BESEN INVESTMENT SALES TEAM

Transcription

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2 BESEN INVESTMENT SALES TEAM Amit Doshi Executive Director (212) Shallini Mehra Senior Director (212) Paul J. Nigido Senior Financial Analyst (646) Carine Citadelle Marketing Associate (646) Besen & Associates 381 Park Avenue South New York, NY Tel: Fax:

3 Fort Tryon Park TABLE OF CONTENTS EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW LOCATION MAP FINANCIAL OVERVIEW INCOME/EXPENSE REPORT RENT ROLL PROPERTY DILIGENCE CERTIFICATE OF OCCUPANCY LOCATION OVERVIEW TRANSPORTATION MAPS ZONING OVERVIEW R Cabrini Boulevard 3

4 EXECUTIVE SUMMARY

5 EXECUTIVE SUMMARY Besen & Associates, Inc., as exclusive agent for the ownership, is pleased to offer for sale 344 Cabrini Boulevard, New York, NY (the Property ), a well-maintained, 4-story, 7,228± SF walkup apartment building located in one of the most desirable sections of Hudson Heights in the Upper Manhattan corridor, west of Broadway. The property is situated on Cabrini Boulevard between West 190 th Street & West 187 th Street and is comprised of eight residential units. Built in 1915, this well maintained property was gut renovated in The property is turn-key with 100% occupancy. Lower level and first floor units have large patios and all rear units have stunning panoramic views of the Hudson River and the New Jersey skyline. The Property is located just north of the George Washington Bridge between Fort Tryon and Fort Washington Parks. The residents are well served by public transportation, including the 190 th Street subway station [ A ], the 181 st Street subway station [ A ] and the 191 st Street subway station [ 1 ]. A network of bus lines are also available throughout the neighborhood, including the north/south M4 & M98 lines on Fort Washington Avenue, as well as the Bx7 & M100, which both run along Broadway. For vehicular traffic, the area offers easy access to the Henry Hudson Parkway to the west, the Harlem River Drive andi-87 (NY State Thruway) to the east, andi-95 (Cross Bronx Expressway) to the south. The building is comprised of (1) two-bedroom unit, (4) one-bedroom units, and (3) studios. All eight units are rent stabilized with an average monthly rent of $1,900, which represents a 26% discount to current market rates offering an investor significant upside. There is a J-51 tax abatement expiring June 30, ASKING PRICE: $4,500, Cabrini Boulevard 5

6 INVESTMENT HIGHLIGHTS PRIME LOCATION The Property is located in Hudson Heights, one of the most desirable neighborhoods in Northern Manhattan. With spectacular panoramic views, Hudson Heights is a premier neighborhood for residents who appreciate the area s tranquility, tree-lined streets, neighborhood conveniences, parks and easily accessible transportation options. In addition, many of the units boast sweeping water views of the Hudson River and the George Washington Bridge, as well as the New Jersey skyline. The property is a few subway stops from the Columbia Presbyterian Hospital campus and an express train ride to downtown Manhattan. UNIQUE ASSET 344 Cabrini Boulevard is a well-maintained property which has been under the same Ownership for 20+ years. In addition to great air, light and views, the lower level and first floor units have large rear patios overlooking the Hudson River. There is also a driveway on the south side of the building leading down to the back of the property. RENTAL UPSIDE The property has an average rent of $25 PSF, or $1,900/month. The average market rent is approximately $40 PSF, resulting in significant rental upside. Additionally, seven of the eight units have preferential rents. There is a J-51 tax abatement on the property which expires in June 30, TURN-KEY OPERATION This well-preserved property is 100% occupied with excellent collections. The property has low maintenance costs and requires minimal near-term capital. 344 Cabrini Boulevard 6

