Downstate at LICH

DISPOSITION PROPOSAL AND MARKET POSITIONING

D O W N S TA T E

A T

L I C H

B R O O K LY N , N Y

P R E P A R E D

B Y

M A T T H E W S ™

D O W N S TA T E

Wh o

We

A T

L I C H

A r e

M a tth e ws Real Estate Investmen t Serv i ces™ , i s cu rren t l y t h e l a rg es t a n d fa s t e s t g r owin g privately owned brokera g e i n t h e co u n t ry. We a re a co m m erci a l r e a l e sta te in vestment services and tech n ol o g y fi rm , h o l d i n g recog n i t i o n a s a n i n dus t r y le a d er in investment sales , l ea s i n g , a n d d ebt a n d s t ru ct u red fi n a n ce.

M a t t he w s is t he la r g e s t c o lle c t io n o f r e a l e s t a t e s p e c ialists in the c o untry.

We a r e p r iva t e ly o w ne d a nd o r g a nic a lly g r o w n, p r o m o t i ng a sense o f true c o lla b o r a t io n, w o r k- e t hic , a nd s ha r e d d a t a a c r o s s o f f ic e s . Our d ec ad es o f

M a tth e ws™ delivers superior re s u l t s t h ro u g h t h e fi rm’s i n du s t ry rev ered w o r k

B r o o k lyn s a le s e x p e r ie nc e, c o m b ine d w it h Ma t t he w s’ t e c hno lo gy platf o rm,

e th ic , u n ique culture, collabora t i on , a n d a d v a n ced t ech n o l o g y s y s t em s . S inc e

b r a nd ing , a nd o p e r a t io na l s up p o r t , a llo w s us t o b uild t he bes t team aro und any

2015, M a tthews™ has experienc ed u n preceden t ed g row t h a d di n g ov er 6 0 0 r e a l

a s s ig nm e nt , r e s ult ing in t r uly uniq ue m a r ke t ing s t r a t e g ie s that d eliv er premiums ,

estate professionals t o s erv e cl i en t s a cro s s 2 2 + U S ci t i es .

c e r t a int y o f c lo s ing , a nd t r a ns p a r e nc y t o o ur c lients” - DJ JOHNSTON EXECUTIVE VICE PRESIDENT

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M A T T H E W S ™

O P E N

D O W N S TA T E

I m p a c t

A T

L I C H

O v e r v i e w

O P E N is a woman-owned real estate brokera g e a n d s erv i ces fi rm t h a t w orks w i t h o r g an iza tion s who care about the hiring ch o i ces t h ey m a ke, a n d v a l u e a pa rt n er w ho c r e a t e s

WOMAN-OWNED

C O L L A B O R AT I V E

a mi ssion - dr iv e n real estate strategy th a t a l i g n s w i t h t h ei r o pera t i o n s a n d cu l t u ra l g o a ls .

We A r e A Ce r t i f i e d W B E F i r m .

S a l a r y + B o n u s Pay.

As a premiere woman-owned firm, we offer a

Our employees are paid on a structure similar

We o ffe r ou r c lients a breadth of services a n d res o u rces t h ro u g h a s t ra t eg i c a l l i a n c e w it h

wide array of resources to companies who value

to a consulting firm, not commission, creating a

M at t h e ws Re a l Estate Investment S ervices™ .

a mission-driven partner.

culture of collaboration and teamwork.

TOPFLIGHT

DIVERSE

We St r i v e f o r E xc e l l e n c e.

M o r e Pe r s p e c t i ves . Better Teams

As a premier woman-owned firm, we offer a wide

We are intentional in our hiring process. We

array of resources to companies who value a

know that a wider array of backgrounds and

mission-driven partner. We expect the best from

experience yield better results for the client.

ou r team , an d yo u can too. Our standards for excellence are unwavering.

MISSION-DRIVEN

F U L L S E R V I C E P L AT F O R M

T h e M i s s i o n Co m e s F i r s t . A l w a y s .

M a t t h e w s™ Af f i l i atio n .

In our practice, the mission drives every

Our partnership with Matthews™ provides our

decision; it’s your priority, and it’s ours, too.

clients with the br eadth and depth of the largest independently owned national real estate firm.

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P H O T O S TA K E N O C T O B E R 1 7 T H 2 0 2 3

6

7

M A T T H E W S ™

O u r

D O W N S TA T E

U n i q u e

A T

L I C H

A p p r o a c h

To t h e L I C H P r o j e c t

T E A M D R I V E N R E S U LT S

S O L U T I O N S B U I LT A R O U N D T H E C L I E N T

The shared resources of Matthews™ and Open Impact offer a solution that is

We have learned over the years that all clients’ needs are unique. We

truly unique in today’s brokerage environment. You benefit from the combined

respect your position and can build a marketing plan that prioritizes what is

experiences and relationships of two leading firms, while at the controlled cost

most important to you as a seller. Maybe there is urgency around time or an

of a single team. Between our two firms we have built an execution team that

exposure sensitivity we should consider when building out our strategy. No

is both efficient and effective. Our team structure for this assignment promotes

matter the issue, we can adapt our approach so that it limits the effect on

accountability, discipline, and results.

value. While we always prioritize maximizing value and certainty of closing, we understand there can be multiple ways to get there.

LOCAL KNOWLEDGE MEETS ASSET EXPERTISE The Brooklyn specialists at Matthews™ have sold over 400 properties in the

C E R TA I N T Y O F C L O S I N G A N D T R A N S PA R E N C Y

borough and has specialized in these specific neighborhoods for 15 years.

We believe the best way to ensure a closing is to provide clear and upfront

It is our job to study every sale, track every new development, and know

due diligence, build the execution team in advance, create competition

every large owner in this market. Open Impact has successfully completed

amongst buyers, and vet bidders before countering. This means building

over 10,000,000 SF of predominantly nonprofit / mission driven transactions

data rooms and providing expert resources, involving transaction attorneys

across the city. The combination of local expertise and asset specific

early in the process, managing marketing timelines, and requesting proof of

experience will ensure we target the right buyers with the right messaging.

funds / debt sources from buyers in advance. We have specific processes in place that ensure you spend the most time on buyers that have the highest

H I S T O R Y O F C R E AT I N G T H E M A R K E T

credibility to execute.

Our historical success in selling large vacant commercial buildings suggests

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that the best outcomes come by introducing the right equity partner

T R A N S PA R E N C Y A N D D I L I G E N T R E P O R T I N G

(Investor) to the right operating partner (Tenant). Open Impact knows every

Monitoring and managing momentum is everything when it comes to maximizing

significant community facility tenant in the market, while Matthews™ knows

results. We will provide weekly progress reports outlining our marketing approach

every commercial investor. By bridging the two target groups together, we

and direct feedback from prospects. This diligent reporting allows us to maintain

can partner the best equity with the best tenants. This has generated 20%

an active timeline, remain accountable to you as our client, and react to the

premiums in price on similar assets we have sold. We believe we are the

market when advantageous for us. These reports can be shared with your

only team with the experience to effectively offer this approach.

partners and stakeholders as a way of tracking our progress.

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M A T T H E W S ™

D O W N S TA T E

B r o o k l y n

Te a m

C o v e r a g e

Te a m

DJ JOHNSTON

HENRY HILL

INDUSTRIAL

INSTITUTIONAL/DEVELOPMENT DISTRESSED/RETAIL OFFICE

MULTIFAMILY

L I C H

L e a d e r s h i p

SALES

robert LAWRENCE

A T

C O M M U N I T Y FA C I L I T Y A DV I S O R Y

DJ JOHNSTON

ROBERT LAWRENCE

LINDSAY ORNSTEIN

STEPHEN POWERS

Executive Vice President

Associate Vice President

Co-Founder

Co-Founder

Matthews™

Matthews™

Open Impact

Open Impact

EXECUTION

william CHENG

jermaine pugh

SPECIALTY

MIXED-USE

MARIA D’ANGELO

HENRY HILL

JERMAINE PUGH

Director of NY Operations

Senior Associate

Associate Vice President

ALEXANDER SMITH WILLIAM CHENG Vice President

Sales Analyst

CA P I TA L M A R K E T S BRONX

QUEENS MANHATTAN

BROOKLYN GRAVESEND BAY

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CLARK FINNEY

CLIFF CARNES

Vice President

Executive Vice President

M A T T H E W S ™ M A N A G E M E N T, M A R K E T I N G & O P E R A T I O N S

ANGIE GARCIA

LORI VALENCIA

SARAH JOHANSON

JASON LANCE

DYLAN LARKIN

ALFONSO LOMELI

Sales Operations

Marketing

Digital Marketing

Property Marketing

Underwriting

Creative Design

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M A T T H E W S ™

D O W N S TA T E

DJ JOHNSTON

Executive Vice President Matthews™

DJ Johnston is a professional real estate agent at Matthews Real Estate Investment Services™ where he leads investment sales in Brooklyn, NY. DJ has become an indispensable figure within the industry with a career dedicated to real estate excellence and passion. To date, he has helped clients value over 2,000 properties and has personally executed the sale of 350 transactions, with an aggregate value of $1.5 billion.

