1150 New York Ave - 1150 East New York Avenue
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1150 New York Ave - 1150 East New York Avenue
83,360 SF Specialty Building Offered at $40,000,000 at a 6.51% Cap Rate in Brooklyn, NY 11203
Investment Highlights
- Prime Institutional Asset with Government-Backed Tenant
- Scheduled Rent Increases
- Zoning and Opportunity Zone Benefits
- Long-Term City Lease, Low-Risk Profile with Minimal Landlord Responsibilities
- Turn-Key Educational Facility
- Superior Transit Access
Executive Summary
Location Overview
1150 East New York Avenue occupies a prominent corner at East New York Avenue and East 98th Street in Brooklyn, bridging the Brownsville and Crown Heights neighborhoods. This 4-story school building is ideally located for educational use. The property enjoys close proximity to local transit options, including the Sutter Avenue-Rutland Road subway station, serviced by the 2, 3, 4, and 5 lines, and several bus routes along East New York Avenue, making it highly accessible for students and staff.
New 15-Year Term – Investment Grade, Secure Cash Flow
1150 East New York Avenue is leased to the New York City School Construction Authority (NYCSCA) under a brand-new 15-year renewal term. The lease was signed by the NYCSCA and is guaranteed by the New York City Department of Education, with the City of New York’s General Obligations credit ratings reinforcing the stability of the investment (Standard & Poor’s: AA, Moody’s: Aa2, Fitch: AA, Kroll: AA+).
The property has been continually leased to the City since 1994, demonstrating a 30-year commitment to this location. This prime, investment-grade lease provides a very strong capacity to meet financial commitments for a low-risk, dependable income stream.
The building is currently occupied by Aspirations Diploma Plus High School, K568 Brownsville Academy High School, and New Visions AIM Charter High School I.
1150 East New York Avenue occupies a prominent corner at East New York Avenue and East 98th Street in Brooklyn, bridging the Brownsville and Crown Heights neighborhoods. This 4-story school building is ideally located for educational use. The property enjoys close proximity to local transit options, including the Sutter Avenue-Rutland Road subway station, serviced by the 2, 3, 4, and 5 lines, and several bus routes along East New York Avenue, making it highly accessible for students and staff.
New 15-Year Term – Investment Grade, Secure Cash Flow
1150 East New York Avenue is leased to the New York City School Construction Authority (NYCSCA) under a brand-new 15-year renewal term. The lease was signed by the NYCSCA and is guaranteed by the New York City Department of Education, with the City of New York’s General Obligations credit ratings reinforcing the stability of the investment (Standard & Poor’s: AA, Moody’s: Aa2, Fitch: AA, Kroll: AA+).
The property has been continually leased to the City since 1994, demonstrating a 30-year commitment to this location. This prime, investment-grade lease provides a very strong capacity to meet financial commitments for a low-risk, dependable income stream.
The building is currently occupied by Aspirations Diploma Plus High School, K568 Brownsville Academy High School, and New Visions AIM Charter High School I.
Property Facts
| Price | $40,000,000 | Property Type | Specialty |
| Price Per SF | $480 | Property Subtype | Schools |
| Sale Type | Investment | Building Size | 83,360 SF |
| Cap Rate | 6.51% | No. Stories | 4 |
| Sale Conditions | 1031 Exchange | Year Built/Renovated | 1926/1994 |
| Price | $40,000,000 |
| Price Per SF | $480 |
| Sale Type | Investment |
| Cap Rate | 6.51% |
| Sale Conditions | 1031 Exchange |
| Property Type | Specialty |
| Property Subtype | Schools |
| Building Size | 83,360 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1926/1994 |
Amenities
- Signage
- Air Conditioning
- Smoke Detector
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Walk Score ®
Very Walkable (83)
Transit Score ®
Rider's Paradise (94)
zoning
| Zoning Code | C8-2 (Located on a C8-2 zoned lot within a Qualified Opportunity Zone, the property offers flexibility for future uses and significant tax advantages.) |
| C8-2 (Located on a C8-2 zoned lot within a Qualified Opportunity Zone, the property offers flexibility for future uses and significant tax advantages.) |
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1150 New York Ave - 1150 East New York Avenue
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