Exclusive Offering Memorandum

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Bridget Strickland
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1 Exclusive Offering Memorandum 1

2 TerraCRG has been retained to exclusively represent ownership in the sale of 783 Knickerbocker Avenue in Bushwick. For more information, please contact exclusive agents: Ofer Cohen Founder & President Eric Satanovsky Senior Associate Damhi Shaw Associate Matthew Cosentino Partner Fred Bijou Senior Associate terracrg.com Asking Price: $19,000,000 The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel. Interested party should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination.

THE OFFERING TerraCRG has been retained to exclusively represent ownership in the sale of the multifamily building located at 783 Knickerbocker Avenue in the Bushwick neighborhood of Brooklyn.

3 THE OFFERING TerraCRG has been retained to exclusively represent ownership in the sale of the multifamily building located at 783 Knickerbocker Avenue in the Bushwick neighborhood of Brooklyn. The building consists of 38 luxury loft style units each unit being unique and unlike anything available on the market. Some of the units have 20 foot ceiling heights, exposed structural beams, mezzanines, circular bedrooms, park views and many other features that will make these units highly desirable and allow them to achieve premium rents. The property also has a 1,200 SF center courtyard, gym, game room and 1,500 SF driveway. The building will be delivered with final Certificate of Occupancy and fully vacant. When occupied, the property has the ability to generate approx. $1,207,000 in gross revenue. This projection is based on the assumption that a 421-A tax abatement will be in place with 30% of the units set at 130% of AMI. Owner of the property can apply for a 35-year 421-A tax abatement once TCO/CO is in place. This once historically significant building was the former home to the Alhambra Theater. It is located two blocks from the Halsey L train station and five blocks from the Halsey J subway station. The property is also located directly on Irving Square Park. There is strong retail in the area with many new restaurants and bars, including Father Knows Best, Bonus Room, Bushwick Taco Co., Industry 1332, Halsey Ale House, and many more.

4 OPPORTUNITY HIGHLIGHTS Gross Annual Income (Proj.) AnnualExpenses (Proj.) NOI (Proj.) Gross Building SF Cap Rate (Proj.) $1,207,224 $247,498 $959,726 26,990 ~5%

783 KNICKERBOCKER AVENUE 38-unit, fully vacant residential building with laundry room, game room, gym, and courtyard Property Information Address: 783-791 Knickerbocker Avenue Neighborhood: Bushwick

5 783 KNICKERBOCKER AVENUE 38-unit, fully vacant residential building with laundry room, game room, gym, and courtyard Property Information Address: Knickerbocker Avenue Neighborhood: Bushwick Cross Streets: Halsey St. & Eldert Street Block: 3413 Lot: 6 Lot Size: 100 ft x ft Building Information Building Size: 88.5 ft x 126 ft Building Class: C1 Zoning: R6 Stories: 4 Residential Units: 38 Commercial Units: 0 Total Units: 38 Total Building SF: 26,990 Net Leaseable Building SF: 20,572 Gym SF: 578 Game Room SF: 345 Courtyard SF: 1,200 Driveway SF: 1,519 FAR: 2.20 Taxes (18/19): $110,466 *Projected 35 year 421-a Tax Abatement

783 KNICKERBOCKER AVENUE Projected Revenue Unit Est. SF Bedrooms / Baths Monthly Rent Gross Annual Rent 101 608 1 BR $ 2,550.00 $ 30,600 102 441 Studio/ 1BR $ 2,350.

