429 Kent Avenue
Prime Williamsburg Community Facility Condominium Sold
|Size||9,499 Square Feet|
Meridian Investment Sales is pleased to exclusively present for sale the Community Facility Condominium at the brand new Oosten development – 429 Kent Avenue. Located in the heart of Williamsburg, the offering is fully leased to Brooklyn Global Prep, a language immersion school that recently signed a 15-year lease. The condominium has a dedicated entrance at the corner of Kent Avenue and South 8th Street and is three stories spanning the ground, mezzanine, and lower level. The Oosten Condominium contains 216 luxury residences. The unit spans approximately 9,500 square feet and benefits from excellent ceiling heights and great corner visibility.
Brooklyn Global Prep is founded by Danielle Marino, who is an experienced school operator with over 20 years of experience and expertise. The school will offer immersion classes in French and Mandarin for students enrolling in pre-school to second grade. The capacity for the school will be approximately 100 students, and the elegant build-out will feature an indoor garden. Given an influx in residential development in Williamsburg over the past decade, the waterfront neighborhood has become a choice destination for families and young professionals. Brooklyn Global Prep will help fill a void in the neighborhood for private schools. Base rent is $300,000 for the first year, rising to $360,000 in year 2 and growing at 3% per annum thereafter. In addition, the school is paying real estate taxes and CAM over a base year, providing investors with secure, increasing cash flow.