Previously, he was a Partner and Senior Managing Director at B6 Real Estate Advisors, where he was the top producer for 5 consecutive years. Prior to B6 Real Estate he was a Director at Massey Knakal Realty, starting his career in 2009. Massey Knakal Realty was acquired by Cushman in Wakefield in 2015 where he worked for three years.

DJ prides himself on being a fair and transparent salesperson while always putting his client’s needs first. He is a thoughtful and creative marketer, understanding every listing is truly unique. He has a reputation for sourcing the perfect buyer on every listing and uncovering value that others may overlook.

Born and raised in New Rochelle, New York, DJ graduated with a Bachelor of Science Degree in Finance from the University of Scranton. He attended Iona Prep for High School and is an active alumnus. His previous work experience includes Equity Sales and Trading at Ota, LLC, Advertising Sales at ESPN, Litigation Legal Services at Merrill Communications, and Investor Relations at the hedge fund Kingstown Capital.

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ROBERT LAWRENCE Associate Vice President Matthews™

Robert Lawrence is a real estate professional at Matthews Real Estate Investment Services™ where he focuses on investment sales in Brooklyn, NY. To date, he has successfully transacted over 35 deals for an aggregate dollar volume of over $75 million.

Robert views the broker and client relationship as one that must be based on trust earned by the broker – often requiring extraordinary efforts to serve his client’s interests.

He believes that the opportunity to provide his clients with consistently sound and reliable counsel is both a privilege and the most effective way to build long-term–and mutually beneficial–partnerships with his clients.

Previously he was a Director of Investment Sales at B6 Real Estate Advisors, where he oversaw a team that sold investment property in Brooklyn with a focus on the Brownstone and Southwest Brooklyn markets. Before joining B6, he began his real estate career as a commercial real estate agent with Marcus & Millichap.

Born and raised in Summit, NJ, Robert earned his bachelor’s degree in history from Colgate University where he was also a captain of the university’s Division 1 Men’s Varsity Lacrosse team and an NCAA All-American. In his spare time, Robert volunteers with Harlem Lacrosse and still plays lacrosse competitively with the New York Athletic Club, previously performing as a starting defender for the Florida Launch of Major League Lacrosse.

LINDSAY ORNSTEIN Co-Founder Open Impact

During her 20-year career, Lindsay has completed nearly 10 million square feet of transactions, serving many of the country’s leading education, financial services, corporate and new economy organizations, across multiple disciplines including tenant advisory, agency leasing, portfolio strategy, branding and consulting advisory work. Prior to launching OPEN, Lindsay was a partner in Transwestern’s New York office, which she cofounded in 2011, and served on the firm’s board of directors and executive committee. She began her career in real estate at The Staubach Company.

Lindsay has received numerous awards and recognitions during her career, including Bisnow’s “PowerWomen” distinction, the “Young Real Estate Professionals of the Year” award from the Real Estate Board of New York, Commercial Property Executive’s “Female Leader of the Year,” and Transwestern’s “Tenant Advisory” award, among others. Committed to giving back to the real estate industry and to the community, Lindsay is involved in numerous organizations. She serves on the New York Advisory Council of the Dream Foundation, the Bisnow Diversity Board, and is a member of the Board of Governors of the Young Men’s/ Women’s Real Estate Association.

Lindsay graduated Summa Cum Laude from the University of Pennsylvania, where she founded the Women’s Varsity Golf Team.

A T

L I C H

STEPHEN POWERS Co-Founder Open Impact

An experienced real estate professional who has spent the past 15 years of his career exclusively working on behalf of nonprofits, Stephen co-founded OPEN Impact Real Estate to provide organizations with a choice in who they partner with for their real estate strategy and implementation. A recognized industry leader in serving mission-driven, socially-minded organizations, Stephen is intimately involved in each OPEN client engagement.

Stephen provides consulting and transaction services to leading institutions in New York City and across the country.

He has successfully completed more than 8 million square feet of transactions for nonprofits, always with a keen eye towards ensuring that the organization’s real estate strategy is in complete support of its critical mission. Stephen has particular expertise in securing off-market real estate solutions for the Social Service and Education nonprofit sectors requiring ground-up construction and adaptive reuse. Additionally, he is an expert at implementing holistic dispositions and acquisitions processes.

Prior to founding OPEN, Stephen was a partner in Transwestern’s New York office and the national leader of the firm’s Nonprofit Advisory Group, which gained national recognition for helping nonprofits of all sizes minimize occupancy costs and capitalize on the tremendous savings uniquely available to tax-exempt organizations. He also served on Transwestern’s board of directors. Previously, he was a senior manager for Denham Wolf Real Estate Services.

