New Lots Avenue New Lots Avenue Brooklyn, NY

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1 New Lots Avenue New Lots Avenue Brooklyn, NY 1

2 CONFIDENTIALITY & CONDITIONS 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 the Property. This brochure was prepared by Massey Knakal Realty Services, ( Massey Knakal ) and has been reviewed by representatives of Ownership. 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 2tanks) or other undesirable New Lots materials Avenue orbrooklyn, conditions, NY 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. Once you have expressed an offer to acquire the property and have demonstrated certain bona fides satisfactory to owner, certain further and additional information may be provided in order for you to complete your due diligence investigation; e.g. complete and detailed rent roll, expense passthroughs. Zoning is a critical factor in the value of this property. All zoning information must be independently verified.

3 THE MASSEY KNAKAL ADVANTAGE FOR BUYERS Best Inventory On average, Massey Knakal exclusively lists 600+ properties at any given time the largest inventory of properties in the New York City metropolitan area. More buyers and sellers choose to work with Massey Knakal than any other firm for any size or type of property transaction. Best Territory Knowledge The Massey Knakal Territory System assigns only one sales agent to represent property in a given area, making these agents superior real estate experts for their territory. The benefit to you is that our agents can assist you with making a more profitable buying decision. You can be confident that a purchase made through Massey Knakal will be the right decision for your needs. Best Opportunity Massey Knakal treats all buyers fairly, which means that you will always have an equal opportunity to purchase a property. Since Massey Knakal only handles exclusive listings, you will be able to get accurate property information and up-to-the-minute status reports on the availability of all our properties. The benefit to you is that you will not waste valuable time tracking properties that have already been sold. Additionally, throughout the purchasing process, you will always be treated with respect and professionalism by our sales agents. Massey Knakal: We Know New York City. Know Us.

4 TABLE OF CONTENTS I. Property Page 6 Property Summary II. Property Overview... Page 7 Tax Map Rent Roll Expenses Property Photos III. Neighborhood Information..Page 16 Neighborhood Description Zoning Map Zoning Description Neighborhood Map Aerial Photo Subway & Bus Map IV. Due Diligence... Page 25 Certificate of Occupancy Approved Plans Property Survey Property Violations Commercial Lease V. About Massey Knakal Page 28

5 5923 Strickland Avenue Brooklyn, NY Elevatored Mixed-Use Building for Sale For Further Information or Inspection, Please Contact Exclusive Sales Agents: John Ciraulo Vice Chairman Massey Knakal Realty Services 275 Madison Avenue, 3 rd Floor New York, NY Tel: Fax: jciraulo@masseyknakal.com Edward Gevinski Director of Sales Massey Knakal Realty Services 205 Montague Street, 3 rd Floor Brooklyn, NY Tel: Fax: egevinski@masseyknakal.com Price: $12,900,000 Brian Streilein Associate Massey Knakal Realty Services 205 Montague Street, 3 rd Floor Brooklyn, NY Tel: Fax: bstreilein@masseyknakal.com 5

6 Property Summary Overview

7 Property Summary Tax Map 5923 Strickland Avenue Brooklyn, NY Block: 8470 Lots: 1601, 1602 The subject properties are located on the north side of Strickland Avenue, between 56 th Drive and National Drive.

