DECATUR ST STUYVESANT HEIGHTS BROOKLYN NY EXCLUSIVE OFFERING MEMORANDUM OFFERING HIGHLIGHTS SEVEN (7) APARTMENTS FOUR-STORY BROWNSTONE

Transcription

1 EXCLUSIVE OFFERING MEMORANDUM 58 DECATUR ST STUYVESANT HEIGHTS BROOKLYN NY OFFERING HIGHLIGHTS SEVEN (7) APARTMENTS FOUR-STORY BROWNSTONE IMMEDIATE PROXIMITY TO TRAINS WELL-MAINTAINED AND UPDATED 1

2 PROPERTY SUMMARY TEK Realty Advisors LLC ( TEKRA ) is pleased to present the exclusive offering of 58 Decatur Street, a 19.5 wide, four-story brownstone located on the south block between Throop Avenue and Tompkins Avenue in the Stuyvesant Heights section of Brooklyn, NY. 58 Decatur Street is a 7-unit walk-up encompassing 3,325± SF. The unit mix consists of one (1) Garden Apartment, three (3) Alcove Studios and three (3) 1-Bedroom units. The building received major capital improvements in 2008 which include a new roof, parapet wall restoration, waterproofing, new windows, new building intercom system and new flooring in the common areas. All of the apartments were updated with new wood flooring throughout and new kitchens and bathrooms. The subject property provides immediate proximity to the Kingston-Throop A and C trains located on the southeast corner of Fulton Street and Kingston Avenue. The property possesses approximately 416± SF of excess air rights which could be used to expand the overall square footage. Any plans for use of excess air rights will be subject to Landmarks Preservation Commission approval as the property is a landmark. This property will appeal to an array of purchasers interested in acquiring a well maintained multi-family brownstone with upside in the rents on one of the best blocks in Stuyvesant Heights. PROPERTY ADDRESS: 58 Decatur Street Brooklyn, NY NEIGHBORHOOD: LOCATION: BLOCK, LOT: 1857 / 60 Stuyvesant Heights South block between Throop Avenue and Tompkins Avenue LOT AREA: 1,247± SF (Approx.) LOT SIZE: 19.5 x 66 (Approx.) BUILDING AREA: 3,325± SF (Approx.) BUILDING SIZE: 19.5 x 43 (Approx.) STORIES: Four (4) YEAR BUILT: 1910 NUMBER OF UNITS: Alcove Studios 3 1 Bedrooms 3 Garden/Parlor Floor 1 Total 7 BUILDING CLASS: ZONING DISTRICT: R6A / C2-4 ZFAR: 3.0 C2 - Walk-Up Apartments (5 to 6 Families) REAL ESTATE TAXES: $6,548 (2018/19) TAX CLASS: 2A FOR FURTHER INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS: THEO E. KONTIS Partner theo@tekrany.com VINCENZO AMATO Partner vincenzo@tekrany.com ADRIANA CONTAVALLE Associate adriana@tekrany.com 2

3 CERTIFICATE OF OCCUPANCY 3

4 NYC DEPT. OF FINANCE 4

5 NYC DEPT. OF BUILDINGS 5

6 REVENUE & EXPENSES REVENUE UNIT SIZE STATUS LXP LEGAL RENT PREFERENTIAL Parlor Floor 1 Bedroom FM 03/31/20 N/A $1, F 1 Bedroom 02/29/20 $2, $1, R Alcove Studio 01/31/20 $2, $1, F 1 Bedroom Month-to-Month $2, **$1, R Alcove Studio 05/31/19 $2, $1, F 1 Bedroom 08/31/18 $2, $1, R Alcove Studio 01/31/19 $2, $1, MONTHLY TOTAL: $9, ANNUAL TOTAL: $115, ** Tenant Receives a $150 Rent Credit Per Month In Exchange For The Building s Janitorial Services OPERATING EXPENSES Real Estate Taxes (2018/19) Per NYC DOF $6, Property Insurance Per Owner $3, Water/Sewer Estimated $4, Electric (Common Areas) Estimated $2, Heat (Oil #2) Estimated $8, Repairs & Maintenance Estimated $2, Janitorial Services Expense for 2F Per Owner $1, Vacancy Loss 2% $2, Management Fee 3% $3, TOTAL: $34, NET OPERATING INCOME $81,

7 PROPERTY FLOOR PLANS 7

8 PROPERTY TAX MAP 58 DECATUR STREET 8

9 58 DECATUR STREET PROPERTY PHOTOGRAPHS 9

10 58 DECATUR STREET PROPERTY PHOTOGRAPHS 10

11 LOCATION MAP 11

12 ZONING OVERVIEW Source: NYC Department of City Planning RESIDENTIAL DISTRICT COMMERCIAL OVERLAY FAR RESIDENTIAL FAR COMMUNITY FACILITY FAR R6A N/A R6A is a contextual district where the Quality Housing bulk regulations are mandatory. These regulations produce high lot coverage, six- to eight-story apartment buildings set at or near the street line. Designed to be compatible with older buildings found in medium-density neighborhoods, R6A districts are mapped in the Bronx, Brooklyn and Queens. Parts of Kingsbridge in the Bronx and Williamsburg in Brooklyn are typical R6A areas. The floor area ratio (FAR) in R6A districts is 3.0. Above a minimum base height of 40 feet, the building must set back by at least 10 feet on a wide street and 15 feet on a narrow street before rising to its maximum height of 70 feet, or 75 feet if providing a qualifying ground floor. To preserve the traditional streetscape, the street wall of a new building can be no closer to the street line than any adjacent street wall, but need not be farther than 10 feet. The area between a building s street wall and the street line must be planted. R6A buildings must have interior amenities for the residents pursuant to the Quality Housing Program. Higher maximum FAR and heights are available for buildings participating in the Inclusionary Housing Program or that provide certain senior facilities. Off-street parking is generally required for 50 percent of a building s dwelling units, but requirements are lower for income-restricted housing units (IRHU) and are further modified in certain areas, such as within the Transit Zone and the Manhattan Core, or for lots less than 10,000 square feet. Parking can be waived if five or fewer spaces are required. Off -street parking is not allowed in front of a building. 12

13 CONTACT INFORMATION EXCLUSIVE AGENTS THEO E. KONTIS Partner VINCENZO AMATO Partner ADRIANA CONTAVALLE Associate TEK REALTY ADVISORS LLC Broadway Suite 204 Astoria, NY T F All information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal. The quality of the photographs contained herein may have been improved or enhanced. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. As an example, all zoning information, buildable square footage estimates and indicated users must be independently verified. 13