EXCLUSIVE OFFERING MEMORANDUM ND STREET SUNSET PARK

Transcription

1 EXCLUSIVE OFFERING MEMORANDUM ND STREET SUNSET PARK

2 N Q R W N Q R W N Q R W ND STREET DEAL HIGHLIGHTS 3 EXECUTIVE SUMMARY 4 PROPERTY INFORMATION 5 AMENITIES 6 RENT ROLL 8 INCOME & EXPENSES 9 BUILDING PHOTOS 10 THE NEIGHBORHOOD 14 CERTIFICATE OF OCCUPANCY 17 TRANSPORTATION MAP 18 DISCLAIMER 19 EXCLUSIVE AGENTS Steven Westreich President (914) Steven@westbridge-re.com Ali Rossland Director of Sales (718) Ali@westbridge-re.com Madison Avenue Suite 202 New York, NY (212) Westbridge-Re.com

3 DEAL HIGHLIGHTS ±9,600 square foot, six-story elevatored new construction 100 feet of frontage on 3rd Avenue and 18 feet of frontage on 52nd Street Twelve 2-bedroom/1-bath apartments and one office space Convenient access to at 53rd Street N Q R W Located in federally designated Opportunity Zone 5.7% CAP $461,538 / Unit $625 / SF DEAL HIGHLIGHTS ND STREET 3

4 WESTBRIDGE REALTY GROUP EXECUTIVE SUMMARY Westbridge Realty Group has been retained as exclusive broker to sell nd Street, a newly constructed 13-unit (12 apartments + 1 office) elevatored building in the heart of Sunset Park. Located on the corner of 52nd Street and 3rd Avenue, the property benefi ts from its prime location near an abundance of restaurants, cafes, shops, and bars. Each apartment is equipped with high end condo fi nishes, hardwood fl oors, recessed lighting, stainless steel appliances, fl oor to ceiling windows, balcony, and more. There is a shared roof deck and indoor garage parking with 2 spaces. The basement presents an opportunity to create a laundry room. The property benefi ts from a 15 year 421-a tax abatement, and is located in a federally designated opportunity zone, allowing investors to capitalize on a unique tax structure that defers or excludes capital gains tax. The property is situated a few blocks from the trains at 53rd Street Station. N Q R W ND STREET EXECUTIVE SUMMARY

5 3RD AVENUE ND STREET PROPERTY INFORMATION ADDRESS nd Street CITY, STATE, ZIP Brooklyn, NY NEIGHBORHOOD Sunset Park BLOCK/LOT 798 / 1 LOT SIZE LOT SF 20.5' x ' irregular ±2,103 SF BUILDING SIZE 18' x 100' BUILDING SF YEAR BUILT 2016 STORIES 6 UNITS ZONING RE TAXES ±9,600 SF 13 (12 apts + 1 office) R6B ASKING PRICE $6,000,000 $458 - There is a 15-year 421a tax abatement expires PROPERTY INFORMATION ND STREET 5

6 WESTBRIDGE REALTY GROUP BUILDING AMENITIES Elevator Shared Roof Deck with Water & City Views Garage Parking (2 spots) Attractive Views of Manhattan Skyline ND STREET AMENITIES

7 UNIT AMENITIES & FINISHINGS High Ceilings Recessed Lighting Floor to Ceiling Windows Hardwood Floors Stainless Steel Appliances Granite Counter tops Queen Sized Bedrooms Virtual Doorman Central Air & Heating Private Balcony AMENITIES ND STREET 7

8 WESTBRIDGE REALTY GROUP RENT ROLL UNIT STATUS LAYOUT MONTHLY RENT ANNUAL RENT 1A RS 2-Bed/1-Bath $2,350 $28,200 1B RS 2-Bed/1-Bath $2,350 $28,200 2A RS 2-Bed/1-Bath $2,800 $33,600 2B RS 2-Bed/1-Bath $2,350 $28,200 3A RS 2-Bed/1-Bath $2,500 $30,000 3B RS 2-Bed/1-Bath $2,600 $31,200 4A RS 2-Bed/1-Bath $2,618 $31,416 4B RS 2-Bed/1-Bath $2,500 $30,000 5A RS 2-Bed/1-Bath $2,675 $32,100 5B RS 2-Bed/1-Bath $2,650 $31,800 6A RS 2-Bed/1-Bath $2,800 $33,600 6B RS 2-Bed/1-Bath $2,650 $31,800 BSMT VACANT Office with private entrance $1,000 $12,000 TOTAL $31,843 $382,116 PARKING RENT ROLL UNIT STATUS MONTHLY RENT ANNUAL RENT 1 Not rented $250 $3,000 2 Not rented $250 $3,000 TOTAL $500 $6, ND STREET RENT ROLL

9 FINANCIALS GROSS INCOME PER UNIT TOTAL ANNUAL RENTAL INCOME $370,116 OFFICE INCOME $12,000 PARKING INCOME $6,000 VACANCY & COLLECTION LOSS (3%) -$854 / Unit -$11,103 EFFECTIVE GROSS INCOME $377,013 GROSS EXPENSES PER UNIT TOTAL ANNUAL REAL ESTATE TAXES $35 / Unit $458 WATER & SEWER $800 / Unit $10,400 ELECTRIC $100 / Unit $1,300 HEAT (TENANTS PAY) $0 / Unit $0 INSURANCE $500 / Unit $6,500 REPAIRS & MAINTENANCE $400 / Unit $5,200 MANAGEMENT FEE (3%) $870 / Unit $11,310 EFFECTIVE GROSS EXPENSES $2,705 / Unit $35,168 NET OPERATING INCOME NET OPERATING INCOME $341,844 ASKING PRICE $6,000,000 CAP RATE 5.70% GRM x PRICE PER UNIT (13 UNITS) $461,538 / Unit PRICE PER SF $625 / SF Notes: There is a 15-year tax abatement on the property until Tenants are individually metered and pay their own A/C and heating bill. There is opportunity for additional cash fl ow by adding laundry room in basement. INCOME & EXPENSES ND STREET 9