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ADDRESS

PRICE

ADDRESS

724-726 DeKalb Avenue, Brooklyn, NY

$1,500,000

424 Halsey Street, Brooklyn, NY

$169,000

101 Himrod Street, Brooklyn, NY

$680,000

36 Troy Avenue, Brooklyn, NY

$800,000

856 DeKalb Avenue, Brooklyn, NY

$1,025,000

27 Himrod Street Brooklyn, NY

$1,190,000

41 Claver Place, Brooklyn, NY

$799,000

425-27 Herkimer Street, Brooklyn, NY

$520,000

765 Park Place, Brooklyn, NY

$430,000

1570 Prospect Place, Brooklyn, NY

$700,000

1227 Broadway, Brooklyn, NY

$660,000

1453 Bushwick Avenue, Brooklyn, NY

$672,045

611-615 Classon Avenue, Brooklyn, NY

$155,000

163 & 166 Harman Street, 216 Schaefer Street, 1449 Bushwick Avenue, Brooklyn, NY

$1,415,000

437 Jefferson Avenue, Brooklyn, NY

$615,000

151 Sandford Street, Brooklyn, NY

$5,000,000

1247 Willoughby Avenue, Brooklyn, NY

$665,000

606 Lincoln Place, Brooklyn, NY

$397,000

94 Central Avenue, Brooklyn, NY

$500,000

1501 Broadway, Brooklyn, NY

$900,000

632 Marcy Avenue, Brooklyn, NY

$107,500

172 Utica Avenue, Brooklyn, NY

$550,000

414-416 Classon Avenue, Brooklyn, NY

$960,000

260 Rogers Avenue, Brooklyn, NY

$135,000

241 Bainbridge Street, Brooklyn, NY

$530,000

300 Hart Street, Brooklyn, NY

$530,000

190 Cooper Street, Brooklyn, NY

$142,000

1729 Pitkin Avenue, Brooklyn, NY

$850,000

792 Sterling Place, Brooklyn, NY

$4,650,000

59 Irving Avenue, Brooklyn, NY

$460,000

2469-2471 Atlantic Avenue, Brooklyn, NY

$750,000

1488 Herkimer Street, Brooklyn, NY

$161,000

1297-1303 Myrtle Avenue, Brooklyn, NY

$65,000

306 Lincoln Road, Brooklyn, NY

$8,100,000

21 Fayette Street, Brooklyn, NY

$555,000

817 Gates Avenue, Brooklyn, NY

$142,500

471 Wilson Avenue, Brooklyn, NY

$640,000

1482 Prospect Place, Brooklyn, NY

$317,500

1581 Eastern Parkway, Brooklyn, NY

$550,000

638 President Street, Brooklyn, NY

$1,500,000

1496-1522 Prospect Place, Brooklyn, NY

$2,857,500

857 Halsey Street, Brooklyn, NY

$400,000

546 Hart Street, Brooklyn, NY

$495,000

39 Granite Street, Brooklyn, NY

$489,000

214-218 Franklin Street, Brooklyn, NY

$2,200,000

477 Monroe Street, Brooklyn, NY

$435,000

2091 Fulton Street, Brooklyn, NY

$575,000

544-456 Ralph Avenue, Brooklyn, NY

$745,000

1415 Greene Avenue, Brooklyn, NY

$500,000

509 Myrtle Avenue, Brooklyn, NY

$1,295,000

585 Dean Street, Brooklyn, NY

$3,800,000

1876 Fulton Street, Brooklyn, NY

$380,000

461 Quincy Street, Brooklyn, NY

$445,000

556 Hart Street, Brooklyn, NY

$305,000

84 Saratoga Avenue, Brooklyn, NY

$530,000

816-20 Broadway, Brooklyn, NY

$1,150,000

1138 Broadway, Brooklyn, NY

$425,000

1 Sullivan Place, Brooklyn, NY

$1,700,000

1922 Union Street, Brooklyn, NY

$250,000

978 Myrtle Avenue, Brooklyn, NY

$150,000

95-101 Lexington Avenue, Brooklyn, NY

$3,350,000

547-51 Marcy Avenue, Brooklyn, NY

$2,035,000

916 Bergen Street, Brooklyn, NY

$175,000

59 Irving Avenue, Brooklyn, NY

$550,000

555 Kingston Avenue, Brooklyn, NY

$3,352,000

583 Franklin Avenue, Brooklyn, NY

$75,000

58 DeSales Place, Brooklyn, NY

$530,000

635-639 Classon Avenue, Brooklyn, NY

$850,000

1449 Gates Avenue, Brooklyn, NY

$300,000

553 Gates Avenue, Brooklyn, NY

$660,000

1965 Bergen Street, Brooklyn, NY

$715,000

1474 - 1476 Pitkin Avenue, Brooklyn, NY

$640,000

61-63 Wyckoff Avenue, Brooklyn, NY

$4,800,000

163 Schenectady Avenue, Brooklyn, NY

$750,000

263 Throop Avenue, Brooklyn, NY

$155,000

272-290 Lincoln Place, Brooklyn, NY

$8,010,000

1153-1159 President Street, Brooklyn, NY

$3,575,000

18 Goodwin Place, Brooklyn, NY

$620,000

1153-1159 President Street, Brooklyn, NY

$3,190,000

674 Broadway, Brooklyn, NY

$540,000

237 Himrod Street, Brooklyn, NY

$350,000

1153-1159 President Street, Brooklyn, NY

$3,575,000

1048 Pacific Street, Brooklyn, NY

$310,000

715 DeKalb Avenue, Brooklyn, NY

$230,000

970 Flushing Ave , Brooklyn, NY

$380,000

189 & 220 Stockholm Street, Brooklyn, NY

$1,135,000

301 Halsey Street, Brooklyn, NY

$1,075,000

147 Starr Street, Brooklyn, NY

$730,000

141 Thames Street, Brooklyn, NY

$725,000

49 Menahan Street, Brooklyn, NY

$350,000

123 Troutman Street , Brooklyn, NY

$390,000

859 Halsey Street, Brooklyn, NY

$700,000

1281-1289 Union Street, Brooklyn, NY

$22,750,000

431 Willoughby Avenue, Brooklyn, NY

$175,000

268 Himrod Street, Brooklyn, NY

$555,000

324 Central Avenue, Brooklyn, NY

$430,000

557-559 Wilson Avenue, Brooklyn, NY

$1,213,750

108 Cooper Street, Brooklyn, NY

$518,000

1291 St. Marks Avenue, Brooklyn, NY

$325,000

15-19 Quincy Street, Brooklyn, NY

$4,900,000

194 Rockaway Avenue, Brooklyn, NY

$525,000

925-929 Pacific Street, Brooklyn, NY

$1,400,000

1514-1516 Park Place, Brooklyn, NY

$500,000

345 Myrtle Avenue, Brooklyn, NY

$1,500,000

523 Clinton Avenue, Brooklyn, NY

$5,850,000

1721 Pitkin Avenue, Brooklyn, NY

$542,000

162 St. Nicholas Avenue, Brooklyn, NY

$925,000

1767 Union Street, Brooklyn, NY

$375,000

950 Hart Street, Brooklyn, NY

$3,000,000

260-262 St. James Place, Brooklyn, NY

$4,100,000

1295 Myrtle Avenue, Brooklyn, NY

$77,000

1566 Pacific Street, Brooklyn, NY

$915,000

1377 Herkimer Street, Brooklyn, NY

$400,000

232 Quincy Street, Brooklyn, NY

$265,000

1638 Eastern Parkway, Brooklyn, NY

$375,000

300 Suydam Street, Brooklyn, NY

$520,000

97 Pulaski Street, Brooklyn, NY

$1,050,000

322 Stockholm Street, Brooklyn, NY

$640,000

437 Clermont Avenue, Brooklyn, NY

$1,300,000

1397-1399 Greene Avenue, Brooklyn, NY

$1,100,000

352 Halsey Street, Brooklyn, NY

$660,000

334 Park Avenue, Brooklyn, NY

$220,000

128-130 Patchen Avenue, Brooklyn, NY

$425,000

398A Hancock Street, Brooklyn, NY

$542,000

286 Stanhope Street, Brooklyn, NY

$1,525,000

394 Midwood Street, Brooklyn, NY

$290,000

1377 DeKalb Avenue, Brooklyn, NY

$922,000

411 Myrtle Avenue, Brooklyn, NY

$1,320,000

65 Eldert Street, Brooklyn, NY

$250,000

177 Buffalo Avenue, Brooklyn, NY

$190,000

1015 Fulton Street, Brooklyn, NY

$875,000

322 Stockholm Street, Brooklyn, NY

$570,000

1901A Fulton Street, Brooklyn, NY

$575,000

140 Clinton Avenue, Brooklyn, NY

$650,000

310 Jefferson Street, Brooklyn, NY

$720,000

804 Bergen Street, Brooklyn, NY

$900,000

1397 Greene Avenue, Brooklyn, NY

$680,000

705-707 DeKalb Avenue, Brooklyn, NY

$520,000

31 Beaver Street, Brooklyn, NY

$525,000

754 lafayette Avenue, Brooklyn, NY

$160,000

896 Madison Street, Brooklyn, NY

$460,000

305 Throop Avenue, Brooklyn, NY

$690,000

678 Prospect Place, Brooklyn, NY

$1,500,000

1080 Pacific Street, Brooklyn, NY

$180,000

936-938 Fulton Street, Brooklyn, NY

$1,600,000

1303 Nostrand Avenue, Brooklyn, NY

$550,000

1550-1552 Atlantic Avenue, Brooklyn, NY

$300,000

203 Wilson Avenue, Brooklyn, NY

$540,000

509 Maple Street, Brooklyn, NY

$265,000

304 Troutman Street, Brooklyn, NY

$490,000

$21,200,000

62 St. Nicholas Avenue, Brooklyn, NY

$550,000

170 Buffalo Avenue (St. Mary's Hospital Complex), Brooklyn, NY

292 Willoughby Avenue, Brooklyn, NY

$870,000

980 DeKalb Avenue, Brooklyn, NY

$585,000

ADDRESS

M a t t h e w s A g e n t s E x c l u s i v e l y S o l d TM

400+ PROPERTIES SOLD

$2B SALES VOLUME

1.5M BUILDABLE S.F.

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PRICE

PRICE

1212 East New York, Brooklyn, NY

$550,000

433 DeKalb Avenue, Brooklyn, NY

$1,450,000

590 Sterling Place, Brooklyn, NY

$1,095,000

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ADDRESS 474 Kosciuszko Street, Brooklyn, NY

