Chase Bank
Acquire a Chase Bank on a 23,479 SF lot
Marketing description
Rare opportunity to acquire a Chase Bank on a 23,479 SF lot with 21 on-site parking spaces in the Brighton Beach Neighborhood of Brooklyn, NY. The parcel has amazing future development upside, zoned R6 with C1-2 and R7-1 overlay giving the property a residential FAR of 2.43 and facility FAR of 4.8. The property sits on a four-way signalized intersection of Coney Island Avenue (12,696 VPD) and Brighton Beach Ave (10,139 VPD).
Investment highlights
Secure, Long-Term Income: Chase extended the lease for 10 years starting 1/1/2023 with no options to renew thereafter. There are 9% rent increases every three years throughout the term, with the last increase lasting 4 years through the end of the lease
Lease Guaranteed: Lease corporately guaranteed by Chase, the largest Bank chain in the United States with over $4.357 trillion in assets
Branch Deposits: Branch holds approximately $700MM in deposits
Strategic Location: Subject property strategically located at a four-way signalized intersection with over 24,500 vehicles per day and steps from the Brighton Beach subway station (B,Q)
Future Development: Major future development site. Paused application for rezoning when Chase lease was signed that could bring the total buildable square footage up to 170,000 SF
National Neighbors: Surrounded by national tenant such as 7-Eleven, Bank of America, Starbucks, and Walgreens. Adjacent to Oceana Luxury Condos (927 Units)
Reliable Location: Dense and stable area with 87,000 people with an average household income of $87,000 within a 1-mile radius
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