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960 Atlantic Ave., Brooklyn, NY 11238

Listing Details:
$1,300,000 Price
Townhouse Property Type
Crown Heights Neighborhood
-- Beds
4.5 Baths
12,000 Approx. Sq. Ft.
$3,471 RET
Key Features:

**THE BUILDING IS NOT FOR SALE --ONLY THE BUSINESS WHICH INCLUDES ALL FURNITURE, FIXTURES, INVENTORY (valued at: $1.3M) AND LEASE REASSIGNMENT FOR REMAINING 10YRS (valued at $4.8M savings over the 10yr period). The business is VERY lucrative in the footprint and has enjoyed 3yr income totaling $7mil.ENTERTAINMENT DEAL TRIFECTAThis 12,000 SF multi-level turn key restaurant / bar / lounge / event and entertainment space has a trifecta that every savvy investor wants to hear! -One of a kind venue with a prime location in a rapidly developing neighborhood offers an excellent opportunity to participate in the growth-Reasonable key money ($1.95mil) for a fully operational business offers substantial savings in build out time and expense-Lease reassignment with 8-10 years remaining, at well-below market rates, offers a substantial profit margin at the outset. PRIME LOCATIONLocated on the edge of Prospect Heights, Fort Greene, and Clinton Hill on a heavily trafficked stretch of Atlantic Avenue. High visibility and just four blocks from the Barclays Center. Condos in the area are selling at an average ~$1,100 per square foot (up 13% yoy). There is a robust pipeline with 10,000 new units on the horizon in this rapidly shifting section of Brooklyn. Plus, there are over 160,000 residents within a 1-mile radius and average annual incomes are over $100,000. This is the only mega, multi-level restaurant / lounge / club / event space of its kind available in Northwest Brooklyn. Easy access to the LIRR, A, C, B, D, Q, N, R, 2, 3, 4, 5 trains at Atlantic Terminal and only 15minutes to Manhattan.FULLY OPERATIONAL BUSINESSFor $1.95Mil in key money, you have an excellent opportunity to bring a Manhattan style club to The People's Republic of Brooklyn. Milk River is a fully functioning, profitable business with solid event calendar pipeline. The space itself is impeccably decorated, with crystal starburst chandeliers, white leather tufted banquettes, two stages, state of the art lighting and sound systems, two fully equipped DJ booths, two bars, two levels capable of hosting 300 seated or 600 patrons combined in various cocktail settings, four VIP areas, a step and repeat area, six sleek unisex restrooms, fully equipped open kitchen, and 15 high-def television and projection screens. This business resides in a state of the art building with high ceilings, grand open layout, loads of character, fully built out sprinkler and HVAC systems, loading dock and ramp. The key money includes all audio, visual, sound, and lighting equipment, appliances, fixtures, kitchen and restaurant equipment, furniture, artwork, liquor license and stock. And yes, there's more..the business is VERY lucrative in the footprint and has enjoyed 3yr income totaling $7milLEASE REASSIGNMENT The sweetest aspect of the Milk River business sale is the reassignment of the 8-10years left on the triple net lease. The lease rate for this 12,000SF building is $13,912/month ($13.91/SF/Yr) with 3% annual increases. In 2022, there is a one-time CPI linked inflation adjustment to the lease rate, then a return to the 3% annual increase for the remaining life of the lease. Sometimes a deal comes along that is just too good to pass up. This IS that deal!Contact for full set-up details, rent schedule with CPI scenario analysis, and listing of assets. Financial Statements will be shared with accepted offer.Showings are scheduled between 11am-4pm only with 24hr advance notice.

Listing courtesy of The Corcoran Group

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