PRICE

ADDRESS

PRICE

ADDRESS

PRICE

ADDRESS

PRICE

ADDRESS

$660,000

166 Brooklyn Avenue, Brooklyn, NY

$1,750,000

611 Wilson Avenue, Brooklyn, NY

$490,000

502 Montgomery Street, Brooklyn, NY

$950,000

1187 Dean Street, Brooklyn, NY

177 Buffalo Avenue, Brooklyn, NY

$195,000

225 Eastern Parkway, Brooklyn, NY

$1,050,000

40 Cumberland Street, Brooklyn, NY

$2,200,000

1525 Bedford Avenue, Brooklyn, NY

$32,500,000

192-94 Malcolm X Blvd, Brooklyn, NY

$1,335,000

1223 Broadway, Brooklyn, NY

$118,000

527 Marcy Avenue, Brooklyn, NY

$445,000

19 Cedar Street, Brooklyn, NY

$1,315,000

795 Washignton Avenue, Brooklyn, NY

$750,000

951 Dean Street, Brooklyn, NY

$385,000

819 Flatbush Avenue, Brooklyn, NY

$4,200,000

317 Putnam Avenue, Brooklyn, NY

1399 Greene Avenue, Brooklyn, NY

$710,000

6013 8th Avenue, Brooklyn, NY

$630,000

1564 Prospect Place, Brooklyn, NY

$650,000

1357 Hancock Street, Brooklyn, NY

$560,000

355 Tompkins Avenue, Brooklyn, NY

$750,000

378 Nostrand Avenue, Brooklyn, NY

$500,000

68 Eldert Street, Brooklyn, NY

$885,000

410 Myrtle Avenue, Brooklyn, NY

$1,100,000

257 Quincy Street, Brooklyn, NY

337 Lincoln Road, Brooklyn, NY

$1,080,000

868 Dekalb Avenue, Brooklyn, NY

$600,000

366 Myrtle Avenue, Brooklyn, NY

$1,100,000

868 Dekalb Avenue, Brooklyn, NY

$600,000

208-222 Clarkson Avenue, Brooklyn, NY

$4,950,000

353 Empire Boulevard, Brooklyn, NY

72 Bleecker Street, Brooklyn, NY

$660,000

428 Troutman Street, Brooklyn, NY

279 Evergreen Avenue, Brooklyn, NY

$535,000

274 Jefferson Street, Brooklyn, NY

1184 Bushwick Ave, Brooklyn, NY

$638,700

299 Throop Avenue , Brooklyn, NY

$660,000

437 Jefferson Avenue, Brooklyn, NY

PRICE

ADDRESS

PRICE

$1,575,000

258 DeKalb Avenue, Brooklyn, NY

296-300 St. Nicholas Avenue, Brooklyn, NY

$4,500,000

1396 St. Johns Place, Brooklyn, NY

$950,000

563-571 Ocean Avenue, Brooklyn, NY

$11,500,000

1394 St. Johns Place, Brooklyn, NY

$2,250,000

$3,350,000

469 Rogers Avenue, Brooklyn, NY

$1,250,000

1386 St. Johns Place, Brooklyn, NY

$950,000

1417-1427 Myrtle Avenue, Brooklyn, NY

$2,750,000

48 Jefferson Avenue, Brooklyn, NY

$1,200,000

258 DeKalb Avenue, Brooklyn, NY

$1,430,000

396 Rockaway Avenue, Valley Stream, NY

$1,750,000

524 Willoughby Avenue, Brooklyn, NY

$1,070,000

6 St. Nicholas Avenue, Brooklyn, NY

$1,600,000

$2,490,506

353 20th Street, Brooklyn, NY

$1,675,000

17 Pilling Street, Brooklyn, NY

$795,000

280-288 Utica Avenue, Brooklyn, NY

$7,325,000

570 Jefferson Avenue, Brooklyn, NY

$1,487,621

1114 Halsey Street, Brooklyn, NY

$725,000

276 Throop Avenue, Brooklyn, NY

$5,500,000

155 Hope Street, Brooklyn, NY

$5,650,000

308 Stuyvesant Avenue, Brooklyn, NY

$1,781,872

1875 Atlantic Avenue, Brooklyn, NY

$7,500,000

299 Putnam Avenue, Brooklyn, NY

$3,500,000

647 Madison Street, Brooklyn, NY

$2,800,000

$910,000

788 Madison Street, Brooklyn, NY

$1,040,000

1172 Jefferson Avenue, Brooklyn, NY

$815,000

303 Putnam Avenue, Brooklyn, NY

$3,400,000

1381 Madison Street, Brooklyn, NY

$2,900,000

$900,000

790 Madison Street, Brooklyn, NY

$800,000

1217 Bedford Avenue, Brooklyn, NY

$6,800,000

927-931 Putnam Avenue, Brooklyn, NY

$6,600,000

185 Jefferson Street, Brooklyn, NY

$3,750,000

$225,000

383 Troutman Street, Brooklyn, NY

$1,090,000

402-412 Church Avenue, Brooklyn, NY

$1,800,000

267 Clifton Place, Brooklyn, NY

$7,465,000

28 East 161st Street, Bronx, NY

$1,300,000

138 St. Nicholas Avenue, Brooklyn, NY

$525,000

940 Kent Avenue, Brooklyn, NY

$1,315,000

714A Quincy Street, Brooklyn, NY

$950,000

403 Macon Street, Brooklyn, NY

$4,200,000

554 DeKalb Avenue, Brooklyn, NY

$3,300,000

138 St Nicholas Avenue, Brooklyn, NY

$525,000

302 Throop Avenue, Brooklyn, NY

$320,000

1260 Broadway, Brooklyn, NY

$2,200,000

1400 Dean Street, Brooklyn, NY

$4,200,000

166 Berry Street, Brooklyn, NY

$20,000,000

$775,000

599 Bushwick Avenue, Brooklyn, NY

$780,000

228 Wilson Avenue, Brooklyn, NY

$800,000

525 Broadway, Brooklyn, NY

$32,850,000

244 New York Avenue, Brooklyn, NY

$2,900,000

333-335 Irving Avenue, Brooklyn, NY

$11,500,000

211-217 Cook Street, Brooklyn, NY

$1,150,000

599 Bushwick Avenue, Brooklyn, NY

$780,000

433 Jefferson Avenue, Brooklyn, NY

$607,000

462 Madison Street, Brooklyn, NY

$995,000

95 Kingston Avenue, Brooklyn, NY

$3,500,000

57 Alexander Street, Yonkers, NY

$23,218,500

68 Macon Street, Brooklyn, NY

$330,000

937 Havemeyer Avenue, Bronx, NY

$45,000

147 George Street, Brooklyn, NY

$1,650,000

122 33rd Street, Brooklyn, NY

$1,650,000

585 Park Place, Brooklyn, NY

$5,200,000

2434 Walton Avenue, Bronx, NY

$600,000

579 Greene Avenue, Brooklyn, NY

$380,000

937 Havemeyer Avenue, Bronx, NY

$45,000

307 Knickerbocker Avenue, Brooklyn, NY

$1,450,000

29 Brooklyn Avenue, Brooklyn, NY

$6,000,000

701 St. Marks Avenue, Brooklyn, NY

$8,900,000

2436 Walton Avenue, Bronx, NY

$600,000

326 Menahan Street, Brooklyn, NY

$845,000

415 Jefferson Avenue, Brooklyn, NY

$1,650,000

43 Claver Place, Brooklyn, NY

$725,000

137 MacDonough Street, Brooklyn, NY

$2,950,000

874 Bergen Street, Brooklyn, NY

$3,100,000

169-175 Central Avenue, Brooklyn, NY

$5,400,000

1024 Pacific Avenue , Brooklyn, NY

$255,000

415 Jefferson Avenue, Brooklyn, NY

$1,650,000

418 Utica Avenue, Brooklyn, NY

$1,100,000

235 Malcolm X Boulevard, Brooklyn, NY

$3,000,000

942 Bergen Street, Brooklyn, NY

$3,700,000

1373 Greene Avenue, Brooklyn, NY

$1,683,500

414 Myrtle Avenue, Brooklyn, NY

$1,325,000

780 Hart Street, Brooklyn, NY

$387,500

303 Harman Street, Brooklyn, NY

$750,000

300 Palmetto Street, Brooklyn, NY

$1,882,353

135 Devoe Street, Brooklyn, NY

$1,900,000

1258 Decatur Street, Brooklyn, NY

$2,725,000

160 Pulaski Street, Brooklyn, NY

$460,000

780 Hart Street, Brooklyn, NY

$387,500

886 Jefferson Avenue, Brooklyn, NY

$985,000

1509 Pacific Street, Brooklyn, NY

$2,750,000

262 North 6th Street, Brooklyn, NY

$3,070,000

373 Palmetto Street, Brooklyn, NY

$835,000

299 Throop Avenue, Brooklyn, NY

$660,000

404 Nostrand Avenue, Brooklyn, NY

$1,410,000

203 West 144th Street, New York, NY

$5,000,000

181 Troutman Street, Brooklyn, NY

$1,300,000

494 7th Street, Brooklyn, NY

$2,550,000

140 Central Avenue, Brooklyn, NY

$1,000,000

950 Nostrand Avenue, Brooklyn, NY

$425,000

404 Nostrand Avenue, Brooklyn, NY

$1,410,000

105 Ralph Avenue, Brooklyn, NY

$1,310,000

303 Stockholm Street, Brooklyn, NY

$1,300,000

366 Montgomery Street, Brooklyn, NY

$2,250,000

1504 Jefferson Avenue, Brooklyn, NY

$2,252,532

437 Jefferson Avenue, Brooklyn, NY

$775,000

505 St. Marks Avenue, Brooklyn, NY

$4,500,000

1450 Fulton Street, Brooklyn, NY

$740,000

785 Hart Street, Brooklyn, NY

$1,500,000

1524 Prospect Place, Brooklyn, NY

$800,000

389 Weirfield Street, Brooklyn, NY

$1,145,037

276 Throop Avenue, Brooklyn, NY

$1,658,000

505 St. Marks Avenue, Brooklyn, NY

$4,500,000

426 Bleecker Street, Brooklyn, NY

$1,125,000

233 Buffalo Avenue, Brooklyn, NY

$800,000

751 Myrtle Avenue, Brooklyn, NY

$6,500,000

391 Weirfield Street, Brooklyn, NY

$3,766,678

107 Stockton Street, Brooklyn, NY

$775,000

786 Hart Street, Brooklyn, NY

$555,000

1471 Fulton Street, Brooklyn, NY

$2,000,000

471 West 144th Street, New York, NY

$2,000,000

