ROBERT SHAPIRO First Vice President of Sales

Transcription

1 1217 BEDFORD AVENUE

2 FOR FURTHER INFORMATION OR INSPECTION, PLEASE CONTACT EXCLUSIVE AGENTS: ROBERT SHAPIRO First Vice President of Sales MICHAEL AMIRKHANIAN Director of Sales DJ JOHNSTON Senior Associate HOWARD PORETSKY Senior Managing Director (212) PATRICK GARDNER Senior Managing Director (212) INVESTMENT SALES RETAIL LEASING CAPITAL SERVICES MASSEYKNAKAL.COM MANHATTAN BROOKLYN STATEN ISLAND THE BRONX QUEENS WESTCHESTER LONG ISLAND NEW JERSEY

3 GRAND ARMY PLAZA 1217 BEDFORD AVENUE TABLE OF CONTENTS 1 EXECUTIVE SUMMARY 8 ZONING ANALYSIS 11 FLOOR PLANS 21 MARKET OVERVIEW 25 THE NEIGHBORHOOD

4 1217 BEDFORD AVENUE EXECUTIVE SUMMARY MASSEY KNAKAL Realty Services 1

5 LOCATION AERIAL VIEW 1217 BEDFORD AVENUE EXECUTIVE SUMMARY 1217 BEDFORD AVENUE MASSEY KNAKAL Realty Services 2

6 PROPERTY DESCRIPTION The subject property is a 4 story building with 60 feet of frontage on Bedford Avenue and access to Halsey Street via driveway from the rear side. The building will be delivered fully vacant, and is an ideal site for mixed use conversion. Multiple public transportation options are located nearby, with both Franklin Avenue and Nostrand Avenue stops for the A/C train line just two blocks away, offering access to Manhattan within 20 minutes, as well as Franklin Avenue shuttle (S line) with service to Prospect Park and the Botanic Gardens. The property also benefits from close proximity to Fulton Street, one of the area s strongest retail corridors, drawing national retailers and substantial foot traffic. The subject property presents an enormous opportunity for a developer to convert an already vacant, solid building to match neighborhood demand for luxury apartments and retail BEDFORD AVENUE EXECUTIVE SUMMARY 1217 BEDFORD AVENUE C S A C MASSEY KNAKAL Realty Services 3

7 PROPERTY OVERVIEW Property Information Location: Block/Lot: 1837 / 2 Lot Dimensions: 60' x 90' Lot Square Footage: 5,867 Zoning: R6A / C2-4 Buildable Square Feet: 17,601 Building Dimensions: 60' x 90' Stories: 4 Existing Square Feet: 19,680 Additional Air Rights: 2,841 Assessment ('14/'15): $888,957 Taxes ('14/'15): $91,767 Located on the east side of Bedford Ave between Hancock and Halsey Streets EXECUTIVE SUMMARY 1217 BEDFORD AVENUE HANCOCK STREET 1837 HALSEY STREET 2 BEDFORD AVENUE MASSEY KNAKAL Realty Services 4

8 TAX ASSESSMENT BILL BEDFORD AVENUE MASSEY KNAKAL Realty Services 5

9 CERTIFICATE OF OCCUPANCY BEDFORD AVENUE MASSEY KNAKAL Realty Services 6

10 DOB VIOLATIONS BEDFORD AVENUE MASSEY KNAKAL Realty Services 7

11 BROOKLYN MUSEUM 1525 BEDFORD AVE EXECUTIVE SUMMARY 1217 BEDFORD AVENUE ZONING ANALYSIS 8 MASSEY KNAKAL Realty Services

12 1217 BEDFORD AVENUE New York City s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot ( floor to area ratio ); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between the building and the lot line; and the amount of parking required. This property is zoned: R6A/C2-4 Maximum FAR: 3.0 ZONING ANALYSIS 1217 BEDFORD AVENUE MASSEY KNAKAL Realty Services 9

13 ZONING ANALYSIS 1217 BEDFORD AVENUE MASSEY KNAKAL Realty Services 10

14 1525 BEDFORD AVE EXECUTIVE SUMMARY 1217 BEDFORD AVENUE FLOOR PLANS 11 MASSEY KNAKAL Realty Services

15 FLOOR PLANS BEDFORD AVENUE MASSEY KNAKAL Realty Services 12

16 FLOOR PLANS BEDFORD AVENUE MASSEY KNAKAL Realty Services 13

17 FLOOR PLANS BEDFORD AVENUE MASSEY KNAKAL Realty Services 14

18 FLOOR PLANS BEDFORD AVENUE MASSEY KNAKAL Realty Services 15

19 FLOOR PLANS BEDFORD AVENUE MASSEY KNAKAL Realty Services 16

20 FLOOR PLANS BEDFORD AVENUE MASSEY KNAKAL Realty Services 17

21 FLOOR PLANS BEDFORD AVENUE MASSEY KNAKAL Realty Services 18

22 FLOOR PLANS BEDFORD AVENUE MASSEY KNAKAL Realty Services 19

23 FLOOR PLANS BEDFORD AVENUE MASSEY KNAKAL Realty Services 20

24 THE BOATHOUSE AT PROSPECT PARK 1525 BEDFORD AVE EXECUTIVE SUMMARY 1217 BEDFORD AVENUE MARKET OVERVIEW 21 MASSEY KNAKAL Realty Services

