Bank of America

51 Jay Street, Brooklyn, NY
Deal Type:
Net Lease
Price:
$4,977,777
Cap Rate:
4.50%
Current Rent:
$244,000
Lease Type:
DoubleNet
Landlord Responsibilities:
Slab, Fa├žade & Structure
Lease Expiration Date:
Approx. 10.5 years
Renewal Options:
Two, 10 year options
Building Sq. Ft.:
1,326 sf
Rent Increases:
11.6% in year 7; 15% every 5 years throughout options

Investment Highlights

  • Investment grade credit tenant (S&P: A+)
  • Attractive rent increases throughout the primary term and options
  • The Dumbo neighborhood has median household income of $211,000
  • Dumbo is 3rd largest business district in NYC with more than 100,000 employees and 4.72M SF of office space
  • 2 blocks from York St. Subway station (F Train – 3.2M annual riders)
  • Limited bank competition; one of four national bank branches in Dumbo
  • Situated on the ground floor of a 137,000 SF mixed use building including 74 apartments with visibility from Jay St and Water St
  • Front & York, a 1.2mm SF mixed-use project, is being developed 1 block South

Listing Agents

Philip DiGennaro

Manging Director
203 610 1541
Phil@stream-cp.com

Connor Shell

Managing Director
407 913 9009
Connor@stream-cp.com

Graham Gold

Vice President
314 324 8792
Graham@stream-cp.com

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