1106 Bay Street, Staten Island, NY

$755,000

1438 Hancock Street, Brooklyn, NY

$2,252,532

59 Irving Avneue , Brooklyn, NY

$650,000

782-86 Hart Street, Brooklyn, NY

$555,000

626A Monroe Street, Brooklyn, NY

$250,000

102 Sandford Street, Brooklyn, NY

$11,900,000

320 Macon Street, Brooklyn, NY

$3,875,000

376 Weirfield Street, Brooklyn, NY

$3,776,063

118 Ralph Avenue, Brooklyn, NY

$265,000

245 Suydam Street , Brooklyn, NY

$280,000

113 & 145 Kenilworth Place, Brooklyn, NY

$5,200,000

58 Wyckoff Avenue, Brooklyn, NY

$925,000

962-972 Franklin Avenue, Brooklyn, NY

$33,000,000

378 Weirfield Street, Brooklyn, NY

$807,157

232 Stockholm Street, Brooklyn, NY

$462,500

245 Suydam Street , Brooklyn, NY

$280,000

271 Lenox Road, Brooklyn, NY

$1,590,000

792 Eastern Parkway, Brooklyn, NY

$5,200,000

1233-1237 Eastern Parkway, Brooklyn, NY

$4,200,000

26 Sherman Avenue, New York, NY

$6,600,000

359 Lewis Avenue, Brooklyn, NY

$675,000

688 Halsey Street, Brooklyn, NY

$750,000

357 Flatbush Avenue, Brooklyn, NY

$8,900,000

622 Myrtle Avenue, Brooklyn, NY

$2,600,000

397 Rogers Avenue, Brooklyn, NY

$1,800,000

617 Johnson Avenue, Brooklyn, NY

$6,950,000

278 Albany Avenue, Brooklyn, NY

$780,000

688 Halsey Street, Brooklyn, NY

$750,000

358 Grove Street, Brooklyn, NY

$11,250,000

614 Eastern Parkway, Brooklyn, NY

$2,000,000

6121 7th Avenue, Brooklyn, NY

$650,000

217 Gates Avenue, Brooklyn, NY

$1,595,000

653 Marcy Avenue, Brooklyn, NY

$700,000

413 Troutman Street, Brooklyn, NY

$2,375,000

1259 St. John's Place, Brooklyn, NY

$1,200,000

199 Malcolm X Boulevard, Brooklyn, NY

$2,580,000

646 Eastern Parkway, Brooklyn, NY

$1,600,000

217 Gates Avenue, Brooklyn, NY

$1,645,000

1116 Bedford Avenue, Brooklyn, NY

$290,000

413 Troutman Street, Brooklyn, NY

$2,375,000

109 Winthrop Street, Brooklyn, NY

$535,000

1190 Bedford Avenue, Brooklyn, NY

$3,500,000

454A Jefferson Avenue, Brooklyn, NY

$2,000,000

132 Waverly Avenue, Brooklyn, NY

$1,550,000

579 Greene Avenue, Brooklyn, NY

$380,000

1008 Gates Avenue, Brooklyn, NY

$327,500

255 Troy Avenue, Brooklyn, NY

$850,000

1075 Willoughby Avenue, Brooklyn, NY

$1,290,000

471-475 Chauncey Street, Brooklyn, NY

$2,625,000

900 Wyckoff Avenue, Brooklyn, NY

$6,700,000

412 Myrtle Avenue, Brooklyn, NY

$1,165,000

1008 Gates Avenue, Brooklyn, NY

$327,500

16-20 Halsey Street, Brooklyn, NY

$2,950,000

1441 Bushwick Avenue, Brooklyn, NY

$2,450,000

725 St. Marks Avenue, Brooklyn, NY

$8,025,000

1956 Jerome Avenue, Bronx, NY

$5,500,000

1116 Bedford Avenue, Brooklyn, NY

$290,000

211 Taaffe Place, Brooklyn, NY

$1,295,000

11 Herkimer Place, Brooklyn, NY

$850,000

682 Chauncey Street, Brooklyn, NY

$1,400,000

815-823 Flatbush Avenue, Brooklyn, NY

$10,100,000

415-419 Church Avenue, Brooklyn, NY

$1,215,000

864 Nostrand Avenue, Brooklyn, NY

$1,050,000

216 Macon Street, Brooklyn, NY

$2,400,000

36 Starr Street, Brooklyn, NY

$1,600,000

906 Prospect Place, Brooklyn, NY

$7,500,000

400 Thatford Avenue, Brooklyn, NY

$3,200,000

137 Prospect Avenue, Brooklyn, NY

$6,250,000

803 Nostrand Avenue, Brooklyn, NY

$800,000

363 Prospect Place, Brooklyn, NY

$4,500,000

220-226 Vernon Avenue, Brooklyn, NY

$1,700,000

276-278 Nostrand Avenue, Brooklyn, NY

$7,500,000

70 Scott Avenue, Brooklyn, NY

$5,000,000

350 New York Avenue, Brooklyn, NY

$1,225,000

184 Nostrand Avenue, Brooklyn, NY

$2,850,000

1002 Bushwick Avenue, Brooklyn, NY

$1,300,000

709 Empire Boulevard, Brooklyn, NY

$775,000

1587-1591 Broadway, Brooklyn, NY

$2,000,000

879 DeKalb Avenue, Brooklyn, NY

$6,900,000

64 Macon Street, Brooklyn, NY

$4,600,000

192 Malcolm X Boulevard, Brooklyn, NY

$1,335,000

1000 Dean Street, Brooklyn, NY

$11,000,000

273 14th Street, Brooklyn, NY

$2,400,000

257 Quincy Street, Brooklyn, NY

$6,226,266

419 Marcus Garvey Boulevard, Brooklyn, NY

$2,550,000

35 Bertel Avenue, Mount Vernon, NY

$1,250,000

194 Malcolm X Boulevard, Brooklyn, NY

$1,335,000

307 Lewis Avenue, Brooklyn, NY

$660,000

181 Lincoln Road, Brooklyn, NY

$1,600,000

570 Jefferson Avenue, Brooklyn, NY

$3,719,053

654 Putnam Avenue, Brooklyn, NY

$2,975,000

215 33rd Street, Brooklyn, NY

$4,750,000

68 MacDougal Street, Brooklyn, NY

$520,000

350 Empire Boulevard, Brooklyn, NY

$5,500,000

157 Empire Boulevard, Brooklyn, NY

$3,100,000

308 Stuyvesant Avenue, Brooklyn, NY

$4,454,681

319 Malcolm X Boulevard, Brooklyn, NY

$2,925,000

895 4th Avenue, Brooklyn, NY

$1,400,000

448 Lafayette Avenue, Brooklyn, NY

$255,000

441 Brooklyn Avenue, Brooklyn, NY

$7,600,000

599 Willoughby Avenue, Brooklyn, NY

$1,900,000

788 Madison Street, Brooklyn, NY

$2,600,000

829 Halsey Street, Brooklyn, NY

$1,475,000

550 Throop Avenue, Brooklyn, NY

$3,700,000

414 Myrtle Avenue, Brooklyn, NY

$1,325,000

305 East 34th Street, Brooklyn, NY

$5,154,000

75 Ralph Avneue, Brooklyn, NY

$3,900,000

790 Madison Street, Brooklyn, NY

$2,000,000

804 Macon Street, Brooklyn, NY

$2,425,000

303 West 113th Street, New York, NY

$2,400,000

448 Layfayette Avenue, Brooklyn, NY

$255,000

211 Knickerbocker Avenue, Brooklyn, NY

$900,000

2 Huron Street, Brooklyn, NY

$2,500,000

995 President Street, Brooklyn, NY

$2,620,000

808 Macon Street, Brooklyn, NY

$1,800,000

2800 Bruckner Boulevard, Bronx, NY

$6,300,000

1890 -1892 Eastern Parkway, 19 Sherlock Place, Brooklyn, NY

$925,000

111 Kane Street, Brooklyn, NY

$1,625,000

533 Albany Avenue, Brooklyn, NY

$795,000

916 Bergen Street, Brooklyn, NY

$1,800,000

814 Macon Street, Brooklyn, NY

$1,975,000

180 Scholes Street, Brooklyn, NY

$18,050,000

654 Putnam Avenue, Brooklyn, NY

$1,444,366

795 Franklin Avenue, Brooklyn, NY

$1,500,000

702 Nostrand Avenue, Brooklyn, NY

$1,150,000

421 Marcus Garvey Boulevard, Brooklyn, NY

$1,575,000

395 Kosciuszko Street, Brooklyn, NY

$3,174,623

1892 Eastern Parkway, Brooklyn, NY

$481,000

804 Macon Streeet, Brooklyn, NY

$1,134,859

583 Franklin Avenue, Brooklyn, NY

$700,000

675 Knickerbocker Avenue, Brooklyn, NY

$1,200,000

761 East 233rd Street, Bronx, NY

$7,000,000

750 MacDonough Street, Brooklyn, NY

$4,176,349

19 Sherlock Place, Brooklyn, NY

$820,000

814 Macon Street, Brooklyn, NY

$1,134,859

298 Suydam Street, Brooklyn, NY

$1,600,000

675 Knickerbocker Avenue, Brooklyn, NY

$1,200,000

103 Empire Boulevard, Brooklyn, NY

$9,500,000

137 Bayard Street, Brooklyn, NY

$17,800,000

491 Myrtle Avenue, Brooklyn, NY

$420,000

419 Marcus Garvey Boulevard, Brooklyn, NY

$1,031,690

834 Lexington Avenue, Brooklyn, NY

$4,300,000

786 Park Place, Brooklyn, NY

$1,125,000

1421-1429 Lincoln Place, Brooklyn, NY

$3,300,000

244 Madison Street, Brooklyn, NY

$4,050,000

160 Pulaski Street, Brooklyn, NY

$460,000

421 Marcus Garvey Boulevard, Brooklyn, NY

$1,031,690

653 Marcy Avenue, Brooklyn, NY

$1,395,000

210 Wyckoff Avenue, Brooklyn, NY

$1,850,000

1215 Fulton Street, Brooklyn, NY

$32,500,000

1940 Jerome Avenue, Bronx, NY

$2,938,982

493 Myrtle Avenue, Brooklyn, NY

$900,000

319 Macolm X Boulevard, Brooklyn, NY

$1,547,536

1550 Bedford Avenue, Brooklyn, NY

$7,200,000

975 Washington Avenue, Brooklyn, NY

$10,550,000

978 Kent Avenue, Brooklyn, NY

$1,750,000

1942 Jerome Avenue, Bronx, NY

$2,461,018

$1,750,000

M A T T H E W S ™

D O W N S TA T E

O u r

R e c e n t

Tr a n s a c t i o n s