7 AERIAL MAP Queens Central Park Harlem Washington Heights Hudson Heights 344 Cabrini Boulevard 344 Cabrini Boulevard 7

8 PROPERTY OVERVIEW

9 PROPERTY OVERVIEW Cabrini Boulevard Neighborhood Hudson Heights Block / Lot 2179 / 436 Lot Size 37.5 x Gross Building Area Stories Total Apartments & Rooms 7,228± SF 4-story walkup building + driveway 8 apartment & 25 rooms Apartment Layout 2/4, 5/3 & 1/2 Zoning R7-2 FAR (built / allowed) 1.17 / 3.44 (Available air rights: 13,976± SF) Year Built / Renovated Circa 1915 / 1997 Real Estate Taxes (2016/2017)* $14,742 (current 2017) Real Estate Taxes (2017/2018)* $35,242 (projected 2018) *J-51 tax abatement expires June 30, Cabrini Boulevard 9

10 LOCATION MAP 344 Cabrini Boulevard 825 West 187 th Street 344 Cabrini Boulevard 10

11 FINANCIAL OVERVIEW

12 INCOME & EXPENSES 344 Cabrini Boulevard REVENUE AMOUNT Apartments (8 occupied Rent Stabilized units) $183,550 Credit / Vacancy Loss (2%) ($3,670) GROSS INCOME: $179,880 ESTIMATED EXPENSES Real Estate Taxes (17/18)* $35,245 Water & Sewer $8,000 Payroll & Doorman $6,500 Fuel (Gas) $7,500 Insurance $5,000 Utilities $2,250 Management Fee (3%) $5,500 Repairs, Maintenance & Misc. $8,000 TOTAL EXPENSES: $78,000 NET OPERATING INCOME: $101,880 *J-51 tax abatement expires June 30, 2018 (current 2017 real estate taxes are $14,742). Projected real estate taxes for 2018 = $35, Cabrini Boulevard 12

13 RESIDENTIAL RENT ROLL 344 Cabrini Boulevard APT # TENANT BILL RENT LEGAL RENT # ROOMS LXP STATUS LL Eric Morse $2, $3, /30/2016 Stabilized 11 Laurence Jones $2, $2, /31/2017 Stabilized 12 Margaret Daly $2, $3, /30/2017 Stabilized 21 Pei-Chi Chung $2, $3, /31/2017 Stabilized 22 Jennifer Leahy $2, $3, /31/2017 Stabilized 31 Julianne Sharpe $1, $4, /31/2017 Stabilized 32 Nancy Paulin $1, $2, /30/2017 Stabilized 33 Annika Boras $1, $2, /30/2017 Stabilized Residential Monthly Total: $15, $24, Residential Annual Total: $183, $288, Cabrini Boulevard 13

14 RESIDENTIAL RENT ANALYSIS (By Apartment) Layout # of Units Unit % Average Monthly Rent Market Rent Potential Increase (%) Studio % $1,541 $1,865 21% 1 - BR 4 50% $2,114 $2,400 14% 2 - BR % $2,215 $3,000 35% Total / Avg: 8 100% $1,900 $2,400 26% RESIDENTIAL RENT ANALYSIS (By Room) # of Rooms # of Units Total Rooms Average Monthly Rent Per Room $ $ $554 Total / Avg: 8 22 $ Cabrini Boulevard 14

