550 VANDERBILT AVE Brooklyn NY 11238

Marshall Real Estate LLC (“MRE”) has been exclusively retained to offer for sale the 100% fee simple interest in the Retail Condominium units located at 550 Vanderbilt Avenue in the Prospect Heights neighborhood of Brooklyn, NY. The Property stretches a full city block between Pacific Street and Dean Street and is 100% leased to 4 different tenants with the flexibility to retain one of the spaces as it is leased on a short-term basis. The property spans a combined 7,033 Square Feet across the ground floor and sits at the base of a newly developed, 278-unit, luxury residential condominium building. Primely located along the highly foot trafficked Vanderbilt Avenue the offering features 15’ ceiling heights and a combined 320’ of wrap-around frontage, including 180’ along Vanderbilt Avenue, 125’ on Pacific Street and 15’ along Dean Street. The Property also benefits from a 25-Year 421a Tax Abatement which does not expire until 2042. The Property is occupied by 4 different tenants; Van Leeuwen, a high-end artisanal ice cream parlor, occupying the Southeast Corner with a lease expiration in August 2028 with no options to renew. The inline space is tenanted by Ciao, Gloria LLC, a high-end coffee shop, until April 2030 with no options to extend the lease. The Northeast Corner is leased to Beer Street South, a beautifully built out and designed restaurant and bar, until January 2029 with one 5-year option renewal. Finally, the retail unit along Pacific Street is leased on a short-term basis to AY Development, currently using the space as a development office for local sitework. This lease runs till the end of July 2024 but can be terminated by either party with a 90-day notice. The Property is in the Prospect Heights neighborhood in Brooklyn, NY. Prospect Heights is known for its culture-rich, downtown dining and shopping options that are complimented by its public cultural hubs such as libraries, museums, and park spaces. The main thoroughfare, Vanderbilt Avenue, features sleek wine bars and a fun-loving nightlife scene with live music venues that blend nicely with a professional atmosphere of communal workspaces. The area is surrounded by a mix of luxury mixed-use and condominium developments as well as tree-lined streets with multi-level brownstones giving the neighborhood tremendous residential density. An investor will benefit from excellent long-term cash flow with an opportunity to increase the under-market rents as the leases turn over. The Retail Condominium units at 550 Vanderbilt Avenue is the ideal opportunity to secure cash flows and excellent real estate in the heart of one of Brooklyn’s premier retail destinations.

• In-place 25-Year 421a Tax Abatement

• Prime Prospect Heights retail location

• Diverse co-tenancy mix

• No tenant use restrictions

• High visibility with 320’ of wrap-around frontage

• Below market rents with upside

• Accessible subway stations include the B,Q,C, 2 & 3 lines