345 Adams Street, Brooklyn NY

Below Market Restaurant LeaseExceptional Downtown Brooklyn Location

Keen‐Summit Capital Partners LLCM: 646‐381‐9222

www.keen‐summit.com

Additional Information Available at www.Keen‐Summit.com

BID DEADLINE: OCTOBER 18  |  AUCTION DATE: OCTOBER 22

MINIMUM BID: $1,100,000

BANKRUPTCY AUCTION(subject to Bankruptcy Court approval)

DisclaimerEagle Corp. LLC f/k/a Hill Country Brooklyn, LLC (“Debtor”), filed for Chapter 11 protection. Its bankruptcyproceeding is pending in the U.S. Bankruptcy Court Southern District of New York, Case No.19‐12565 (“BankruptcyCourt”). The Debtor has retained Keen‐Summit Capital Partners LLC (“Keen”), as its exclusive real estate broker forthe sale (the “Transaction”) of the lease for the space located 345 Adams Street, Brooklyn, NY (the “Property”). Thesale of the Property is subject to approval by the Bankruptcy Court.

By receiving this Information Memorandum and/or participating in the sale process and/or contacting Debtorand/or Keen, you agree to the following terms and conditions. If you do not agree to these terms and conditions,immediately return this Information Memorandum to Keen and do not participate in the sale.

In connection with your request for information (“Information”) related to the Property and your interest inconsummating a Transaction, the Debtor hereby agrees to disclose information to you (“Prospect”) and to engagein conversations and negotiations with you, subject to the understandings, terms and conditions set forth below.

1. The Property is being offered AS‐IS, WHERE‐IS, with ALL FAULTS.

2. The Information has been prepared:

a) for informational purposes only,

b) from materials supplied by the Debtor, local municipalities and other sources deemed reliable, and

c) to assist Prospects in making their own evaluation of the offering and does not purport to be all‐inclusiveor to contain all of the information that interested parties may desire. Keen has not assumed responsibilityfor independent verification of any of the information contained herein and has not in fact in any wayaudited such Information. In all cases, interested parties should conduct their own investigation andanalysis of the offering, conduct site inspections and scrutinize the Information. Prospects should engagelegal counsel, accountants, engineers and/or such other professional advisors as Prospects deemappropriate for evaluating the Property.

3. Prospect warrants and represents that it is a principal acting on its own behalf, and not as a broker, finder oragent acting on another’s behalf. Prospect acknowledges that it will not look to the Debtor and/or Keen andtheir respective officers, directors, employees, affiliates, agents and representatives (“Representatives”) for thepayment of any fee or commission. Prospect hereby agrees to indemnify, defend and hold Debtor and Keenand their respective Representatives harmless from and against any and all claims, damages, losses andliabilities, costs and expenses (including reasonable attorneys' fees and disbursements) arising out of any claimor claims by any broker, finder or similar agent for commissions, fees or other compensation who allege thatthey have dealt with the Debtor and/or Keen in connection with the Property as an agent of Prospect. Prospectunderstands that the Debtor and Keen and their respective Representatives have not agreed to pay anybrokerage commissions, finder’s fee or other compensation in connection with Prospect’s possible Transaction.If Prospect is working with a broker or finder other than Keen, Prospect agrees that Prospect shall beresponsible for the payment of any fees, if any, to such broker, finder or agent.

4. Although the Debtor and Keen will endeavor for the Information to contain data which they believe to berelevant for the purpose of Prospect’s investigation, Prospect understands and agrees that, except pursuant tothe definitive purchase agreement to be entered into between the Debtor and Prospect in connection with aTransaction, none of the Debtor, Keen or any of their respective Representatives:

a) have made or make and expressly disclaim making any written or oral statements, representations,warranties, promises or guarantees, whether express or implied or by operation of law or otherwise, withrespect to the Property or with respect to the accuracy, reliability or completeness of the Information, or

b) shall have any liability whatsoever to Prospect or any of Prospect’s representatives relating to or resultingfrom the use of the Information, alleged acts or omissions, or any errors or omissions in the Information.

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Disclaimer5. Without limiting the generality of the immediately preceding paragraphs, the Information may include certain

statements, estimates and projections with respect to the Property. Such statements, estimates andprojections reflect various assumptions made by the Debtor, which assumptions may or may not prove to becorrect. No representations are made as to the accuracy of such assumptions, statements, estimates orprojections. The only information that will have any legal effect will be specifically represented in a definitivepurchase agreement, subject to such limitations and restrictions as may be specified therein.

