Portfolio

Myrtle & Steuben

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Building Area
Rentable Area
Number of units 72

Portfolio description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis for the sale of The Myrtle & Steuben Portfolio (the “Properties” or “Portfolio”), a mixed-use portfolio consisting of two newly constructed, boutique buildings located in the heart of Clinton Hill at 531 Myrtle Avenue and 100 Steuben Street. The Portfolio includes 72 residential units and 8,100 square feet of prime retail with 75 feet of corner frontage along Myrtle Avenue. The Properties, delivered in 2017, are the beneficiaries of two 421-A tax abatements and a 25-year ICAP.


The Property is situated on the main road of Clinton Hill, the Myrtle Avenue Retail Corridor. Clinton Hill’s defining brownstones, retail and dining, and greenspaces, including Fort Greene Park, substantially differentiate it from other Brooklyn neighborhoods. The Properties are currently at 99% occupancy and there is a 16% spread between in-place preferential and maximum legal rents, proving significant near-term rent growth. The Myrtle & Steuben Portfolio represents a rare opportunity for an investor to acquire an attractive asset with significant upside in a high-growth, historical submarket.


Investment Highlights

  • Mark to Market Opportunity
  • Fair Market Long-Term Upside
  • Accretive Tax Benefits
  • Thoughtful Design and Amenity Package
  • Prime Corner Retail
  • Demand Drivers: Pratt Institute // Navy Yard // Brooklyn Tech Triangle
  • Transit Access and Accessibility to Area Drivers

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Myrtle & Steuben (2 Properties)
100 Steuben Street
Brooklyn, NY, United States
531 Myrtle Ave
Brooklyn, NY, United States
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Last Updated Date: 07 Mar 2022

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