6 783 KNICKERBOCKER AVENUE Projected Revenue Unit Est. SF Bedrooms / Baths Monthly Rent Gross Annual Rent BR $ 2, $ 30, Studio/ 1BR $ 2, $ 28, Studio/ 1BR $ 2, $ 25,188 * Studio/ 1BR $ 2, $ 28, Studio/ 1BR $ 2, $ 28, Studio/ 1BR $ 2, $ 28, Studio/ 1BR $ 2, $ 29, BR $ 2, $ 30, BR $ 2, $ 28, BR $ 2, $ 28, BR $ 2, $ 28, Studio $ 2, $ 25,188 * BR $ 2, $ 28, BR $ 2, $ 28, BR $ 2, $ 28, BR $ 2, $ 32,592 * BR Double Mezz/2Ba $ 3, $ 46, BR Dup/ 2Ba $ 2, $ 34, BR Dup/2Ba $ 2, $ 34, BR Dup/2Ba $ 2, $ 34, BR Dup/1Ba $ 2, $ 34, BR Dup/ 2Ba $ 2, $ 27,036 * BR Dup/ 2Ba $ 3, $ 38, BR Dup/1Ba $ 2, $ 32,592 * BR Dup/2Ba $ 2, $ 32,592 * BR $ 2, $ 30, BR $ 2, $ 30, Studio $ 2, $ 25,188 * BR Dup/2Ba $ 2, $ 32,592 * BR Dup/2Ba $ 2, $ 32,592 * BR Dup. $ 2, $ 32,592 * BR Dup. $ 3, $ 45, BR/ 2BR $ 2, $ 27,036 * BR $ 2, $ 27,036 * BR $ 2, $ 30, BR Dup. $ 3, $ 39, BR Dup. $ 2, $ 34, BR Dup. $ 3, $ 44,400 RR 578 Gym $ - $ - BR 345 Game Room $ - $ - Total 21,495 $ 100, $ 1,207,224 *130% AMI Rent REVENUE (Projected): Gross Monthly Income $ 100,602 Gross Annual Income $ 1,207,224 EXPENSES: (Estimated) Real Estate Taxes $ 110,466 Heat (tenants) $ - Electric $ 5,398 Insurance $ 19,000 Water/Sewer $ 34,200 Payroll $ 6,000 Maintenance 3% $ 36,217 Management/Vacancy 3% $ 36,217 Total: $ 247,498 Gross Annual Income: $ 1,207,224 Less Expenses: $ 247,498 Net Operating Income: $ 959,726 The gross annual income is approximately $1,207,224 and the projected net operating income is approximately $959,726 Rental analysis conducted by NOOKLYN

7 INTERIOR PHOTOS

8 INTERIOR PHOTOS

9 SAMPLE FLOOR PLANS

10 SAMPLE FLOOR PLANS

ALHAMBRA THEATER Between 1914 and 1951, 783 Knickerbocker Avenue was home to the

It was named after the famous Alhambra Palace in the Andalucía region of Spain.

11 ALHAMBRA THEATER Between 1914 and 1951, 783 Knickerbocker Avenue was home to the Alhambra Theater. It was named after the famous Alhambra Palace in the Andalucía region of Spain. The theater has been owned by many companies over the years but it began under the Glynne & Ward circuit. Initially seating 1,500, the Glynne & Ward circuit found it necessary to expand in 1918, adding a balcony and raising the theater s maximum capacity to 2,200. More recently the building served as a grocery store and a daycare facility.

AREA MAP Halsey Avenue 2017 Average Weekday Subway Ridership 8,781 2017 Annual Subway Ridership 2,776,078 The property is within close proximity to the Halsey Avenue L & J train station.

12 AREA MAP Halsey Avenue 2017 Average Weekday Subway Ridership 8, Annual Subway Ridership 2,776,078 The property is within close proximity to the Halsey Avenue L & J train station. The L train has transfers at nearby stations Broadway Junction and Myrtle-Wyckoff Avenue. Halsey Avenue Wilson Avenue 2017 Average Weekday Subway Ridership 4, Annual Subway Ridership 1,471,094 Halsey Avenue 2017 Average Weekday Subway Ridership 6, Annual Subway Ridership 2,131,177 Wilson Avenue Halsey Avenue

BUSHWICK Home to Brooklyn's nascent creative arts class, Bushwick is

the many former factories and industrial buildings which are being

With a vibrant street-art scene and dozen's of galleries and pop-ups,

signature lofts and multicolored brownstones throughout the neighborhood.

surprise that new retail and criticallyacclaimed restaurants have begun

Checking out the shops, cafés and bars on Wyckoff Avenue, or around any

13 BUSHWICK Home to Brooklyn's nascent creative arts class, Bushwick is generating the kind of buzz and attention its neighbor Williamsburg to the west has recently experienced. Bushwick has emerged as a desirable focus of developers capitalizing on the many former factories and industrial buildings which are being restored and repositioned as for office, residential and cultural uses. With a vibrant street-art scene and dozen's of galleries and pop-ups, Bushwick is being brought to life along with a continual restoration of signature lofts and multicolored brownstones throughout the neighborhood. With the well-known Williamsburg bordering Bushwick on the west, it s no surprise that new retail and criticallyacclaimed restaurants have begun quickly migrating and finding space on Bushwick s main thoroughfares. Checking out the shops, cafés and bars on Wyckoff Avenue, or around any of the major subway stations will be sure to fill your camera with weeks worth of Instagram-worthy photos. Area Transportation Bushwick Collective Highest Volume of Brooklyn Multifamily Sales in With over 50 gallery spaces, Bushwick has one of the fastest growing art scenes in the country. The Dekalb (L) subway station in Bushwick had an annual ridership of 4,017,076 in Maria Hernandez Park Roberta s

