Investment Overview

The subject offering is a 2,300 square foot retail condo, located in Brooklyn’s Cobble Hill neighborhood. The site has 22 feet of retail frontage along Atlantic Avenue, located between Smith Street and Boerum Place. The property is leased to national tenant, Sugared + Bronzed on a 10-year lease which runs through November 30, 2033. This is a corporate guarantee from Sugared + Bronzed, which has 39 locations spread out between New York, California, Texas, Miami and Philadelphia. The lease has 3% annual increases, and the tenant is responsible for paying 100% of real estate taxes and CAM above their base-year. The offering consists of 1,520 SF of on-grade retail, plus a 780 SF lower-level. This is an opportunity to acquire a minimal management retail asset located in one of Brooklyn’s best neighborhoods. The site shares the block with major national retailers such as Five Below, Marshall’s, TD Bank, Michael’s, Blink, Planet Fitness and 7-Eleven. This is a brand-new 2018 construction unit which sits at the base of four-unit luxury condominium building. The unit benefits from a 25-year ICAP Tax Abatement which began in 2021 and runs through June 30, 2046. The site benefits from strong foot traffic, as well as thousands of housing units within just a few blocks. This is a cash-flowing net-leased Brooklyn retail opportunity with strong annual increases and an outstanding tenant in Cobble Hill.