Concourse Village West. Prime Bronx Development / User Opportunity MITCHELL LEVINE

Transcription

1 751&757 Concourse Village West Prime Bronx Development / User Opportunity JAMES NELSON DAVID SIMONE MITCHELL LEVINE MATTHEW NICKERSON MARCUS JECKLIN jnelson@masseyknakal.com dsimone@masseyknakal.com mlevine@masseyknakal.com mnickerson@masseyknakal.com mjecklin@masseyknakal.com 275 Madison Avenue Third Floor New York, NY P F

2 Confidentiality & Conditions This is a confi dential brochure intended solely for your limited use and benefi t in determining whether you desire to express any further interest in the purchase of the 751 and 757 Concourse Village West, Bronx, NY (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 Properties 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 fi nancial 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 Properties and plans will be made available to interested and qualifi ed investors. Neither Owner, Massey Knakal nor any of their respective offi cers 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 verifi ed. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Properties 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 Properties 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 satisfi ed or waived. By receipt of this brochure, you agree that this brochure and its contents are of a confi dential nature, that you hold and treat it in the strictest confi dence, 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 qualifi ed 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 Properties 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 Properties. 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 Properties, 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 Properties, 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 Properties. 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 Properties 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 verifi ed.

3 751 & 757 Massey Knakal Realty 275 Madison Avenue Third Floor New York, NY CONCOURSE VILLAGE WEST Prime Bronx Development / User Opportunity PROPERTY INFORMATION PROPERTY STATISTICS REVENUE AND EXPENSES TAX MAP PROPERTY PHOTOS NEIGHBORHOOD MAP ZONING AERIAL MAP DUE DILIGENCE CERTIFICATE OF OCCUPANCY TAXES NEIGHBORHOOD DESCRIPTION NEIGHBORHOOD OVERVIEW BUS MAP SUBWAY MAP

4 PROPERTY INFORMATION 751 & 757 Concourse Village West

5 Massey Knakal Realty 275 Madison Avenue Third Floor New York, NY

6 751 & 757 Concourse Village West Prime Bronx Development / User Opportunity LOCATION: West side of Concourse Village West between East 156th Street and East 158th Street in the Fleetwood / Grand Concourse neighborhood of the Bronx ADDRESS: 757 CVW 751 CVW TOTAL BLOCK / LOT: 2458 / / / 124 & 132 LOT DIMENSIONS: x x x Irr. LOT AREA: 22,112 15,259 37,371 BUILDING DIMENIONS: N/A x x 100 EXISTING GROSS SF: None 30,400 SF 30,400 SF STORIES: N/A 2 2 ZONING / FAR: C8-3 / 2.00 C8-3 / 2.00 C8-3 / 2.00 BUILDABLE SF: 44,224 SF 30,518 SF 74,742 SF BSF COMMUNITY: 143,728 SF 99,183 SF 242,911 SF AIR RIGHTS BSF: 44, ,542 ASSESSMENT (13/14): (1) All Square Footages Are Approximate $201,870 $422,550 $624,420 TAXES (13/14): $20,839 $43,620 $64,459 ASKING PRICE: $6,000,000 DESCRIPTION: A two story parking structure and parking lot located on one of the busiest streets in the Bronx. Combined, the parcels possess approximately 74,742 BSF and offer approximately 331 of frontage. This is an excellent opportunity for an investor or developer in the Fleetwood / Grand Concourse section of the Bronx. For further information or inspection please contact Exclusive Agents: JAMES NELSON jnelson@masseyknakal.com DAVID SIMONE dsimone@masseyknakal.com MITCHELL LEVINE mlevine@masseyknakal.com MATTHEW NICKERSON mnickerson@masseyknakal.com MARCUS JECKLIN mjecklin@masseyknakal.com The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verifi ed. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN. 275 Madison Avenue Third Floor New York, NY Fax

7 751 & 757 Concourse Village West Prime Bronx Development / User Opportunity ASKING PRICE: $6,000,000 For further information or inspection please contact Exclusive Agents: JAMES NELSON jnelson@masseyknakal.com DAVID SIMONE dsimone@masseyknakal.com MITCHELL LEVINE mlevine@masseyknakal.com MATTHEW NICKERSON mnickerson@masseyknakal.com MARCUS JECKLIN mjecklin@masseyknakal.com The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verifi ed. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN. 275 Madison Avenue Third Floor New York, NY Fax

8 East 158th Street Grand Concourse East 156th Street Concourse Village West & 757 CONCOURSE VILLAGE WEST TAX MAPS East 153rd Street

9 9 ZONING MAP 751 & 757 CONCOURSE VILLAGE WEST 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 ( fl oor 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. The Commercial district has Eight different classifi cations. 751 & 757 Grand Concourse are zoned C8-3. FAR: 2.0