8 Property Summary Rent Roll for 5923 Strickland Avenue

9 Property Summary Expenses

10 Property Summary Exterior Photographs I

11 Property Summary Exterior Photographs II

12 Property Summary Exterior Photographs III

13 Property Summary Interior Photographs I

14 Property Summary Interior Photographs II

15 Property Summary Interior Photographs III

16 Neighborhood Information Flatlands/Marine Park Description I Flatlands/Marine Park Brooklyn is all about its many neighborhoods. Brooklyn is known for its diverse and rich ethnic communities. It is a sense of belonging and community that it offers which make Brooklyn an exceptional place to live, work and play. The Flatlands/Marine Park neighborhood is on the Southeast corner of Brooklyn. It is roughly delineated by Avenue H on the north, Avenue U on the south, Ralph Avenue on the east and 21 st Street on the west. to live The ebb and flow of ethnic changes has been much noticed in Flatlands/Marine Park, and residents say the underlying values of this well-groomed neighborhood have still remained strong. The shift in population makes this neighborhood a mixed location where incoming residents have made the leap to the middle class and home ownership has increased. The new residents upgraded their properties and continued to keep this a well-groomed community. In the residential section, one could find neatly aligned block after block of detached, semidetached and attached houses in brick, vinyl siding, or stucco houses. The large single-family homes and their tidy front lawns on Schenectady Avenue are considered the crème de la crème. Flatlands/Marine Park truly offers its residents a charming mix of old and new. Real Italian delis and bakeries stand shoulder to shoulder with McDonalds, KFC, Petco, CVS and Home Depot and there is always a kosher deli close by ready to serve up a pastrami sandwich. Ralph Avenue on the east is a four-lane strip of outdoor malls selling everything under the sun Strickland Avenue Brooklyn, NY

17 Neighborhood Information Flatlands/Marine Park Description II Flatlands/Marine Park (cont d) to work In 2005, New York City established the Flatlands-Fairfield Industrial Business Zone to create a clearer, safer and more business-friendly area for industrial and manufacturing businesses. This zone begins from Avenue H and stretches 486 acres Northeast up to Logan Street in the neighborhood of Fairfield. More than 240 companies in this zone are involved in the building trades, courier cargo, food manufacturing and transportation, and provided more than 6,300 jobs in the neighborhood. With a high car ownership in this Flatlands/Marine Park, auto-related industry flourished. Many major car dealership like Acura, Honda, Hyundai, Scion, Toyota, Pontiac Buick, etc., can all be found along Nostrand Avenue and Utica Avenue. Auto shops dotted all over Flatlands/Marine Park with a high concentration on Nostrand Avenue and Utica Avenue. This neighborhood boasts several robust retail commercial corridors along Flatbush Avenue, Nostrand Avenue, Utica Avenue and Ralph Avenue that created jobs in the area. In addition, at the Junction of Flatbush and Nostrand Avenues, construction is complete on a 3-story, 250,000 square foot retail complex with a 500 car multi-level parking garage. Target occupies the top 2 floors, with upscale retail and restaurant tenants occupying the ground floor. Low-key commercial strip like Avenue N has stores that better reflect the tastes of the immediate neighborhood.

18 Neighborhood Information Flatlands/Marine Park Description III Flatlands/Marine Park (cont d) to play Recreational facilities are in abundance in Flatlands/Marine Park. For basketball and baseball, there is the Jacob Joffe Fields at Avenue K. For tennis and more ball fields, there is the vast Marine Park. This 800-acre park at the southern end is the largest park in Brooklyn. At the Marine Park, you will also find Brooklyn s largest golf course. For nature lovers, there is Salt Marsh Nature Center. Flatlands/Marine Park is the home to Kings Plaza (Avenue U) - Brooklyn s first enclosed shopping mall and The Junction (Avenue H) which was anchored by the newest Target store in There are several historically significant buildings in this neighborhood, including the Henderick Lott House (1940 East 36th Street), the Flatlands Dutch Reformed Church with its inspiring Tiffany windows (Kings Highway and East 40th Street); and the Wyckoff House Museum the oldest building still standing in New York (5816 Clarendon Road). The Brooklyn Center for the Performing Arts on the Brooklyn College Campus is renowned for excellent musical and theatrical shows. 16

19 Neighborhood Information Flatlands/Marine Park Description IV Neighborhood Profile Subway: Bus: Libraries: Community Board: Police Precinct: Fire Department: Hospitals: Other: Flatlands/Marine Park Flatlands/Marine Park is one of the neighborhoods not served directly by MTA New York City Transit Subway lines in Brooklyn. Nearest Subway Stations are: 2 & 5 Trains: Brooklyn College Flatbush Avenue B & Q Trains: Avenue H Avenue J Avenue M Kings Highway L Train: Rockaway Plaza North-South Bus Routes served by 8 lines: B7, B41, B44, B46, B47, B49, B82 & Q35. East-West Bus Routes served by 7 lines: B2, B3, B8, B9, B11, B100 & B103. Flatlands Branch (2065 Flatbush Avenue) Paerdegat Branch (850 East 59 th Street) No. 18 (Meets third Wednesday of every month) 63rd Precinct (1844 Brooklyn Avenue) Engine 309, Ladder 159 (1851 East 48 th Street) Beth Israel Medical Center (3201 Kings Highway) Emergency Service Unit and Helicopter/Aviation Training at Floyd Bennett Field. 16