O u r

R e c e n t

INSTITUTIONAL COMMERCIAL EXPERIENCE

01

02

576 5th Ave

87 Wythe Ave

03

A T

L I C H

Tr a n s a c t i o n s

C O M M U N I T Y FA C I L I T Y E X P E R I E N C E

01

58 Kent St

209 Flagg Pl

02

696 Franklin Ave

03

159-05 Union Turnpike

SALE PRICE

$101,000,000

SALE PRICE

$60,000,000

SALE PRICE

$25,000,000

SALE PRICE

Under Contract

SALE PRICE

Under Contract

SALE PRICE

$44,000,000

SF

78,654

SF

37,000 SF Retail

SF

29,517

SF

347,371

SF

20,706

SF

79,800

USE

Creative End-User

53,000 BSF Development

Creative End-User

USE

Non-Profit Development

STATUS

Sold

STATUS

Active

STATUS

Former Seminary School

Medical Facility

Offer: $21,000,000

USE

USE

Sold

USE

USE

STATUS

STATUS

Under Contract

STATUS

Under Contract

04

500 West 14th St

05

100 Bogart St

06

453 West 17th St

04

760 DeKalb Ave

05

12 Berry Street

06

1490-197 McDonald

SALE PRICE

$22,500,000

SALE PRICE

$20,000,000

SALE PRICE

$17,500,000

SALE PRICE

$13,100,000

SALE PRICE

$8,250,000.00

SALE PRICE

$17,000,000

SF

6,735

SF

48,000

SF

18,000

SF

42,500

SF

13,343

SF

27,500

USE

Creative End-User

USE

Creative Office

Healthcare User

Active

STATUS

Sold

USE

STATUS

Sold

STATUS

Sold

Community Facility Development

USE

STATUS

Creative EndUser

Non-Profit / School

Sold

USE

USE

STATUS

STATUS

Sold

1 8

1 9

M A T T H E W S ™

D O W N S TA T E

O p e n

I m p a c t

S U N Y

A u t h o r i z e d

A T

L I C H

P r o j e c t s

R E C E N T C O M M U N I T Y FA C I L I T Y T R A N S A C T I O N S

01

02

Children’s Aid

03

Coney Island Prep

Graham Profit

O P E N I M PA C T H A S T R A N S A C T E D O V E R

90,000 SF

70,000 SF

32,000 SF

Build-to -Suit Turnkey

Purpose-Built School

Downtown Brooklyn Por tfolio

04

05

1333 Broadway

06

NY/NJ Goodwill

Banknote Building

30,000 SF

360,000 SF Disposition

400,000 SF

Build-to -Suit Turnkey

40,000 SF Multi-Site Consolidation

Non-Prof it Building Agency

07

Advancing our Community

In contract to acquire a new construction 65,000 SF communit y facilit y restricted building in Sunset / Borough Park.

2 0

08

2MM SF OF SUNY AUTHORIZED PROJECTS

Marymount School of New York

120,000 SF development site sold to Mar ymount School taking advantage of communit y facilit y air rights.

2 1

M A T T H E W S ™

D O W N S TA T E

C a s e

A T

L I C H

S t u d y

58 KENT STREET was built by Kickstarter as their NYC Headquarters. After the pandemic they decided to go 100% remote and hired us to sell the property as a vacant creative office.

We conducted over 100 tours with investors and end-users alike. During the process we met several operators that were interested in renting the space for their business but did not want to own the real estate. We also sourced many real estate investors that desired to own the real estate but didn’t have the tenant or operating partner to make the investment financeable at our price expectations. After several weeks of marketing, we started making introductions between tenants and investors. Those partnerships allowed investors to raise their price from $15,000,000 to over $20,000,000, a 25% increase in value. Not only that, but we created enough competition to drive the best terms for our client.

2 2

2 3

M A T T H E W S ™

M a r k e t i n g

D O W N S TA T E

S t r a t e g y

M a r k e t i n g

L I C H

S t r a t e g y

There is also an opportunity for a developer

classrooms, a gym, and a cafeteria. It looks

6. A DESCRIPTION OF THE P R O P E R T Y WA S P R O V I D E D T O Y O U R F I R M . I N D I C AT E I F A N Y A D D I T I O N A L I N F O R M AT I O N IS NEEDED TO MARKET THE

a. Identify strategies for maximizing price in

to convert a portion of the existing building

like there are a lot of columns, so it would

P R O P E R T Y;

the current environment. See Our Unique

to residential while keeping the remaining

require a lot of work to make column-free

While not needed, we suggest building out

Approach on Pages 8-9 and Case Study for

structure as Community Facility.

spaces. Dormitory use would also be allowed

our Project Counsel pg 32 to ensure the

per the zoning.

information we convey to the market is clear,

1 . A M A R K E T I N G S T R AT E G Y

feasible approach to maintaining the value

Some of the floors have very deep areas that

F O R S E L L I N G T H E P R O P E R T Y,

of the existing building while maximizing the

are not ideal for classrooms or residential

E S P E C I A L LY G I V E N T H E A M O U N T

available air rights.

use due to the lack of natural light, but those

OF COMMUNITY USE:

are the areas where we could do specialty

58 Kent Street on Page 23 b. Identify strategies for marketing the unusual aspects of the subject given its stellar location/neighborhood and size. See Our Unique Approach on Pages 8-9 and See Sales Experience on Pages 14-21.

The first step we would suggest is building a

2 . W H AT D O Y O U T H I N K T O B E THE MOST VIABLE DEVELOPMENT

See page 26 to view current tenants in the

pg 32). Leveraging these specialists will allow

market – we believe two of these types of

7. THE LENGTH OF TIME FOR

us to identify what is reasonable to represent

tenants would be required to absorb this

about massing and use groups. Our approach

amount of space.

T H I S T Y P E O F S A L E T O TA K E .

various opportunities the property affords without boxing developers into any one strategy. We have run several development scenarios, and each suggests a price within our reconciled value range.

The structure itself holds significant value and we aim to find the delicate balance between limiting demolition and maximizing air rights. Previous renderings from the former developer suggest demolition of roughly 40,000 SF of interior commercial space, to make way for a 100,000 SF residential structure. This is a potentially

See page 40-41 of the presentation.

is to set a justifiable but aggressive asking of right” metrics, and leverage competition to drive up value.

4. YOUR PLAN ON MANAGING WA L K T H R O U G H S O F T H E BUILDING BY PROSPECTIVE BUYERS;

S T R AT E G Y F O R T H E P R O P E R T Y ?

Our goal as brokers is to illuminate the

concise, and accurate.

Project Counsel (described in further detail on

price, leverage zoning specialists to set “as

2 4

A T

Bobby Lawrence lives in Park Slope and has

3. GIVEN YOUR KNOWLEDGE OF THE MARKET WHERE T H E P R O P E R T Y I S L O C AT E D , IDENTIFY THE MOST VIABLE COMMUNITY USE A LT E R N AT I V E S .

specialized in this neighborhood for the past 5 years. He will spearhead tours and will be supported by Jermaine Pugh and Henry Hill.

5 . T H E L E V E L O F I N V O LV E M E N T EXPECTED FROM THE OWNER

The area zoning is Residential, which allows

DURING THE PROCESS;

for residential development and community

With our team of 9, the owner can dictate

facility use groups as of right. Traditional

how involved they want to be. We will send

office use is not permitted, and nonprofit

a weekly progress report outlining tours,

office use must be client-facing. That limits

market feedback, and offers. This makes sure

the property’s uses to things like schools,

everyone is on the same page.

social service agencies, museums, and theaters with ancillary offices.

