EXCLUSIVE OFFERING MEMORANDUM 906-908 BERGEN STREET SHOVEL READY DEVELOPMENT SITE WITH APPROVED PLANS CROWN HEIGHTS BROOKLYN PARK PLACE PROSPECT PLACE ST MARKS AVENUE CLASSON AVENUE FRANKLIN AVENUE BERGEN STREET DEAN STREET
DEAL HIGHLIGHTS Shovel ready site Delivered as vacant land (owner is completing the demolition of the exciting structure) Delivered with approved plans to do an 8-story, 21 apartment building with no parking MTA approval EXCLUSIVE AGENT Hen Vaknin Vice President (917) 832-3268 Hen@westbridge-re.com 2 www.westbridge-re.com
EXCLUSIVE OFFERING MEMORANDUM 906-908 BERGEN STREET TABLE OF CONTENTS PROPERTY INFORMATION 4 STACKING PLAN 6 UNIT BREAKDOWN 7 FLOOR PLANS 8 SURVEY 10 SALES COMPARABLES 13 THE MARKET 14 THE NEIGHBORHOOD 15 TRANSPORTATION MAP 17 3
906-908 BERGEN STREET DEVELOPMENT SITE WITH APPROVED PLANS BERGEN STREET PROPERTY INFORMATION LOT 31 AREA = 2,186.84 SF 20 20 90.58 131 31 32 131 LOT 32 AREA = 2,620 SF ADDRESS 906-908 Bergen Street CITY, STATE, ZIP Brooklyn, NY 11238 NEIGHBORHOOD Crown Heights BLOCK/LOT 1149 / 31 & 32 N/A LOT SIZE LOT SF 40 ft x 130 ft ±4,806 SF ZONING R7A MAX FAR 3.45 BUILDABLE SF ±16,580 SF GROSS AREA ±22,870 GBA ST MARKS AVENUE RE TAXES $2,887 EXECUTIVE SUMMARY Westbridge Realty Group has been retained as exclusive agent to sell 906-908 Bergen Street, a shovel ready development site located between Classon and Franklin Avenues in the Crown Heights section of the Brooklyn. Spanning 4,806 SF of lot area (Block & Lot: 1149 \ 31 & 32), the site allows for 16,580 SF of buildable area (FAR: 3.45). The site will be delivered as vacant land. The existing structures will be demolished and cleared out. There are approved plans for an 8-story elevatored 21-unit condominium. The plans call for two 1-bed/2-bath duplexes, one 2-bed/2-bath duplex, one 2-bed/1-bath and seventeen 1-bed/1baths. The plans include a recreation space on the 8th fl oor and a shared roof deck. The architect is ARC Architecture + Design Studio. The site is under 10 minutes walking distance to the A, C, S, and LIRR. The approved plans are available upon request. ASKING PRICE: $5,500,000 4
Rendering 5
906-908 BERGEN STREET DEVELOPMENT SITE WITH APPROVED PLANS STACKING PLAN ROOF DECK UNIT 8A RECREATION SPACE + BALCONY UNIT 8B 2-BED/1-BATH + BALCONY UNIT 7B 2-BED/1-BATH + BALCONY UNIT 7A 2-BED/2-BATH DUPLEX + TERRACE + BALCONY UNIT 6C UNIT 6B UNIT 6A UNIT 5C UNIT 5B UNIT 5A UNIT 4C UNIT 4B UNIT 4A UNIT 3C UNIT 3B UNIT 3A UNIT 2C UNIT 2B 1-BED/1-BATH UNIT 2A UNIT 1C 1-BED/2-BATH DUPLEX + AREAWAY + REAR YARD UNIT 1B 1-BED/2-BATH DUPLEX + AREAWAY + REAR YARD UNIT 1A 1-BED/1-BATH BIKE ROOM MECHANICALS REFUSE ROOM 6
UNIT BREAKDOWN UNIT TYPE AVG. SF COUNT 1-BED/2-BATH DUPLEX 1,198 2 2-BED/2-BATH DUPLEX 1,177 1 2-BED/1-BATH 882 1 1-BED/1-BATH 649 17 TOTAL 21 UNIT FLOOR SF BED/BATH LIMITED COMMON ELEMENTS 1A 1st floor 631 1/1 ----- ----- 1B 1st floor cellar 579 508 1/1.5 Rear yard areaway 460 144 1C 1st floor cellar 700 610 1/1.5 Rear yard areaway 1,089 152 2A 2nd fl oor 657 1/1 Balcony 70 2B 2nd fl oor 579 1/1 ----- ----- 2C 2nd fl oor 700 1/1 Balcony 86 3A 2nd fl oor 657 1/1 Balcony 70 3B 3rd fl oor 579 1/1 Balcony 90 3C 3rd fl oor 700 1/1 Balcony 86 4A 3rd fl oor 657 1/1 Balcony 70 4B 4th fl oor 579 1/1 Balcony 90 4C 4th fl oor 700 1/1 Balcony 86 5A 4th fl oor 657 1/1 Balcony 70 5B 5th fl oor 579 1/1 Balcony 90 5C 5th fl oor 700 1/1 Balcony 86 6A 5th fl oor 657 1/1 Balcony 70 6B 6th fl oor 579 1/1 Balcony 90 6C 6th fl oor 700 1/1 Balcony 86 7A 7th fl oor 8th fl oor 791 386 2/2 Terrace Balcony 253 90 7B 7th fl oor 882 2/1 Balcony 86 8A 8th fl oor 716 1/1 Balcony 86 7