10 & 757 CONCOURSE VILLAGE WEST ZONING INFORMATION

11 & 757 CONCOURSE VILLAGE WEST CERTIFICATE OF OCCUPANCY

12 & 757 CONCOURSE VILLAGE WEST TAXES

13 PROPERTY PHOTOS 751 & 757 Concourse Village West

14 & 757 CONCOURSE VILLAGE WEST PROPERTY PHOTOS

15 & 757 CONCOURSE VILLAGE WEST PROPERTY PHOTOS

16 & 757 CONCOURSE VILLAGE WEST PROPERTY PHOTOS

17 NEIGHBORHOOD DESCRIPTION BRONX

18 & 757 CONCOURSE VILLAGE WEST BRONX The borough of the Bronx boasts many world famous attractions, artistic expressions, miles of parks and over 60 landmarks & historic districts. It is where people like Edgar Allen Poe and Mark Twain lived, and it is where break dancing and salsa music were born. It has a population of about l.4 million, and by the late 1990s its bridges, highways, and railroads were more heavily traveled than those in any other part of the United States. An amazing 24% of its land mass or 42 square miles is parkland including Pelham Bay Park, the largest park in the city. It s the home of the Bronx Zoo, the largest zoo in the United States, as well as The Botanical Gardens, the Hall of Fame for Great Americans, and Yankee Stadium. The Bronx has more institutions of higher education than most foreign countries. There are 12 colleges and universities including, Fordham University, The Maritime College of the State of New York, three branches of the City University of New York (Lehman College, Bronx Community College, and Hostos Community College), the Albert Einstein College of Medicine of Yeshiva University, the College of Mount St. Vincent, Manhattan College, Mercy College, the College of New Rochelle, Audrey Cohen College and Monroe College. The Bronx is named in memory of the area s fi rst European settler, Jonas Bronck, who created the fi rst settlement along the Harlem River in 1639 in what is now Mott Haven. The Bronx was originally part of Westchester County, and was offi cially included as a New York City borough on January 1, The Bronx was fi nally named as New York s 62nd county (and also its last-formed county) in The history of the Bronx during the 20th century can be divided roughly into four periods. The fi rst period was represented by the boom during At the turn of the century, the quiet suburban streets and farms of The Bronx began to yield to rapidly expanding factories and urban neighborhoods. Inspired by Paris great Champs Elysées, the borough s main thoroughfare, the Grand Concourse, was completed in By the 1920s the Fordham Road-Grand Concourse intersection was a great commercial nexus and a center of tree-lined avenues, with luxurious homes and apartment buildings designed in the latest Art Deco and modernist styles.

19 & 757 CONCOURSE VILLAGE WEST BRONX During this time period, the South Bronx became the national epicenter of piano manufacturing. In 1918 the Bronx even hosted the rather small 1918 World s Fair at 177th Street and DeVoe Avenue. In 1900, the population of the Bronx was only 200,000, but by 1930 it had grown to 1.3 million. These were the good times. The second period is one of decline, and is marked by the onset of the Great Depression of Bootleggers and gangs began to take over, and the oldest sections of the Bronx became poverty-stricken. Between the 1930 s and the 1960 s the moderate and upper income Bronxites began to rapidly relocate from the southwestern neighborhoods of the borough leaving the poorest in the West Bronx. The third period from the mid 60 s through the 80 s is symbolized by another decline in the quality of life in the Bronx brought on by in the opinion of many the Cross-Bronx Expressway and the development of high-rise housing projects. During this time, the Bronx was plagued by a wave of arson hitting the hardest in the South Bronx. Some attribute these fi res to the planned burning of buildings by landlords in an attempt to gather insurance payouts. Others think that a downscaling of the municipal services including fi refi ghters caused the issue. The fi res became so bad that 7 of the 289 census tracts in the Bronx borough lost more than 97% of their buildings to fi re and abandonment between 1970 and Another 44 tracts lost more than 50% of their buildings to the same fate. By the end of this third period, the South Bronx had lost almost 60% of its population and 40% of its housing units. After a period of dramatic population losses in the 1970s through the early 1980s, the population of the Bronx began to grow again making the fourth period of Bronx history one of revitalization. The city formed a successful Ten-Year Housing Plan, and many community-focused non-profi t groups stepped in to help rebuild the area. Soon, national retailers such as Marshalls, Staples, and Target began opening stores in the Bronx. Co-op City remained a successful development, luxury apartments built in Riverdale in the 1950s became cooperatives, and the housing stock continued to include the world s largest concentration of buildings in the art deco style. Entrepreneurs formed new businesses, and the borough s public schools became overcrowded with new immigrants. In 1997 the Bronx was granted the All-America City Award by the National Civic League, acknowledging its comeback from a dramatic decline. Between 2002 and 2007, over 33,000 new units of housing were built or under way, and $4.8 billion had been invested in new housing. In more recent years, this trend has only continued. Today, the New York City Economic Development Corporation is focusing on Melrose Commons / Third Avenue, the Bronx Civic Center, Lower Grand Concourse via rezoning, and the funding of various community projects as part of Michael Bloomberg s South Bronx Initiative.