2 5

M A T T H E W S ™

D O W N S TA T E

A T

L I C H

AC T I V E L O C A L DE V E L OPE R S

Te n a n t s

i n

t h e

M a r k e t

•

C C R C lo ok ing f or 1 0 0 - 40 0 k SF ( O P EN Exc lusi ve)

•

U niver sity in the m arket fo r B rook lyn cam p us

•

N o n p r o fit Dorm Opera tor wi th 1 MM of demand

•

SCA in m ar ket fo r Br o o klyn p ro p erties

•

S o c ia l A g e ncy l ooki ng f or 40 k SF ( O P EN Exc lusi ve)

•

D aycares in m arket fo r Br o o k lyn p ro p erties

•

N o n p r o fit Museum l ooki ng f or 40k SF ( O P EN Exc lusi ve)

•

D ance co m p any in m ar ket for 4 0k SF

•

So cial ser vice ag ency lo o kin g to p ur chase 60k SF in Br o o kly n

•

2 6

F ou r Br ook l yn cha rter school n e t w o r ks – 6 0 - 9 0 k SF ea ch ( O P EN Exc lusi ve)

2 7

M A T T H E W S ™

D O W N S TA T E

P r o p e r t y

I n f o

A T

L I C H

S u m m a r y

P R O P E R T Y I N F O R M AT I O N Property Name:

Downstate at Long Island College Hospital

Addresses:

340 Henry Street, 97 Amity Street and 365 Hicks Street, Brooklyn, NY

Block:

290

Lot:

13

Lot Dimensions:

200' x 404' (approx.)

B U I L D I N G I N F O R M AT I O N Stories:

6

Gross Square Footage:

244,831 (approx.)

Zoning:

R6

Lot Size:

80,800

R E A L E S TAT E TA X E S * Assessment (23/24):

$52,223,400

Tax Rate:

10.6460%

Taxes (23/24):

$5,559,703

Tax Class 4

*Property is state-owned and is currently exempt from RE Taxes

D E V E LO P M E N T R I G H T S ( P E R 2 0 2 0 Z L DA ) Community Facility ZFA

324,569

Residential ZFA

101,734

Total Development Rights

426,303

Gross Square Footage:

244,831

Total Air Rights:

181,472

Residential Air Rights: 101,734 Community Facility 79,738 Air Rights:

D E V E LO P M E N T R I G H T S ( C O M M U N I T Y FAC I L I T Y B O N U S )

2 8

FAR:

4.80

Total Buildable Sq. Ft.:

387,840

sq. ft. (approx.)

Minus Existing Structure:

244,831

sq. ft. (approx.)

Available Air Rights:

143,009

2 9

M A T T H E W S ™

D O W N S TA T E

A T

L I C H

Va l u a t i o n

VALUE ASSUMPTIONS AS-IS INVESTMENT VALUE AS-IS USER VALUE

INVESTMENT ASSUMPTIONS

AIR RIGHTS BONUS INVESTMENT VALUE + BONUS

244,831

$50

$12,250,000

Existing SF

Rent / SF

Gross Rent

$12,250,000 Gross Rent

80% Expense Ratio

$9,800,000 Net Operating Income

$9,800,000

8.50%

$115,500,000

Net Operating Income

Return on Cost

Investment Basis

244,831

$200

$49,000,000

Existing SF

Renovation / SF

Total Project Cost

USER VALUE + BONUS

$115,500,000

$49,000,000

$66,500,000

$272

Investment Value

Total Project Cost

As-is Value

$ / Existing SF

$66,500,000

20%

$79,800,000

$326

User Value

User Premium

User Value

$ / Existing SF

101,734

$150

$15,500,000

Residential Air Rights Bonus SF

PSF Air Rights Bonus

Air Rights SF

$66,500,000

$15,500,000

$82,000,000

$335

Gross Investment Value

Air Rights Value

Total Value

$ / Existing SF

$79,800,000

$15,500,000

$95,300,000

$389

Gross End User Value

Air Rights Value

Total Value

$ / Existing SF

SUMMARY $70,000,000 $286 Conservative Value

$80,000,000 $327 Moderate Value

$90,000,000 $368 Aggressive Value

SUGGESTED ASK

$ 1 0 0, 0 0 0, 0 0 0

$408 PRICE PER SQUARE FOOT 3 0

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M A T T H E W S ™

D O W N S TA T E

H o w t o A p p r o a c h U n f o r e s e e n I s s u e s transactions we’ve executed in NYC, we like to think we’ve seen it all, but every deal presents its own challenges. In an effort to prepare for the unforeseen, we have provided a list of issues we’ve addressed in the past and how we can proactively prepare for each.

AT T O R N E Y G E N E R A L

The underlying real estate taxes for the property are north of $5,000,000 or $20 per existing SF. We feel they should be half this and a for-profit purchaser will have to deal with the overhead. This can have significant implications on their underwriting and ability to get a commercial tax abatement.

We suggest getting an opinion letter from a tax tertiary on how to challenge the assessment or find other ways to reduce tax exposure for a for-profit purchaser. This will not be a problem for most non-profit buyers, or investors capable of leasing to a non-profit tenant for 25+ years, as they will have the ability to receive tax exemptions.

It is our understanding that this sale would not require Attorney General approval, which is a big benefit as far as time savings and attorney costs. If for whatever reason we do need to address the Attorney General, we have several attorney relationships that specialize in those types of negotiations. This can be burdensome and time consuming, so we should do everything we can to avoid Attorney General approval. We can recommend advisors ahead of marketing launch to reconfirm this approval is not required.

OPEN IMPACT

ARCHITECT

ZONING ATTORNEY

MATTH EW S™ TAX TERTIARY

3 2

We suggest having a zoning attorney write up a simple one-pager on the deed restriction and zoning requirements.

We have already consulted with Herrick Feinstein, one of the top zoning firms in NYC, and they would be happy to put their name on a zoning summary. This gives us instant credibility and gives a buyer confidence they are not basing their entire offer on misinformed zoning information. This is a critical piece of due diligence and would be top of the list in our data room. Herrick Feinstein would also make themselves available to have open conversations with our top buyers if, and when appropriate.

POLITICAL

DEBT/EQUITY

TRANSACTION ATTORNEY

Any historical documentation around environmental should be disclosed, especially if completed in the last few years.

That may involve requesting such information from banks or previous buyers. We can leverage historical data to get buyers comfortable with the exposure. We would also suggest having a new Phase 1 completed by a reputable agency, of which we can make recommendations. Having a new Phase 1 could save weeks in pre-contract due diligence.

Ultimately, we do not recommend going contingent on environmental due diligence and plan to create enough competition where the buyer accepts the property “as is”.

ZONING

PROJECT COUNSEL

L I C H

TA X E S

E N V I R O N M E N TA L

Considering our experience in this asset type, and the number of

A T

DEBT MARKET The biggest industry hurdle we see buyers facing is securing debt. We will have our own internal debt/equity team provide a market analysis on what debt options are most compelling for this type of project. We will want to know early in the negotiations how each buyer plans to fund the project and what team they will be using to do so. The credibility of their debt team is just as important as their own credibility as buyers. More often than not we require an LOI from their lender before signing a hard contract.

B R E A K - I N S A N D S Q U AT T E R S It has unfortunately become a big issue recently, and although a break-in may have little impact on the property’s condition, it may reflect poorly on the neighborhood. It seems you have taken good measures with your security team, and we would only ask that you continue to do so. We will also be extremely sensitive during tours to only let those with approval into the building. Any squatters would just increase our political risk, which we should try to avoid.

F L O O D I N G A N D W E AT H E R While we can’t predict the weather, we have had issues in the past with flooding and broken water pipes. It is important to maintain insurance and weatherproof the building as best you can. It seems you have done a fine job over the last 10 years, but it is definitely something to stay on top of during our marketing process.

This site comes with a political history. The original local pushback has been resolved in the opening of NYU Langone next door, but clearly this site is important to the local community. We have experienced this on several occasions and believe the best approach is to be open, honest, and accommodating to the local community board.

This doesn’t mean we get pushed around, and we will ultimately do what is best for SUNY per the as of right zoning. We want to showcase clearly in our marketing that we are marketing this in as “as of right” way that will almost certainly add services / amenities to the local market.

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M A T T H E W S ™

D O W N S TA T E

D e v e l o p m e n t

A T

L I C H

M a p

BROOKLY N DEV ELOPMENT M A P 01

9 Dekalb Avenue

02

100 Flatbush Avenue

03

80 Flatbush

02

04

111 Willoughby Street

02

05

700 Atlantic Avenue (Pacific Park)

06

570 Fulton Street

SUBJECT PROPERTY

01

459 Smith Street

08

175 3rd Street

02

02

300 Nevins Street

10

267 Bond Street

11

540 Degraw Street

12

404 Carroll Street

03

10

05

11

02 12 09

02 09

06

02

L A RGEST GOWA NUS DEV SITES 07

04

02 07

08

2. Local Eateries: Cobble Hill boasts diverse

architectural integrity, there’s been a subtle

food establishments like The Long Island

rise in modern residential developments

Bar, Battersby, and Staubitz Market.

outside these boundaries. Developers balance between honoring the historic vibe

N e i g h b o r h o o d

D e s c r i p t i o n

Cobble Hill, deriving its name from the cobblestones used as ballast in trading ships, is a

3. Cinema Cobble Hill Cinemas is an oldschool movie theater showcasing a blend of mainstream and indie films.

testament to Brooklyn’s colonial and revolutionary past. Originally known as “Cobleshill”,

C O M PA R A T I V E A N A LY S I S While Brooklyn neighborhoods like

its prominence rose in the 19th century as it transformed from a fortified position during the

RESIDENTIAL MARKET OVERVIEW

Williamsburg exude a hipster ambiance and

American Revolutionary War to a vibrant, sought-after residential neighborhood.