20 Neighborhood Information Zoning Map New York City s zoning regulates 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 Strickland Avenue 5923 is zoned C3, allowing an FAR of.6. 17

21 Neighborhood Information Zoning Description

22 Neighborhood Information Neighborhood Map 5923 Strickland Avenue

23 Neighborhood Information Aerial Photo

24 Neighborhood Information Bus & Subway Map 5923 Strickland Avenue BUS MAP The property is located near the 103 bus line.

25 Due Diligence Certificate of Occupancy for 5923 Strickland Avenue

26 Due Diligence Deed

27 Due Diligence NYC Department of Building Overview - 0 Open Department of Buildings Violations - 0 Open Environmental Control Board Violations

28 About Massey Knakal In 1988, two real estate agents at Coldwell Banker Commercial (now CB Richard Ellis) in New York City had a business idea they thought might revolutionize the industry. Paul J. Massey, Jr. and Robert A. Knakal wanted to branch out on their own and do something that hadn t been done before, but made perfect sense. Why not slice up New York City into geographic territories and create a real estate brokerage firm full of territory experts? Today that brainstorm has come to fruition, and then some. With 200 employees and coverage of Manhattan, Queens, Brooklyn, the Bronx, Staten Island, Nassau County and Westchester County. Massey Knakal Realty Services has taken over and dominated the New York City building sales marketplace. Massey Knakal is a full service property sales company specializing in the sale of investment and user properties. After running Massey Knakal for about a decade, it became clear that Manhattan was not the only place to sell real estate. In 1998, Massey Knakal opened an office in Queens, and in 2002, an office in Brooklyn. Massey Knakal brokers each work in a specific territory with the idea that the city is far too big for one person to know everything about every inch of New York City. By focusing on one small geographic territory, the broker is able to become a market expert in that territory by knowing who s buying, who s selling, what prices are and how best to maximize the sale price of a property. This focus allows Massey Knakal agents to be the best possible advocate for the seller, giving them the ability to convince buyers to pay higher prices. In fact, the company is so focused on this approach that it only represents sellers. This way, Massey Knakal keeps its objectives completely aligned with the seller s, which avoids conflicts of interest completely. This approach to the New York City marketplace has paid off. In the 25 years the firm has been in existence, over 3,000 transactions have been closed with an aggregate value of over $9 billion. In 2005, Massey Knakal was ranked #1 by Co-Star for the 5th year in a row as the top building sales firm in New York City. The same year the firm outsold its nearest competitor 4 to 1! Also, in 2006, the New York City appraisal firm Miller Cicero announced the results of their independent study of the building sales market in Manhattan, Brooklyn, Queens and the Bronx. The results demonstrated that Massey Knakal sales produced average prices at levels 31.5% higher than the rest of the market! Massey Knakal handles many different product types within New York City and the region including investment properties, vacant owner-occupied buildings, multi-family apartment buildings, office buildings, retail centers, commercial warehouses and large portfolios that have sold for more than $100,000,000. continued on next page

29 About Massey Knakal Massey Knakal also has expertise in selling institutional vacant properties for uses such as schools, non-profit organizations and foreign governments. Massey Knakal grows each year and now consists of some of the most highly regarded building sales professionals in the industry. This steady growth, exemplified by the number of sales, aggregate dollar volume of sales and market share, particularly through the recessionary periods of , and , are accomplishments the firm is very proud of. Although the majority of Massey Knakal sales are of properties under $20,000,000, the firm has sold properties as large as 2,000,000 square feet and for as much as $179,000,000. New York City is the toughest place in the world to do business. Massey Knakal is proud to know that on a daily basis, the people in this company prove that the nice guy/girl can finish first Strickland Avenue Brooklyn, NY

30 The information contained herein is derived from sources deemed reliable. However, 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 th Avenue, Brooklyn, NY