15 Bay Ridge Avenue (Sold)
Brooklyn, NY

15 Bay Ridge Avenue, a two-story office building containing 15,075 rentable square feet, was built in 1967 and in 1999 underwent renovations totaling over $1.1 million. The upgrades included new restrooms, HVAC system, plumbing, windows, and front facade. Meritage acquired 15 Bay Ridge Avenue on February 9, 2004. Metropolitan Life Insurance Company has occupied the building since it was constructed.

The property is located adjacent to two extremely attractive co-ops, steps from the large expensive homes along renowned Shore Road, and in close proximity to the Belt Parkway which serves all of Brooklyn. The Belt Parkway also provides access to the Verranzano Narrows Bridge which connects Brooklyn to Staten Island, and connects with the Brooklyn-Queens Expressway which serves as a major highway hub between New York City, Brooklyn and Queens. Bay Ridge Avenue is also a stop along the R line of Neithin minutes. In addition Bay Ridge Avenue is serviced by many of New York's local and express bus lines.

On July 1, 2004 agreement was reached with MetLife to extend their lease through December 31, 2011. Nearly $150,000 of tenant improvements were completed at the property in December 2004.

Amenities:

• 2 stories
• 15,075 square feet
• secure access
• motion-activated lighting system
• located steps from Shore Road, 1 minute from Belt Parkway and Brooklyn Queens Expressway

Having completed the objectives of our investment, Meritage sold 15 Bay Ridge in March of 2007, resulting in investor returns exceeding original projections.