New York City Based Community Bank - Sale Leaseback

Boerum Hill | Smith St. | Brooklyn, NY

1001_Stephen-196-HDR-1

Price: $4,300,000

Cap Rate: 4.65%

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Premium Credit Quality

The Bank is exceptionally well-capitalized with market leading credit metrics, including high Tangible Equity Ratio, premium Loan Quality and low Net Charge Offs

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Commitment to Location

The Bank has continuously invested in this location, with a planned $400K interior renovation in 2021, and has operated out of this location for over 30 years

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High Traffic Corner

Across from Lululemon and adjacent to Starbucks, the Subject Location is conveniently located on Smith Street

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Long-Term Lease

15-year, NNN lease with annual increases to be signed at closing

Confidentiality Agreement

The undersigned as a prospective purchaser (“Principal”) or broker representing a prospective purchaser (‘Broker”) (Principal and Broker individually (a “Recipient”)) have been advised that Janney Montgomery Scott LLC & SLB Capital Advisors, LLC , collectively (“Advisors”) are acting as the sole and exclusive agent to the seller (“Seller”) of that certain property or properties further identified in Exhibit A, attached hereto and made a part hereof (collectively, the “Property”).

Principal has expressed an interest in evaluating the Property as an investment and Principal represents that it has the experience and financial capacity to undertake an investment of this magnitude. Advisors have made available for study certain information concerning the Property, the operations of the Property, and the business and affairs of the tenant occupying the Property. The information provided by Advisors include without limitation, various papers, documents, studies, financial statements, and other material, both written and oral (collectively the “Confidential Information”). Confidential Information shall not include (a) information which is a matter of public knowledge other than as a result of disclosure by Recipient or their Representatives in violation of the terms of this Agreement; (b) is provided in sources readily available to the public other than as a result of disclosure by Recipient or their Representatives in violation of the terms of this Agreement or (c) is already known and documented by Recipient or their Representatives.

Therefore, as a condition to Advisors providing the Confidential Information to you, Recipient hereby agrees as follows:

  1. Recipient agree to keep all Confidential Information strictly confidential; provided, however, that any such Confidential Information may be disclosed to directors, officers, or employees of Recipient, or any controlled affiliates, as well as Principal’s outside counsel, accounting firms or other advisors who need to know such information for the purpose of evaluating a potential investment by Principal, therein (collectively, the “Representatives”) provided that they are directed by Recipient to treat such information in confidence and in accordance with the terms hereof.

 

  1. Neither Advisors nor the Seller make any representation or warranty, express or implied, as to the accuracy or completeness of the Confidential Information and no legal liability is assumed or to be implied with respect thereto resulting from the use of the Confidential Information by Recipient or their Representatives.

 

  1. Without prior written consent of Seller or Advisors Recipient shall not disclose to any person (other than a Representative) either the fact that discussions or negotiations are taking place concerning a possible transaction involving the Property or any of the terms, conditions or other facts with respect to such possible transaction, including the status thereof. The term “person” as used in this Agreement shall be interpreted broadly to include, without limitation, any business entity, corporation, company, partnership, association or individual.

 

  1. At any time upon the request of Seller or Advisors for any reason, Recipient and their Representatives shall promptly destroy all Confidential Information, including all copies and other reproductions thereof wherever located, and analyses, compilations, forecasts or studies prepared by Recipient or their Representatives and confirm such destruction upon request. Any verbal Confidential Information or Confidential Information acquired by visual inspection (and any other Confidential Information not otherwise destroyed) shall continue to be subject to the terms of this Agreement; provided that Recipient and their Representatives may retain copies of the Confidential Information for the purposes of and for so long as it is required by (i) any applicable law or regulation, or (ii) any bona fide internal policy for document retention, corporate governance, and/or computer back-up and archiving maintained by Recipient or their Representatives, it being acknowledged and agreed that any Confidential Information so retained shall remain subject to the terms of this Agreement.

 

  1. Recipient and their Representatives agree not to contact or initiate contact at any time for any purpose, either directly or indirectly, with the Seller or tenant of the Property or any officers, directors, shareholders, consultants, attorneys, employees, agents or other affiliates of the Seller or tenant of the Property, unless such approval is specifically granted in written form by Advisors. Any and all questions related to the Confidential Information or the Property shall be directed solely to Advisors.

 

  1. Recipient acknowledge unauthorized release of any or all of the Confidential Information would cause immediate and irreparable harm to Seller that could not be repaired and for which Seller could not be fully compensated by money damages. As such, Recipient shall indemnify, defend, and hold harmless Seller and Advisors from and against any and all loss, claim, damage and expense whatsoever arising out of the breach or alleged breach of this Agreement by Recipient or their Representatives. You also agree that Seller may obtain injunctive relief to prevent or limit such unauthorized disclosure and may also pursue any other remedies available at law or in equity as a result of an alleged or reasonably anticipated breach of this Agreement. Recipient agree to pay any damages incurred by Seller as a result of Recipient’s or their Representative’s breach of this Agreement, including, but not limited to, court costs and reasonable attorneys’ fees.

 

  1. In the event Recipient or their Representatives are compelled or required to disclose any of the Confidential Information, Recipient will provide Advisors with prompt written notice so that either Advisors or Seller, at their sole option, may seek a protective order or other appropriate remedy. In the event that such protective order or other remedy is not sought or obtained, Recipient or their Representatives will furnish only that portion of the Confidential Information which is legally required to be so furnished.

 

  1. Advisors and Seller expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to invest in the Property from Recipient, or any other person or entity, and to terminate discussions with Recipient or any other person or entity at any time with or without notice. Seller shall have no legal commitment or obligation to Recipient or any other person or entity reviewing the Confidential Information or making an offer to invest in the Property unless and until a Purchase and Sale Agreement by and between Seller and Principal has been approved and fully executed.

 

  1. This Agreement shall be binding upon Recipient’s successors and assigns, and shall inure to the benefit of Seller’s successors and assigns.

 

  1. No failure or delay by Advisors or Seller in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof or failure to exercise preclude any other or further overview of the services of any right, power or privilege hereunder.

 

  1. This Agreement shall expire after two years from the date of acceptance set forth below.

12. This Agreement shall be governed by and construed in accordance with the laws of the state of New York.

 

Signed

 

Exhibit A

173 Smith St, Brooklyn, NY

 

NDA