Cobble Hill has always been recognized for

DUMBO offers post-industrial chic, Cobble

its tree-lined streets adorned with historic

Hill stands out for its rich history, preserved

3. St. Paul’s Episcopal Church: An iconic

brownstones and townhouses. These historic

architecture, and community-focused vibe

representation of early Gothic Revival

homes, combined with the neighborhood’s

Its streets echo tales from the past, while its

architecture.

charm, make it a high-demand real estate

amenities cater to contemporary needs, crafting

serves as the neighborhood’s green heart,

area. It’s a blend of long-time residents and

a blend that’s distinctively Cobble Hill.

ideal for relaxation.

a younger influx, appreciating the mix of

LANDMARKS & POINTS OF I N T E R E S T: 1. Cobble Hill Park: A picturesque park, it

2. The Cobble Hill Historic District:

3 4

and meeting modern housing demands.

PLACES TO VISIT & AMENITIES:

urban and tranquil. Property values have

In summation, Cobble Hill presents an

1. BookCourt: Although now closed, this

consistently risen, reflecting its desirability.

enticing blend of history and modernity,

A historic area comprising of beautiful

once-beloved bookstore remains etched in

rowhouses showcasing varied architectural

the neighborhood’s memory as a cultural

DEVELOPMENT MARKET OVERVIEW

neighborhoods, celebrated for its close-knit

styles from Greek Revival to Italianate.

landmark.

While the Cobble Hill Historic District

community, architectural gems, and timeless

regulations ensure the preservation of the

appeal.

making it one of Brooklyn’s most cherished

3 5

M A T T H E W S ™

D O W N S TA T E

Me t r ics

t hat

Mean

A T

L I C H

B us in e ss

We a r e proud to provide service for m a n y of t h e b i g g es t n a m es i n co m m erc ia l r e a l e state. Our clients expect m o re b eca u s e w e d el i v er m ore v a l u e t h a n a ny oth e r br okerage company, and a t M a t t h ew s™ w e kn o w t h a t co m m u n i ca t i on w it h ou r c lie nts is the key to succes s I n a ddi t i on t o a l w a y s bei n g a v a i l a bl e for y o ur n e e ds, we provide constant com m u n i ca t i o n by s en d i n g w eekl y m a rket i n g u pd a t e s ou tlining our strategic market i n g effo rt s a n d en g a g em en t on y o u r dea l .

55,996 EMAILS SENT

52,828 EMAILS DELIVERED

12,228 EMAIL OPENS

628

CLICKS

200

OM DOWNLOADS

SAMPLE METRICS

3 6

3 7

M A T T H E W S ™

D O W N S TA T E

A T

L I C H

HERE ARE SOME UNIQUE CHARACTERISTICS OF OUR AGREEMENT THAT SET US APART.

F e e

S t r u c t u r e

After decades of seller representation, we have evolved our listing agreement to be as flexible and transparent as possible. Our agreement is short and clear, testament to our intentions of accountability.

3 8

RATE

GROSS SALES PRICE

5%

$0 - $5,000,000+

3%

$5,000,001 - $20,000,000+

1.5%

$20,000,001- $50,000,000+

.75%

ABOVE $50M

While we ask for a listing term of 6 months, our agreement allows you to terminate at any time during that term, with 30 days’ notice. This keeps us accountable and allows you to redirect for any reason or no reason at all. We expect to continue to earn your business, even after agreements are executed.

We only get compensated if and when title transfers and cover 100% of the marketing budget no matter the outcome. We can bring you offers above our asking price, but if you decide not to sell, we don’t hold you to a commission. We are 100% success based.

We acknowledge in our agreement that we will split our fee up to 50% with cooperating brokers. We do not push those costs to the buyer, which would ultimately affect their offer, and your net return. Our agreement controls how much brokers get compensated, and we absorb the buyside broker’s share. Keep this in mind when comparing our fee schedule to others that may not offer outside brokers a fee. You can alienate 25% of the market by not leveraging the buyside broker community.

3 9

M A T T H E W S ™

D O W N S TA T E

M a r k e t i n g

L I C H

T i m e l i n e

WEEK 1

PREMARKETING & FINALIZE PACKAGE

WEEK 1

WEEK 0-2

WEEK 2

Produce Marketing Materials, Identify Prospects

TOURS & OFFER PROCESS

WEEK 4-9

WEEK 2

4 0

A T

WEEK 3

Launch OM, Property Website, Social Media Post

MARKETING LAUNCH & PROSPECTIVE BUYERS

WEEK 3

Expand Direct Call Campaign to Targeted Investor List

WEEK 3-7

WEEK 3

Email Blast to Private Clients & Matthews Database

WEEK 3

Begin Rollout to 3rd Party Listing Services

WEEK 3

Call For Offers Date Announced

DUE DILIGENCE & CLOSING PERIOD

WEEK 9-18

WEEK 4-8

Conduct Property Tours, Collect Initial Offers

WEEK 6-8

Create Summary of Offers and Send to Ownership

WEEK 6-8

Call for Offers

WEEK 6

Buyer Interviews

WEEK 7

Best & Final Offers

WEEK 7-9

Contract Negotiation

WEEK 9

Open Escrow

WEEK 9

Buyer's Review of Due Diligence Docs & Title

WEEK 10-12 Buyer Site Visits & Third Party Inspections WEEK 12-18 Buyer Waives Contingencies WEEK 12-18 Lender/Appraisal Approval WEEK 12-18 Close of Escrow

4 1

M A T T H E W S ™

D O W N S TA T E

1

A T

L I C H

Build a reputable team and communicate early. Selecting a strong transaction attorney with significant experience is critical. We can make suggestions on who we have had success working with in the past. No matter who you select, we would welcome an introduction early in the process so we can share our progress reports and leverage our collective experiences to select the best buyer. Attorneys will appreciate the steady transfer as we hand off negotiations.

C l o s i n g

A p p r o a c h

2

With attorney approval, it may also make sense to pull title and generate a Purchase of Sale Agreement “PSA” before we select a buyer. We can provide this PSA in our data room so buyers can see our expected terms ahead of time.

This allows us to transition quickly into contract negotiations without losing momentum in the market. It also makes it easy to award multiple contracts if we determine that is the best strategy.

Communication and momentum are at the core of everything we do.

Our process does not end upon selection of a buyer, and the introduction of an attorney. In many facets, the process is just beginning. Here are some strategies we take, to ensure the highest likelihood of execution.

3 4

Constant communication with the buyer and their debt team during the contract period is imperative. There will most likely be last-minute inspections and lender questions that we need to address on a dime. We are constantly in the neighborhood, so we will never miss an inspection due to a scheduling conflict.

Once a contract is signed, the lender becomes the “Buyer”. Having good rapport and communication with their debt broker and lender helps expedite the closing process. This can be the difference in closing on time or even avoiding a default.

A proper collection of due diligence and a direct line of communication will put all parties at ease.

4 2

4 3

M A T T H E W S ™

M a r k e t

D O W N S TA T E

A T

L I C H

E x p o s u r e

M AT T H E W S . C O M 88,000 USERS PER MONTH

PREMIUM SUBSCRIPTION TO CREXI PRO

200,000 IMPRESSIONS

9,000

PAGE VIEWS

P L AT I N U M SUBSCRIPTION TO LOOPNET 100,000 IMPRESSIONS

4 4

3,000

PAGE VIEWS

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DISPOSITION PROPOSAL AND MARKET POSITIONING

D O W N S TA T E

A T

L I C H

B R O O K LY N , N Y

DJ JOHNSTON

ROBERT LAWRENCE

LINDSAY ORNSTEIN

STEPHEN POWERS

Executive Vice President

Associate Vice President

Co-Founder Open Impact

Co-Founder Open Impact

dj.johnston@matthews.com

robert.lawrence@matthews.com

lindsay@openregroup.com

stephen@openregroup.com

(718) 701 5367

(908) 616 5799

(212) 537 0351

(212) 537 7705

License No. 10401225168 (NY)

License No. 10401300331 (NY)

License No. 10491210840 (NY)

License No. 10401212816 (NY)

MARIA D’ANGELO

HENRY HILL

JERMAINE PUGH

ALEXANDER SMITH

WILLIAM CHENG

Director of NY Operations

Senior Associate

Associate Vice President

Vice President

Sales Analyst

maria.dangelo@matthews.com

henry.hill@matthews.com

jermaine.pugh@matthews.com

asmith@openregroup.com

william.cheng@matthews.com

(718) 532 8652

(718) 874 8539

(718) 701 5129

(212) 537 7694

(718) 554 0279

License No. 10401225168 (NY)

License No. 10401356898 (NY)

License No. 10401281410 (NY)

License No. 10401371058 (NY)

License No. 10401225168 (NY)