6. Prospect agrees that no contract or agreement providing for any Transaction shall be deemed to exist betweenProspect and the Debtor unless and until Prospect and the Debtor execute and deliver a final definitiveagreement relating thereto (a “Transaction Agreement”) that is approved by the Bankruptcy Court, andProspect hereby waives, in advance, any claims (including, without limitation, breach of contract) in connectionwith any Transaction unless and until Prospect and the Debtor shall have executed and delivered a TransactionAgreement. Prospect also agrees that unless and until Prospect and the Debtor shall have executed anddelivered a Transaction Agreement, neither Prospect nor the Debtor will be under any legal obligation of anykind whatsoever with respect to a Transaction by virtue of this document except for the matters specificallyagreed to herein. Prospect further acknowledges and agrees that the Debtor reserves the right, in its solediscretion, to reject any and all proposals made by Prospect or Prospect’s representatives with regard to aTransaction, and to terminate discussions and negotiations with Prospect at any time. Prospect furtherunderstands that the Debtor shall be free to establish and change any process or procedure with respect to aTransaction as the Debtor in its sole discretion shall determine (including, without limitation, negotiating withany other interested party and entering into a final definitive agreement relating to a Transaction with anyother party without prior notice to Prospect or any other person).

7. This Agreement shall be governed by and construed in accordance with the laws of the State of New Yorkwithout regard to conflict of law principles (that might dictate the application of the laws of anotherjurisdiction). Prospect hereby irrevocably and unconditionally consents to submit to the exclusive jurisdictionof the Bankruptcy Court for any lawsuits, claims or other proceedings arising out of or relating to the Property,the sale process, the Information, and/or this document, and hereby further irrevocably and unconditionallywaives the right to, and agrees not to plead or claim in any such court that any such lawsuit, claim or otherproceeding brought in any such court, has been brought in an inconvenient forum. Prospect expressly waivesall right to trial by jury in any action or proceeding arising out of or relating to the Property, the sale and/or thisdocument.

8. It is understood that Keen will arrange for appropriate contacts for due diligence purposes. All communicationsregarding a possible Transaction, requests for additional information, requests for Property inspections,discussions regarding making an offer for the Property and/or participating in the sale process, and/ordiscussions or questions regarding procedures in connection with any possible Transaction, must be submittedor directed exclusively to Keen. Neither Prospect nor Prospect’s representatives will initiate or cause to beinitiated any communication with any employee or representative of the business at the Property concerningthe Information or a Transaction.

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Table of ContentsProperty Highlights 5

Basic Lease Summary 6

Lease Valuation Analysis 7

Floor Plans 8‐9

Area Map 10

Area Attraction Highlights 11

Transit Highlights 12

Downtown Brooklyn – Retail Market Stats 13

Downtown Brooklyn Facts 14‐15

Property Photos 16‐22

Demographic Report 23‐26

Contact Information 27

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Property Highlights

– Available Space:

• 5,847 sq. ft. on Ground Floor

• 1,320 sq. ft. on Second Floor

• 1,680 sq. ft. on Ground Floor (separate commissary on Pearl St)

– Significantly below market lease in one of the top retail corridors in Brooklyn and 3rd largest business districts in NYC

– Ample frontage with busy pedestrian walkway and seating on Willoughby Plaza, just off of the bustling Fulton Mall. Willoughby Plaza is surrounded by popular restaurants and located steps from the Downtown Brooklyn’s NYU campus, bustling MetroTech Center, and the Court Street commercial corridor makes this a well trafficked area. 

– Adjacent to 675 room Downtown Brooklyn Marriott Hotel

– Surrounded by 19+ mill. s.f. of office space, including Brooklyn Law School, CUNY School of Technology, NYU Tandon School of Engineering, Kings County Courts, Borough Hall, US District Court

– Demographics (full details on following pages):

– Downtown Brooklyn has established itself as a one of the most in demand locations for businesses and residents alike; it features a growing number of upscale high‐rise apartment buildings amid landmark buildings like Brooklyn Borough Hall, with world class venues and cultural institutions. Highlights include:

• 45,000+ residents

• 75,000+ employees

• 43,000+ college students

• 15+ million annual visitors

• $3.9B+ in annual retail and dining sales

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2019 Estimates 1 mile 3 mile 5 mile

Population  142,207 1,131,444 2,840,584

Average Household Income = $142,409 $113,751 $105,290

BID DEADLINE: OCTOBER 18  |  AUCTION DATE: OCTOBER 22

MINIMUM BID: $1,100,000

Basic Lease Summary•Basic Lease Information:

– Address:  345 Adams Street, Brooklyn NY 11201

– Landlord: Allied 345 Retail, LLC c/o Muss Development

– Leased Space Details:   

• 5,847 sq. ft. on Ground Floor

• 1,320 sq. ft. on Second Floor

• 1,680 sq. ft. on Ground Floor (separate commissary on Pearl St)

– Lease Expiration Date:  12/31/34, plus one 5‐year renewal available at market rent

– Rent as of 6/1/19:   $210,000 annually ($17,500 monthly), fixed 

through May 31, 2023

– Percentage Rent: 4% of Gross Sales in excess of $5,000,000; 

breakpoint increases 12% every 5 years.

