16,700 SF Building - 100% Leased to Blink Fitness

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.