Green Street Metropolitan Assemblage

The Metropolitan Assemblage, is located in a rare OZ census tract in the booming neighborhood of Williamsburg in Brooklyn, NY. When complete, this ground-up development project will comprise 130,000 square feet, and approximately 150 residential units, to be constructed in two phases.

• Phase I: In years 1-3, Green Street will develop 554-558 Metropolitan Avenue (70 units, $48.5m cost, $78m value on completion).
• Phase II: In years 4-5, Green Street will develop 536 & 546 Metropolitan Avenue (~80 units, $44.5m cost, $80m value on completion).

Opportunity Zone Deal Metrics:

• Projected returns of ~1.3x of initial investor capital upon completion of phase II (year 5), without any dilution in ownership.
• Investor net IRR is projected at 17.3% over a 15-year period.
• This implies a pre-tax (i.e., non-OZ) equivalent IRR of 22.7%.
• Investor net equity multiple is 4.21, or a 5.82 pre-tax (i.e., non-OZ) equivalent.