14 NEIGHBORHOOD ATTRACTIONS BUSHWICK Irving Square Park Irving Square Park is a municipal park in Bushwick, Brooklyn, New York. It is located between Knickerbocker Avenue and Wilson Avenue and takes up an entire city block. The park was dedicated to Washington Irving ( ) in Washington Irving was a famous short story writer responsible for works such as The Legend of Sleepy Hollow. The park is 2.76 acres and is near the Halsey Street station of the L train subway line. Almost $3,000,000 worth of renovations has been invested into the park on amenities such as a new playground, historic gates, sprinklers, benches, fountains, pear trees, and other various botanicals.

15 BUSHWICK VOGUE Mapping Out the 15 Coolest Neighborhoods in the World Sources: Brownstoner Laura Leebove 8/26/2015

NEIGHBORHOOD ATTRACTIONS: ENTERTAINMENT HOUSE OF YES ROBERTA S THE WELL

theater & cabaret performances in a former ice warehouse.

pizzas it sells at Whole Foods and the crowds who line up at the

The Well is a sprawling joint that is open for music performances, with

16 NEIGHBORHOOD ATTRACTIONS: ENTERTAINMENT HOUSE OF YES ROBERTA S THE WELL BROOKLYN STEEL House Of Yes is a funky venue showcasing dance, circus, theater & cabaret performances in a former ice warehouse. Roberta s became an international brand, as evidenced by the frozen pizzas it sells at Whole Foods and the crowds who line up at the restaurant daily. The Well is a sprawling joint that is open for music performances, with pub grub, tons of beer and a huge patio. Brooklyn Steel, which opened in April 2017, is an 1,800 capacity music club located at 319 Frost Street in East Williamsburg.

NEIGHBORHOOD ATTRACTIONS: CULTURE THE BUSHWICK COLLECTIVE THE BOGART THE PAPER BOX

murals by some of the best national and international street artists, muralists &

The BogArt was converted to an artist production studio space in 2005 and has

The Paper Box is a multi-use complex with performance space, a rehearsal/recording

17 NEIGHBORHOOD ATTRACTIONS: CULTURE THE BUSHWICK COLLECTIVE THE BOGART THE PAPER BOX LOFTOPERA The Bushwick Collective is completely covered in amazing street art and murals by some of the best national and international street artists, muralists & graffiti artists. The BogArt was converted to an artist production studio space in 2005 and has become the artist center of Bushwick. The Paper Box is a multi-use complex with performance space, a rehearsal/recording studio, bar/lounges & an outdoor patio. LoftOpera is opera for the 21st Century, packing the house with hip young crowds with a formula that includes artisanal beer and highly talented performers.

It is the second most densely populated county in the U.S., after New York County (Manhattan).

the south by Lower New York Bay, the Atlantic Ocean and Jamaica Bay and on the west by the East River, Upper New York Bay and

18 BROOKLYN With 2.6 million residents, Brooklyn is the most populous borough of New York City and the most populous county in New York state. It is the second most densely populated county in the U.S., after New York County (Manhattan). The borough is situated at the southwestern end of Long Island and is bounded on the north and east by the borough of Queens, on the south by Lower New York Bay, the Atlantic Ocean and Jamaica Bay and on the west by the East River, Upper New York Bay and the Narrows, which separates it from the borough of Staten Island. Brooklyn was an independent city until its consolidation with New York City in The borough s 36 neighborhoods continue to maintain a distinct culture, independent art scene and unique architectural heritage.

718-768-6888 terracrg.com Ofer Cohen Founder & President ocohen@terracrg.com For more information, please contact exclusive agents: Eric Satanovsky Senior Associate esatanovsky@terracrg.

19 terracrg.com Ofer Cohen Founder & President For more information, please contact exclusive agents: Eric Satanovsky Senior Associate Matthew Cosentino Partner Fred Bijou Senior Associate Damhi Shaw Associate The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel. Interested party should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination.

WYCKOFF AVENUE. Bushwick. Exclusive 1 Offering Memorandum

WYCKOFF AVENUE. Bushwick. Exclusive 1 Offering Memorandum 198 WYCKOFF AVENUE Bushwick Exclusive 1 Offering Memorandum TerraCRG has been retained to exclusively represent ownership in the sale of 198 Wyckoff Avenue a mixed-use building located in Bushwick. For