~ Copy of full lease available upon request ~

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Years Rent Monthly PSF

6/1/2018 ‐ 5/31/23 $210,000.00 $17,500.00 $23.74

6/1/23 ‐ 5/31/28 $235,200.00 $19,600.00 $26.59

6/1/28 ‐ 5/31/33 $263,424.00 $21,952.00 $29.78

6/1/33 ‐ 12/31/34 $295,034.88 $24,586.24 $33.35

Lease Valuation Analysis

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Estimated Market Rent PSF Annual Monthly

$80 $707,760 $58,980

Rent PeriodMonthly 

Contract RentMonthly 

Market Rent Advantage

October 2019 to May 2023 $17,500  $58,980  $41,480 

June 2023 to May 2028 $19,600  $58,980  $39,380 

June 2028 to May 2033 $21,952  $58,980  $37,028 

June 2033 to December 2034 $24,586  $58,980  $34,394 

Total Rent $7,063,081

Annual Rate 18.0%

Monthly rate 1.5%

Discounted NPV at 18% (Potential Value) $2,493,655

Floor Plan – First Floor

8

Floor Plan – Second Floor

9

Area Maps

10

CAVA

Panera Bread

The Juice Shop

Shake Shack

Starbucks

Rocco’s Tacos & Tequila Bar

Kings County Supreme Court

Marriott at the Brooklyn Bridge

NYU Tech Hub (new facility)

Sources: Google

Area Attraction Highlights

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Restaurants in the immediate vicinity include: Cava, Panera Bread, Potbelly Sandwich Shop, Rocco’s Tacos and Tequila Bar, Shake Shack, Starbucks, etc.

Sources: Apple Maps

SUBJECT

Transit Highlights– Easy access to public transportation including multiple subway stations with 

access to 11 subway lines within ½ mile: 

• Borough Hall‐Court Street Transit Stop (2, 3, 4, 5, M, N, R)

• Jay Street‐Borough Hall Transit Stop (A, C, F)

• Lawrence Street‐MetroTech Transit Stop (M, N, R

• Hoyt Street (2,3 Line) Transit Stop

• Hoyt Street‐Schermerhorn Street Transit Stop (A, C, G)

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Sources: New York MTA

SUBJECT

Downtown Brooklyn – Retail Market Stats

13

Source: CoStar

Retail Space on the Market (General Vicinity)

Downtown Brooklyn Facts

14

Source: Why Downtown Brooklyn: Quick Facts, Produced by Downtown Brooklyn Partnership, 2019

Downtown Brooklyn Facts

15

Source: Why Downtown Brooklyn: Quick Facts, Produced by Downtown Brooklyn Partnership, 2019

Exterior Photos

16

ENTRANCES

Interior Photos – Main Floor

17

Interior Photos – Main Floor

18

Interior Photos – Main Floor

19

Interior Photos – Second Floor

20

Interior Photos – Second Floor

21

Interior Photos – Commercial Kitchen

22

Demographic Detail Report

23

Source: CoStar

Demographic Detail Report

24

Source: CoStar

Demographic Detail Report

25

Source: CoStar

Demographic Detail Report

26

Source: CoStar

Contact Information

27

Harold BordwinPrincipal and Managing Director646‐381‐9201 Directhbordwin@keen‐summit.com

Matt BordwinPrincipal and Managing Director646‐381‐9202 Directmbordwin@keen‐summit.com

Heather MilazzoVice President646‐381‐9207 Directhmilazzo@keen‐summit.com

Chris MahoneyDirector646‐381‐9205 Directcmahoney@keen‐summit.com

Doug GreenspanVice President646‐381‐9218 Directdgreenspan@keen‐summit.com

Main: 646.381.9222www.keen‐summit.com

555 Madison Ave, 5th FloorNew York, New York 10036

1 Huntington Quadrangle, Ste 2C04Melville, NY 11747