16,700 SF Building – 100% Leased to Blink Fitness
227 Fourth Avenue
Park Slope
Closed 05/11/2018 at
$10,000,000
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of 227 Fourth Avenue, a completely restored, landmarked building in the Park Slope neighborhood of Brooklyn, net leased to Blink Fitness.
Located on the corner of Fourth Avenue and President Street, the ~60-foot wide property is currently 100% net-leased by Blink Fitness with a lease expiring in 2033, and one five-year renewal option. The gross annual income is approximately $625k and the projected net operating income is approximately $521k.
The two-story, 16,700 SF landmarked building was originally built as NYC Public Bath No. 7. Greystone Development purchased the historic property at an auction in 2014 and orchestrated an extensive exterior landmark restoration. Just next-door, Greystone is developing a 63-unit mixed-use multifamily rental property. Just next-door, Greystone is developing a 63-unit, mixed-use multifamily rental property. Built in 1906 as one of the last and most elaborate Brooklyn bath houses, a significant portion of the original exterior has been replaced, while much of the original architecture remains, including the historic separate entrances for men and women. The building began its new life as a Blink Fitness in 2017.
Attractions
The Park Slope area has become the center of cultural activity in Brooklyn, and therefore the most desirable amongst investors and residents alike. The property is located on Fourth Avenue, one of Brooklyn’s most prominent corridors, with tremendous amount of residential development over the last decade and several projects currently underway. Just one block up is 5th Avenue, another retail corridor lined with some of the boroughs best restaurants, boutique stores and cafes.
The property is walking distance from Barclays Center, the Brooklyn Museum, Grand Army Plaza and the Brooklyn Botanic Garden.
Prospect Park is a short walk, while minutes away on 3rd Street & 3rd Avenue, Whole Foods opened a 52,000 SF supermarket in 2013 and is now one of the most active Whole Foods in the country.
The subway can be conveniently accessed at the adjacent Union Street R station. The property is also within walking distance of Atlantic Terminal with access to the D, M, N, R, B, Q, 2, 3, 4, and 5 trains plus the LIRR, making the commute in and out of Manhattan only 10 minutes.