25 SPECT GHTS 588 Myrtle Avenue 1192 Bedford Avenue 482 Franklin Avenue 1217 BEDFORD AVENUE BEDFORD STUYVESANT NEW DEVELOPMENT 168 Franklin Avenue 689 Marcy Avenue 836 DeKalb Avenue 196 Macon Street BEDFORD STUYVESANT CROWN HEIGHTS 775 Lafayette Avenue 1560 Fulton Street Planning Stage Under Construction Completed Project BUSHWICK 1103 DeKalb Avenue 1024 Gates Avenue BEDFORD STUYVESANT NEW DEVELOPMENT BEDFORD AVENUE CT MASSEY KNAKAL Realty Services 22

26 BEDFORD STUYVESANT NEW DEVELOPMENT The Shelton: 775 Lafayette Ave. Landscaped courtyard Fully equipped Lounge complete with a Wii console, a flat screen, card table, shuffleboard and a kitchenette. Storage lockers, and an underground parking garage, along with the building s own bike storage. 83 Units 14 Stories 30 % affordable Completed 196 Macon Street 5-story, 28 unit rental building on-site gym common roof deck with panoramic Manhattan skyline views on-site parking 24-hour security system Completed 1192 Bedford Avenue 6-unit Condominium Project Brookland Capital floor-to-ceiling windows, white oak flooring common roof deck for a panoramic view of Brooklyn any time of day or night All 6-units currently under contract Completed Acacia: 1560 Fulton Street 99,650 SF Mixed Use 105 Units modern fitness room, private parking landscaped courtyard with play area and a private recreation room for planned functions Under Construction BEDFORD STUYVESANT NEW DEVELOPMENT BEDFORD AVENUE 836 Dekalb Ave 5-Story 24 units Approx. 30,000 SF Under Construction MASSEY KNAKAL Realty Services 23

27 BEDFORD STUYVESANT NEW DEVELOPMENT Marcy Ave aka 168 Kosciuszko Street Planned 41 Unit development Condominiums or rentals 13-spot underground parking garage 23 bicycle parking spots Storage room Under Construction 1024 Gates Avenue Former Roosevelt Savings Bank 50 units 34,937 SF of residential space 25 parking spots Recreation rooms and lounges will also be included Under Construction Franklin Avenue 118 rental units 80,000 sf 59 parking spaces Amenities include a rooftop deck, gym, virtual doorman, tenant lounge, storage, laundry, party room and a student copy center Under Construction 588 Myrtle Avenue 16 units 11,442 sf Under Construction 482 Franklin Avenue 100 units Affordable housing 8 stories 33 parking spaces, 47 bike storage spots Amenities include a gym, below ground recreation space, balconies and terraces Under Construction BEDFORD STUYVESANT NEW DEVELOPMENT BEDFORD AVENUE 1103 DeKalb Avenue Mixed-use development 56 units 35,005 sf residential space and 5,905 ground floor commercial space Amenities include bike storage and balconies on top floors Pre-Construction MASSEY KNAKAL Realty Services 24

