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- LoopNet Team
140 Montague St
Brooklyn, NY 11201
Property For Rent
Highlights
- key money $400k negotiable
- world famous location
- 10 years remaining far below market lease ($8200/month)
- community board approval in place for liquor license
PROPERTY FACTS
| Property Type | Retail | Gross Internal Area | 4,119 SF |
| Property Subtype | Storefront Retail/Residential | Year Built | 2000 |
| Property Type | Retail |
| Property Subtype | Storefront Retail/Residential |
| Gross Internal Area | 4,119 SF |
| Year Built | 2000 |
About the Property
The subject property is a below market lease and restaurant for sale for $400,000 key money. Gallitos kitchen is a Mexican style restaurant with 58 person seating. The kitchen is fully built with updated equipment and the 1500 sqft dinning space also has a full basement with walk-in boxes and storage. Some other details include: Landlord has an approval letter from the community board for a 2am full liquor license. There are 10 years remaining on the lease with is currently only $8200/month. (Spaces on this block rent for $15,000) When you keep it as a restaurant or change to a different business, there are no other ground level storefronts on this block. Lease contains a good guy clause and 3% escalations. The owner will also sell this together with another restaurant at 413 Myrtle Ave, GB Tavern which has a full 2am liquor license in place. Key money for that is $300k
