NEW YORK, NY – March 20, 2017 – Ariel Property Advisors has been exclusively retained to sell 2045 Linden Boulevard, a school building in the East New York neighborhood of Brooklyn. The asking price for the three-story property is $11 million.
Spanning 42,112 square feet, the New York City Department of Education has been its sole tenant since the property was developed in 1973. A new 15-year lease was signed in February of 2015, which generates $737,100 annually, or $17.55 per square foot. The lease also includes escalations of 3% every two years.
Exclusive agents Jonathan Berman, Daniel Tropp, and Alexander McGee are representing the seller.
“This property is absolutely perfect for an investor seeking a high return from a long-term lease, with a secure tenant,” said Jonathan Berman, Director at Ariel Property Advisors.
Housing P.S. K36, the school is top-performing, with its rankings ranging between good to excellent. The building also boasts a plethora of transportation options as it is situated on a main East/West transportation corridor, a mere four blocks from the Van Siclen Avenue stop on the 3 subway line.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.