28 1525 BEDFORD AVE EXECUTIVE SUMMARY 1217 BEDFORD AVENUE THE NEIGHBORHOOD 25 MASSEY KNAKAL Realty Services

29 NEIGHBORHOOD MAP 1217 BEDFORD AVENUE MASSEY KNAKAL Realty Services 26

30 The Founding Originally settled by freed slaves who were among the first to purchase land for homes, Bedford-Stuyvesant is an area where Brooklynites have effectively negotiated the difficult balance between protecting meaningful historic places and developing and reshaping public resources. Over the years, many of Bedford-Stuyvesant s residents have transplanted their own cultures and experiences to the historically rich community. The Dutch were the first among the colonial settlers. In the 1630s and 1640s, the Dutch West India Company acquired woodlands from the Canarsee Indians and named the site Bedford. The area was officially recognized by English governor Edmund Andros in Bedford was used primarily for farming throughout the eighteenth century, although it was occupied by British troops after the Revolutionary War s Battle of Brooklyn. Innovations in transportation accelerated a growth in population. In 1836 the Brooklyn and Jamaica Railroad traversed Atlantic Street, which is now Atlantic Avenue. By 1873 the population had reached 14,000 and included Irish, German, Scottish, Dutch American, and African-American residents. Growth Years Bedford-Stuyvesant became more accessible from Manhattan upon completion of the Brooklyn Bridge (1883) and the elevated railroad (1885). The grandeur of the area around Bedford Corners and its thoroughfare, Stuyvesant Avenue, lured middle- and upper-class residents, notably F.W. Woolworth of the five-and-ten-cent stores and Abraham Abraham of Abraham & Straus. By 1920 the population had reached 45,000, and during the next decade the numbers of residents in the area rose dramatically, with an especially large increase after the subway reached the area in New immigrants poured into the neighborhood from Europe, the southern US, and the Caribbean. (Novelist and essayist Paule Marshall often includes descriptions of her family s Caribbean American lifestyle and the brownstones of Bed-Stuy in her writing.) Around this time many began referring to Bedford and Stuyvesant Heights by their current, combined name. In 1950 Bedford-Stuyvesant had a peak population of 250,00. The population declined progressively, by 46.7% overall, between 1950 and 1980 to reach a low of 133,377. Since then, it has steadily increased to its current level of about 144,000. Increases have been notable in the northeast quadrant, along Broadway, and along the southern side of Lafayette Ave. Bedford Stuyvesant Today Proximity to transportation, the neighborhoods character, and growth of new development coming to the market are just a few of the factors drawing investors and residents to Bedford Stuyvesant. Bedford Stuyvesant is known for its diverse culture, beautiful brownstone townhouses, historic buildings and tree-lined blocks. Among the historic areas you can also expect to find many new developments and conversion projects both completed and under construction in the neighborhood. 196 Macon Street, The Brownstone, is a 5-story, 28 unit rental building which began leasing apartments in September of Studios are priced at $2,200/month and range up to a 3BR/1BA for $3,300/month Bedford Avenue, a boutique 6-unit condominium project developed by Brookland Capital has already placed all 6 units under contract. The Shelton, located at 775 Lafayette Avenue is a larger scale development completed in This 14 story building has 83 units 30% of which are dedicated to affordable housing. To accompany the thriving development market the neighborhood has responded with a surge of new restaurants and bars. Some notable establishments include the Michelin recommended Black Swan on Bedford Avenue, the Therapy Wine Bar and Peaches on Lewis Avenue, and the Vodou Bar and Saraghina on Halsey Street. The combination of exciting cultural elements coupled with new beautiful living spaces make Bedford Stuyvesant one of New York City s most unique & exciting neighborhoods. THE NEIGHBORHOOD 1217 BEDFORD AVENUE MASSEY KNAKAL Realty Services 27

31 1217 BEDFORD AVENUE THE NEIGHBORHOOD 1217 BEDFORD AVENUE SUBWAY & BUS MAP Multiple public transportation options are located near 1217 Bedford Avenue, with both the Franklin Avenue and Nostrand Avenue stops for the A/C train line just two blocks away, offering access to Manhattan within 20 minutes, as well as Franklin Avenue shuttle (S line) with service to Prospect Park and the Botanic Gardens. On the east side of the neighborhood, J and M trains provide access to lower Manhattan within a half hour. MASSEY KNAKAL Realty Services 28

32 This is a confidential brochure intended solely for your limited use and benefit in determining whether you desire to express any further interest in the purchase of 1217 Bedford Avenue, Brooklyn, NY (the Property ). This brochure was prepared by Massey Knakal Realty Services, ( Massey Knakal ). It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which prospective purchasers may desire. It should be noted that all financial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Massey Knakal or Owner and, therefore, are subject to material variation. Additional information and an opportunity to inspect the Property and plans will be made available to interested and qualified investors. Neither Owner, Massey Knakal nor any of their respective officers nor employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or any of its contents. All square footage measurements must be independently verified. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this brochure or making an offer to purchase the Property unless and until a written agreement satisfactory to Owner has been fully executed, delivered, and approved by Owner and any conditions to Owner obligations thereunder have been satisfied or waived. By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you hold and treat it in the strictest confidence, and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of Owner nor will you use this brochure or any of its contents in any fashion or manner detrimental to the interest of Owner or Massey Knakal. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Massey Knakal does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB s and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions, are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property. Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. While this brochure contains physical description information, there are no references to condition. Neither Owner nor Massey Knakal make any representation as to the physical condition of the Property. Prospective purchasers should conduct their own independent engineering report to verify Property condition. In this brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to review independently all relevant documents. The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated independently therein. If, after reviewing this brochure, you have no further interest in purchasing the Property at this time, kindly return this brochure to Massey Knakal at your earliest possible convenience. Photocopying or other duplication is not authorized. This brochure shall not be deemed an indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Owner since the date of preparation of this brochure. All zoning information, including but not limited to, use and buildable footage must be independently verified. MASSEY KNAKAL Realty Services 29

33 FOR FURTHER INFORMATION OR INSPECTION, PLEASE CONTACT EXCLUSIVE AGENTS: ROBERT SHAPIRO First Vice President of Sales MICHAEL AMIRKHANIAN Director of Sales DJ JOHNSTON Senior Associate HOWARD PORETSKY Senior Managing Director (212) PATRICK GARDNER Senior Managing Director (212) INVESTMENT SALES RETAIL LEASING CAPITAL SERVICES MASSEYKNAKAL.COM MANHATTAN BROOKLYN STATEN ISLAND THE BRONX QUEENS WESTCHESTER LONG ISLAND NEW JERSEY