20 ATTRACTIONS & 757 CONCOURSE VILLAGE WEST BRONX The Bronx Zoo, located in Bronx Park, is the largest metropolitan zoo in the United States containing over 6,000 animals and representing about 650 species from around the world. The zoo is comprised of 265 acres of park lands and natural habitats, and has been in existence since The New York Botanical Gardens are also located in Bronx Park, and span 250 acres. The Gardens are also home to the Pfi zer Plant Research Laboratory and the Enid A. Haupt Conservatory. The facility offers year-round exhibitions and fl ower shows, and it is visited by over 800,000 guests annually. Yankee Stadium, home of the New York Yankees, is located on East 161st Street in the South Bronx. The newly constructed stadium opened in 2009 as a replacement for the old 1923 stadium built on Macombs Dam Park. The new stadium is also home to Monument Park, an open-air museum containing a collection of monuments, plaques, and retired numbers honoring distinguished members of the New York Yankees. The Kingsbridge Armory, also known as the Eighth Regiment Armory, is located on West Kingsbridge Road. It was originally built in the 1910 s to house the National Guard s Eighth Coastal Artillery Regiment unit. Today, it is a city landmark and included on the National Register of Historic Places. City Council recently approved a $320 Million proposal to transform the Armory into the Kingsbridge National Ice Center. Scheduled to open in 2017 with 9 ice rinks it will be the world s largest ice center. The Bronx Museum of the Arts is a cultural institution located on the Grand Concourse at East 165th Street. The museum was founded in 1971, but a 19-million-dollar addition was made in 2006 doubling the size of the space. The musuem is an internationally recognized cultural destination that presents contemporary art exhibitions and educational programs. The Hall of Fame for Great Americans is an outdoor sculpture gallery located on the grounds of Bronx Community College. It contains 98 bronze portrait busts. Van Cortlandt Park is a 1,146-acre park located in the north of the Bronx and the third largest park in New York City. The park also contains the Van Cortlandt House Museum, which is the oldest building in the Bronx. It was built in 1748 by Frederick Van Cortlandt for his family, and it is a National Historic Landmark now operating as a museum. Other features of the park include Van Cortlandt Lake, the largest body of freshwater in the Bronx, and the Van Cortlandt Nature Center. Pelham Bay Park is located in the northeast corner of the Bronx extending partially into Westchester County. At 2,442 acres, Pelham Bay Park is the largest public park in New York City. It is more than three times the size of Manhattan s Central Park.

21 & 757 CONCOURSE VILLAGE WEST BRONX BRONX TODAY Starting in the mid- 80s, New York City poured $500 million a year into affordable housing, much of which went into the South Bronx. City offi cials used the money effectively, avoiding the terrible mistakes of old-style top-down urban renewal. They provided both funding and expertise for the nonprofi ts and CDCs who have received most of the credit for the borough s revival. These groups include the Northwest Bronx Community and Clergy Coalition, the Mid-Bronx Desperadoes, UHAB, Los Sures, and St. Nick s Alliance. The result is that the South Bronx today has returned as a vibrant community. The economic rebound does not represent classic gentrifi cation. Unlike the master planned urban renewal projects that displaced thousands of inner city residents in previous decades, the South Bronx is an unplanned phenomenon the result of market forces with incentives from the government and community organizations. The resurrection of the South Bronx represents by far the most signifi cant renewal of a derelict tract of urban land in the United States. CONCOURSE VILLAGE NEIGHBORHOOD DESCRIPTION The Concourse Village neighborhood is home to 1,883 homes and is a strong family centered enclave within the South Bronx community. Concourse Village consists of six residential high-rise buildings, and one community center. The neighborhood is next to the new Yankee Stadium and the one million square foot shopping mall, Bronx Terminal Market. The Concourse Village area is next to the Bronx Court System, the Bronx Museum of the Arts, and many Art Deco buildings along the Grand Concourse Historic District. The neighborhood offers great transportation options as it is within walking distance to the B, D, and #4 subway lines at East 161st and River Avenue, as well as the 4, 2, and 5 subway lines at E 149th St and the Grand Concourse. There is a Metro-North station (Yankee Stadium stop) at River Avenue and East 151st Street.

22 & 757 CONCOURSE VILLAGE WEST NEIGHBORHOOD MAP / AERIAL MAP

23 & 757 CONCOURSE VILLAGE WEST SUBWAY MAP

24 & 757 CONCOURSE VILLAGE WEST BUS MAP

25 & 757 CONCOURSE VILLAGE WEST BIRD S EYE VIEW

26 751 & 757 CONCOURSE VILLAGE WEST Bronx, NY JAMES NELSON DAVID SIMONE MITCHELL LEVINE MATTHEW NICKERSON MARCUS JECKLIN