906-908 BERGEN STREET DEVELOPMENT SITE WITH APPROVED PLANS CELLAR 1ST FLOOR KEY: AMENITY SPACE MECHANICAL/REFUSE 8
2ND FLOOR 3RD-6TH FLOOR 9
906-908 BERGEN STREET DEVELOPMENT SITE WITH APPROVED PLANS 7TH FLOOR 8TH FLOOR 10 KEY: AMENITY SPACE MECHANICAL/REFUSE
ROOF DECK BULKHEAD 11
1 2 906-908 BERGEN STREET DEVELOPMENT SITE WITH APPROVED PLANS SURVEY 20.00' (0.33') 0'-4" (0.33') 0'-4" 44'-6 " (44.54') 131.00' 44'-6 " 2 (44.54') 1 (1.14') 1'-1 5 8 " FRANKLIN AVENUE (386.63') 386'-72" 1 131.00' 20.00' 131.00' 20.00' 90.58' 40.00' BERGEN STREET 12 Te
1-BEDROOM CONDO COMPARABLES AVERAGE $/SF: $1,133 YEAR BUILT ADDRESS UNIT LAYOUT SALE DATE SALES PRICE SF $/SF 2015 792 Classon Ave 3R 1-Bed/1-Bath + Balcony In Contract $725,000 594 $1,221 2005 925 Pacific St 102 1-Bed/1-Bath 3/19/2018 $809,000 670 $1,207 2014 954 Bergen St 4G 1-Bed/1-Bath 7/17/2018 $685,000 573 $1,195 2012 834 Sterling Pl Ph7 1-Bed/1-Bath + Terrace 10/6/2017 $728,000 617 $1,180 2014 954 Bergen St 2D 1-Bed/1-Bath + Parking 8/8/2017 $660,000 573 $1,152 2014 954 Bergen St 4C 1-Bed/1-Bath + Parking 8/29/2017 $685,000 608 $1,127 2012 834 Sterling Pl 202 1-Bed/1-Bath + Terrace/Balcony 6/13/2018 $659,000 617 $1,068 2016 762 Park Pl Ph2 1-Bed/1-Bath 5/22/2018 $731,615 704 $1,039 2007 892 Bergen St 5B 1-Bed/1-Bath + Balcony 8/14/2017 $755,000 746 $1,012 2-BEDROOM CONDO COMPARABLES AVERAGE $/SF: $1,138 YEAR BUILT ADDRESS UNIT LAYOUT SALE DATE SALES PRICE SF $/SF 2016 762 Park Place 41 2-Bed/1-Bath In Contract $895,000 814 $1,100 2012 834 Sterling Pl 203 2-Bed/1-Bath + Terrace In Contract $850,000 800 $1,063 2012 834 Sterling Pl 503 2-Bed/1-Bath + Terrace In Contract $850,000 800 $1,063 2012 834 Sterling Pl Ph4 2-Bed/1-Bath + Terrace 9/12/2017 $890,000 700 $1,271 2012 834 Sterling Pl Ph6 2-Bed/1-Bath + Terrace 9/8/2017 $882,500 700 $1,261 2012 834 Sterling Pl Ph1 2-Bed/1-Bath + Terrace 10/10/2017 $850,238 707 $1,203 2006 904 Pacific St 601 2-Bed/2-Bath 3/1/2018 $1,060,000 895 $1,184 2007 802 Dean St 401 2-Bed/1-Bath + Terrace 1/3/2018 $960,000 812 $1,182 2012 834 Sterling Pl 403 2-Bed/1-Bath + Terrace 3/16/2018 $835,000 707 $1,181 2012 834 Sterling Pl 305 2-Bed/1-Bath + Terrace 8/30/2017 $822,500 707 $1,163 2007 802 Dean Street 302 2-Bed/1-Bath + Terrace 10/3/2017 $995,000 856 $1,162 2012 834 Sterling Pl Ph5 2-Bed/1-Bath + Terrace 11/20/2017 $896,060 800 $1,120 2016 762 Park Pl Ph3 2-Bed/2-Bath + Terrace 5/4/2018 $1,013,490 915 $1,108 2012 834 Sterling Pl 208 2-Bed/1-Bath + Terrace 11/15/2017 $778,961 707 $1,102 2016 762 Park Pl 6A 2-Bed/1-Bath 7/13/2018 $893,623 814 $1,098 2012 834 Sterling Pl 604 2-Bed/1-Bath + Terrace 9/29/2017 $875,000 800 $1,094 2006 904 Pacific St 602 2-Bed/1-Bath + Balcony 9/8/2017 $855,000 790 $1,082 2017 583 Franklin Ave 3 2-Bed/2-Bath Duplex + Balcony 11/15/2017 $955,000 916 $1,043 Note: These comparables represent high-end condominium sales built between 2007-2017. 13
906-908 BERGEN STREET DEVELOPMENT SITE WITH APPROVED PLANS THE MARKET BROOKLYN CONDO SALES ARE HEALTHY Closed sales reached its second highest fi gure in a decade. Closed sales outpaced last year by 5%. Q2 2018 CONDO SALES MEDIAN The median asking price in Crown Heights is $1,250,000. INCREASED SALES IN NEW DEVELOPMENT The sale of new development product increased at the same rate as resale condo sales decreased. A higher share of buyers in the last six years are buying new development units. NUMBER OF CLOSED SALES 600 500 400 300 200 100 0 2Q14 2Q15 2Q16 2Q17 2Q18 14
