March 23, 2017 Comments Off on NYC Cashing In on School Building Views: 146 New York News, Outer Boroughs New York

NYC Cashing In on School Building

New York City is selling a school building at 2045 Linden Blvd., in Brooklyn’s East New York neighborhood. The asking price is $11 million for the 42,112-square-foot facility.

Students still crowd the hallways of Public School 36, and probably will for decades to come. The City is offering a private owner the opportunity to own this public school, and collect the rents from the City. The proposed sale is part of the City’s plan to raise cash from its real estate.

“This property is absolutely perfect for an investor seeking a high return from a long-term lease, with a secure tenant,” said Jonathan Berman, director at Ariel Property Advisors, which is marketing the property.

New York City Department of Education has been the sole tenant since the property was developed in 1973. A new 15-year lease was signed in February of 2015, which generates $737,100 annually, or $17.55 per square foot. The lease also includes escalations of 3% every two years.

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