15 344 Cabrini Boulevard PROPERTY PHOTOS

16 344 Cabrini Boulevard - Exterior 344 Cabrini Boulevard 16

17 344 Cabrini Boulevard - Apartment 344 Cabrini Boulevard 17

18 344 Cabrini Boulevard - Mechanicals 344 Cabrini Boulevard 18

19 344 Cabrini Boulevard Street Views 344 Cabrini Boulevard 19

20 DUE DILIGENCE DOCUMENTS

21 CERTIFICATE OF OCCUPANCY 344 Cabrini Boulevard 21

22 LOCATION OVERVIEW

23 LOCATION OVERVIEW Hudson Heights Hudson Heights is a residential subsection of the Washington Heights area of Upper Manhattan, New York City. Many of the residences are in apartment buildings, many of which are cooperatives, and most were constructed in the 1920s through 1940s. The Art Deco style is prominent, along with Tudor Revival. Notable complexes include Hudson View Gardens and Castle Village, which were both developed by Dr. Charles V. Paterno, and were designed by George F. Pelham and his son, George F. Pelham, Jr., respectively. The neighborhood is located on a plateau on top of a high bluff overlooking both the Hudson River on the west and the Broadway valley of Washington Heights on the east, and includes the highest natural point in Manhattan, located in Bennett Park. At 265 feet (81 m) above sea level, it is a few dozen feet lower than the torch on the Statue of Liberty. At the northern end of the neighborhood, where Cabrini Boulevard meets Fort Washington Avenue at Margaret Corbin Circle, is Fort Tryon Park, conceived by John D. Rockefeller Jr., designed by the Olmstead Brothers, and given to the city by Rockefeller in The park contains within it The Cloisters also conceived of by Rockefeller which houses the Medieval art collection of the Metropolitan Museum of Art. 344 Cabrini Boulevard 49 Chittenden Avenue 825 West 187 th Street 344 Cabrini Boulevard 23

24 SUBWAY MAP BUS MAP 344 Cabrini Boulevard 24

25 ZONING OVERVIEW

26 R7-2 R7 districts are medium-density apartment house districts mapped in much of the Bronx as well as the Upper West Side in Manhattan and Brighton Beach in Brooklyn. The height factor regulations for R7 districts encourage lower apartment buildings on smaller zoning lots and, on larger lots, taller buildings with less lot coverage. As an alternative, developers may choose the optional Quality Housing regulations to build lower buildings with greater lot coverage. Regulations for residential development in R7-1 and R7-2 districts are essentially the same except that R7-2 districts, which are mapped primarily in upper Manhattan, have lower parking requirements. 344 Cabrini Boulevard 49 Chittenden Avenue 825 West 187 th Street Height factor buildings are often set back from the street and surrounded by open space and on-site parking. The floor area ratio (FAR) in R7 districts ranges from 0.87 to a high of 3.44; the open space ratio (OSR) ranges from 15.5 to As in other non-contextual districts, a taller building may be obtained by providing more open space. For example, 76% of the zoning lot with a 14-story building must be open space (3.44 FAR 22.0 OSR). The maximum FAR is achievable only where the zoning lot is large enough to accommodate a practical building footprint as well as the required amount of open space. The building must be set within a sky exposure plane which, in R7 districts, begins at a height of 60 feet above the street line and then slopes inward over the zoning lot. In R7-1 districts, off-street parking is required for 60% of the dwelling units, and can be waived if five or fewer spaces are required. In R7-2 districts, off-street parking is required for 50% of the units, and can be waived if 15 or fewer spaces are required. 344 Cabrini Boulevard 26

27 R7-2 R7 districts are medium-density apartment house districts mapped in much of the Bronx as well as the Upper West Side in Manhattan and Brighton Beach in Brooklyn. The height factor regulations for R7 districts encourage lower apartment buildings on smaller zoning lots and, on larger lots, taller buildings with less lot coverage. As an alternative, developers may choose the optional Quality Housing regulations to build lower buildings with greater lot coverage. Regulations for residential development in R7-1 and R7-2 districts are essentially the same except that R7-2 districts, which are mapped primarily in upper Manhattan, have lower parking requirements. 344 Cabrini Boulevard 27

28 CONFIDENTIALITY & DISCLAIMER The information contained in this listing ( Listing ) is confidential, furnished solely for the purpose of review by a prospective purchaser of the following property: 344 Cabrini Boulevard, New York, NY and is not to be used for any other purpose or made available to any other person without the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including inspections. This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers. In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of purchasing the Property described herein. Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner s obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or agreements on behalf of Owner. This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety. 344 Cabrini Boulevard 28

29 BESEN INVESTMENT SALES TEAM Amit Doshi Executive Director (212) Shallini Mehra Senior Director (212) Paul J. Nigido Senior Financial Analyst (646) Carine Citadelle Marketing Associate (646) Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering pictured in offering materials is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser s own architect and/or zoning attorney.