10 WESTBRIDGE REALTY GROUP Unit 4R Unit 4R ND STREET BUILDING PHOTOS

11 Unit 6R Unit 6A BUILDING PHOTOS ND STREET 11

12 WESTBRIDGE REALTY GROUP Unit 6R Unit 6R ND STREET BUILDING PHOTOS

13 Roof Deck Roof Deck BUILDING PHOTOS ND STREET 13

14 WESTBRIDGE REALTY GROUP THE NEIGHBORHOOD Sunset Park, tucked between Park Slope and Bay Ridge, is considered part of South Brooklyn. The neighborhood is named after a 24.5 acre public park of the same name, which was founded in the 1980 s. The neighborhood is comprised of a cluster of 16 warehouses on cobblestone streets, many brownstones, limestones, rowhouses, and new constructions. A large majority of the areas residential construction took place in the late 19th and early 20th century. The neighborhood is a melting pot of immigrants; Chinese, Indian, and Latin American being predominant. There is a large demographic of many young people and young families. Because of its high elevation, the neighborhood benefits from scenic views of downtown Manhattan and the bay. BUSH TERMINAL PIERS PARK The waterfront in Sunset Park underwent a transformative makeover in the last 10 years. Bush Terminal Piers Park opened in November The park includes restored wetlands, saltwater tidal ponds, synthetic turf sports fields, benches, walkways, and bike path ND STREET THE NEIGHBORHOOD

15 BROOKLYN ARMY TERMINAL The terminal, originally used as a United States Army terminal known as the Brooklyn Army Base, is now used for commercial and light industrial purposes, and serves as a NYC ferry stop. There are over 100 local businesses and provides thousands of manufacturing jobs. In June 2018, the renovation of Building A was completed and covered 500,000 square feet of space. The restoration of the complex was projected to be $280 million. TRANSPORTATION In addition to several New York City Brooklyn Bus routes, the neighborhood is serviced by the New York City Subway lines: N and R trains. In May 2017, a NYC Ferry slip opened up at the Brooklyn Army Terminal. Access to NYC Ferry s Rockaway and South Brooklyn routes. It takes only 12 minutes to Wall Street and 37 minutes to East 34th Street. THE NEIGHBORHOOD ND STREET 15

16 WESTBRIDGE REALTY GROUP OPPORTUNITY ZONE An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation authority to the Internal Revenue Service. There are two main incentives to encourage investment in qualified opportunity funds. First, taxpayers can temporarily defer the inclusion in gross income of capital gains that are reinvested in a qualified opportunity fund. Taxpayers can also permanently exclude capital gains from the sale or exchange of an investment in a qualified opportunity fund held for more than 10 years. Generally, both the deferral and exclusion of the capital gains from federal income will flow through to New York State. This means those gains will also be deferred and excluded from New York taxable income Each state may nominate a minimum of 25 total eligible census tracts but no more than 25% of the total number of eligible census tracts within the state. This property is in an approved census tract , map ND STREET THE NEIGHBORHOOD

17 Certificate of Occupancy CO Number: Page 1 of F This certifies that the premises described herein conforms substantially to the approved plans and specifications and to the requirements of all applicable laws, rules and regulations for the uses and occupancies specified. No change of use or occupancy shall be made unless a new Certificate of Occupancy is issued. This document or a copy shall be available for inspection at the building at all reasonable times. A. Borough: Address: Brooklyn STREET Building Identification Number (BIN): Block Number: Lot Number(s): 68 Building Type: New Certificate Type: Final Effective Date: 12/21/2017 B. For zoning lot metes & bounds, please see BISWeb. Construction classification: 1 (Prior to 1968 Code) Building Occupancy Group classification: R-2 (2014/2008 Code) Multiple Dwelling Law Classification: HAEA C. D. E. No. of stories: 6 Height in feet: 70 No. of dwelling units: Fire Protection Equipment: Sprinkler system Type and number of open spaces: None associated with this filing. This Certificate is issued with the following legal limitations: None 12 Borough Comments: None Borough Commissioner DOCUMENT CONTINUES ON NEXT PAGE Commissioner CERTIFICATE OF OCCUPANCY ND STREET 17

18 WESTBRIDGE REALTY GROUP TRANSPORTATION MAP ND STREET TRANSPORTATION MAP

19 DISCLAIMER This Offering Memorandum has been prepared exclusively by Westbridge Realty Group, on behalf of the Owner, regarding the purchase of the property described herein at nd Street, Brooklyn, New York. The materials and information contained in this Offering Memorandum do not purport to be allinclusive or to contain all of the information which prospective investors may need or desire. The information contained herein has either been given to us by the Owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. The prospective buyer should carefully verify each item of income, and all other information contained herein. No inspections of the Property are permitted unless accompanied by the Owners or a representative from Westbridge Realty Group. DISCLAIMER ND STREET 19

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