Michael J. Ferrara Managing Principal Office: Cell:

Transcription

1 BRAX REALTY GROUP LLC 10 Times Square Suite 6064 New York, NY For more information please contact Exclusive Broker: Michael J. Ferrara Managing Principal Office: Cell:

2 BRAX REALTY GROUP LLC 10 Times Square Suite 6064 New York, NY Cross Streets P r o p e r t y I n f o r m a t i o n Between Stanton Street & Rivington Street Block / Lot 344/68 Lot Dimensions 50.5 x 60 Lot Size (SF) 3,030 Building Dimensions 51 x 42 Building Size (SF) 14,280 SF Stories 6 Units Zoning 21 Apts + 3 Retail Stores R7A FAR (Floor Area Ratio) 4 (As Built: 4.02) Total Buildable (SF) Overbuilt Tax Class 2 Real Estate Taxes (18 /19 ) $171,827 F i n a n c i a l s : Income: Apartments: $ 685,815 Retail: $ 115,161 Laundry SEBCO $ 3,600 Cell Tower: $ 12,000 Restaurant Water Reimbursement $ 3,856 Total: $ 820,432 Operating Expenses: Real Estate Taxes: $ 171,827 Water & Sewer: $ 23,680 Electric: $ 5,000 Fuel (Gas): $ 12,000 Payroll: $ 4,800 Repairs & Maintenance: $ 5,000 Insurance: $ 8,000 Total: $ 230,307 Net Operating Income: $ 590,125 Brax Realty has been exclusively retained to offer for sale in the Lower East Side of Manhattan. The 51 wide 6 story walkup is located on Pitt Street between Rivington Street and Stanton Street and is just an 8 minute walk to the F, M, J & Z subway at the corner of Essex Street and Delancey Street. The property consists of +/-14,280 SF with 21 apartments and 3 retail stores. has over $800,000 in capital improvements that have been completed over the last few years that upgraded and modernized the entire building including: new commercial all glass storefronts and signage, a new intercom system installed in each apartment, a laundry room and communal backyard patio with mural was added, new boiler gas conversion and security system has been installed, the building façade has been completely refaced & the lobby and interior hallways were gut renovated along with all the free market apartments. Out of the 21 apartments, three are rent stabilized providing future upside for an investor if they could be converted to free market units and renovated. There is also a large roof with great views that can be converted into a communal roof deck as an added amenity to the tenants. is only a 6 minute walk to Essex Crossing which is a collection of apartments, 400,000 SF of office space and 450,000 square feet of retail space that will enhance the culture and unique flavor of New York City's Lower East Side. Essex Crossing will be connected by a new park, bike paths and green spaces above ground and by a world-class 150,000 SF bazaar-like marketplace below ground called The Market Line.. The property falls into the Opportunity Zone which was created by the Tax Cuts and Jobs Act of 2017 to incentivize long-term private investment in designated communities and is located in a safe neighborhood surrounded by 4 schools and located 1 block north of NYPD s 7 th Precinct and FDNY Ladder 18 on the corner of Pitt & Delancey. E x e c u t i v e S u m m a r y : Metrics: 4.56% Cap Rate x RR $906/SF Asking Price: $12,950,000

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4 M a p 7 th Precinct & FDNY U n i t M i x A p a r t m e n t S t a t u s B r e a k d o w n 1 Bedrooms 2 Bedrooms 3 Bedrooms Rent Stabilized Free Market % 29% 14% 62% 86%

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7 F l o o r P l a n Pitt Street

8 A e r i a l M a p s Hamilton Fish Park

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10 O p p o r t u n i t y Z o n e falls into the Opportunity Zone which was created by the Tax Cuts and Jobs Act of 2017 to incentivize long-term private investment in designated communities. Subject Property T a x M a p

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12 For more information please contact Exclusive Broker: Michael J. Ferrara Managing Principal Office: Cell: