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
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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
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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:
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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
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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
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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.
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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.
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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
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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.
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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.
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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
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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
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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
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