively
retained to arrange the sale of 1150 East New York Avenue, a four-
story, 83,360-square-foot school building in Brooklyn, NY. The
property is situated on a 178.58 ft x 110.5 ft lot (Block: 03508 Lot:
0012), with a total lot size of 16,956 square feet. It is zoned C8-2 and
located in a Qualified Opportunity Zone within Community District
18 and School District 17.
1150 E New York Ave
Investment Highlights
- Prime Institutional Asset with Government-Backed Tenant: The 15-year renewal lease, signed by the NYCSCA and guaranteed by the NYC Department of Education, is backed by New York City's AA-rated credit
- Long-Term City Lease: The property has been continually leased to the City since 1994, demonstrating a 30-year commitment to this location.
- Low-Risk Profile with Minimal Landlord Responsibilities: Stable, long-term returns with landlord obligations limited to roof and structural repairs, property insurance, and base-year taxes.
- Scheduled Rent Increases: The lease includes 10% rent increases every five years, providing predictable income growth.
- Turn-Key Educational Facility: The facility features a full-service cafeteria, library, modern classrooms, and staff offices. The roof and structure were renovated within the last two years, with no deferred property maintenance.
- Zoning and Opportunity Zone Benefits: Located on a C8-2 zoned lot within a Qualified Opportunity Zone, the property offers flexibility for future uses and significant tax advantages.
- Superior Transit Access: Located just steps from the Sutter Avenue-Rutland Road subway station, serviced by the 2, 3, 4, and 5 lines, and multiple bus routes, the property provides convenient access for students and staff.
Listing Price: $40,000,000
Investment Highlights
- Prime Institutional Asset with Government-Backed Tenant: The 15-year renewal lease, signed by the NYCSCA and guaranteed by the NYC Department of Education, is backed by New York City's AA-rated credit
- Long-Term City Lease: The property has been continually leased to the City since 1994, demonstrating a 30-year commitment to this location.
- Low-Risk Profile with Minimal Landlord Responsibilities: Stable, long-term returns with landlord obligations limited to roof and structural repairs, property insurance, and base-year taxes.
- Scheduled Rent Increases: The lease includes 10% rent increases every five years, providing predictable income growth.
- Turn-Key Educational Facility: The facility features a full-service cafeteria, library, modern classrooms, and staff offices. The roof and structure were renovated within the last two years, with no deferred property maintenance.
- Zoning and Opportunity Zone Benefits: Located on a C8-2 zoned lot within a Qualified Opportunity Zone, the property offers flexibility for future uses and significant tax advantages.
- Superior Transit Access: Located just steps from the Sutter Avenue-Rutland Road subway station, serviced by the 2, 3, 4, and 5 lines, and multiple bus routes, the property provides convenient access for students and staff.
Investment Overview
The Nowak Group of Marcus & Millichap has been exclusively retained to arrange the sale of 1150 East New York Avenue, a four- story, 83,360-square-foot school building in Brooklyn, NY. The property is situated on a 178.58 ft x 110.5 ft lot (Block: 03508 Lot: 0012), with a total lot size of 16,956 square feet. It is zoned C8-2 and located in a Qualified Opportunity Zone within Community District 18 and School District 17.
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