THE NEIGHBORHOOD Located in Central Brooklyn, Crown Heights is a vibrant neighborhood with beautiful landmarks, intriguing architecture, diverse cultures, and affordable housing. The boundaries of Crown Heights include Atlantic Avenue to the north, Empire Boulevard to the south, Washington Avenue to the west and East New York Avenue to the east. The area is one of the more easily accessible sections of Brooklyn with four subway and fi ve bus lines providing service in the vicinity. ARCHITECTURE The neighborhood is comprised of many wellpreserved brownstones and late 19th and 20thcentury homes, including a variety of row houses, mansions, and expansive pre-war apartment buildings. It boasts an eclectic landscape of buildings, with a quieter and more residential setting. FRANKLIN AVENUE Franklin Avenue is bursting with new businesses, bars, and restaurants, of which are mostly locally owned. 15
906-908 BERGEN STREET DEVELOPMENT SITE WITH APPROVED PLANS LANDMARKS BROOKLYN BOTANIC GARDENS Located in the Prospect Park neighborhood, the Brooklyn Botanic Garden holds over 14,000 taxa collections of plants throughout 52-acres. In the gardens is the Steinhardt Conservatory, which houses the C. V. Starr Bonsai Museum, threeclimate-themed plant pavilions, a white cast-iron and glass aquatic plant house, and an art gallery. 16 BROOKLYN MUSEUM Cultural institutions, such as the Brooklyn Museum of Art on Eastern Parkway, exhibit numerous kinds of art including painting, sculpture, photography and movies, which caters to the artistically inclined. The Brooklyn Museum is New York City s third largest museum in physical size and holds an art collection with roughly 1.5 million works. Founded in 1895, the Beaux-Arts building, was revitalized in the late 20th century thanks to major renovations. The museum is noted for Egyptian, European, Oceanic, Japanese, and American antiquities. The Brooklyn Botanic gardens features more than 200 cherry trees of forty-two Asian species and cultivates varieties, a Japanese Hill-and-Pond Garden, Children s Garden, and more. Each year the Brooklyn Botanic Garden brings in over 900,000 visitors. GRANT STATUE Located between Bedford Avenue and Bergen Street, the Grant statue has gone under recent scrutiny. Casted in 1896, it was commissioned by the Union Club of Brooklyn. Grant was a commanding officer in Missouri after the Civil War erupted in 1861. Elected by President Abraham Lincoln in 1864 to succeed a series of failed Union generals, Grant deftly orchestrated the removal of Confederate forces from Union soil and forced their surrender at Appomattox Court House, Virginia on April 9, 1865. After serving two terms as U.S. President (1868-76), Grant retired to New York City in 1884 and lived at 3 East 66th Street until his death in 1885.
TRANSPORTATION MAP DISCLAIMER This Offering Memorandum has been prepared exclusively by Westbridge Realty Group, on behalf of the Owner, regarding the purchase of the property described herein at 378 South 3rd Street, Brooklyn, New York. The materials and information contained in this Offering Memorandum do not purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. 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 the accuracy of any information provided herein. The prospective buyer should carefully verify each item of income, and all other information contained herein. 17
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