1771 & 1773 First Avenue The New Manhattan Residential Portfolio The premier opportunity to acquire 12 buildings consisting of 275 units, 3 commercial spaces and ~190,000 square feet of Manhattan real estate Prepared by Massey Knakal Realty Services January, 2014
12 MULTIFAMILY BUILDINGS FOR SALE THE NEW MANHATTAN RESIDENTIAL PORTFOLIO ~190,000 SQUARE FEET, 275 UNITS & 3 COMMERCIAL SPACES ADDRESS: BUILDING SPECIFIC INFORMATION UPPER EAST WASHINGTON & HAMILTON HEIGHTS INWOOD 1771 & 1773 First Avenue** 506 & 510 West 150 th Street** 508 & 512 West 158 th Street** 516 West 159 th Street 522 West 161 st Street 15 & 17 Arden Street** 149 & 157 Vermilyea Avenue** BLOCK / LOT: 1554/28 2081/37-39 2116/27-29 2117/28 2119/26 2174/186-187 2227/5-10 TYPE: Walk-Up Walk-Up Walk-Up Walk-Up Walk-Up Walk-Up Walk-Up ZONING/FAR: C2-8/R10/10.00 R6A/3.00 R7-2/3.44 R7-2/3.44 R7-2/3.44 R7-2/3.44 R7-2/3.44 LOT DIMENSIONS: 51.17' x 100.08' 100.83' x 99.92' 83.34' x 99.92' 41.67' x 99.92' 45' x 99.92' 54' x 110' 100' x 150' LOT AREA*: 5,121 10,075 8,326 4,163 4,496 5,940 15,000 53,121 STORIES: 6 6 5 5 6 5 5 5 & 6 BLDG DIMENSIONS: 51.17' x 90' 94' x 87' 83.34' x 87' 42' x 85' 45' x 87' 54' x 97' 100' x 104' GROSS SF*: 21,640 43,200 29,080 14,790 18,810 20,490 41,630 189,640 RES. UNITS: 40 62 32 21 25 32 63 275 AVG NET UNIT SF*: 504 592 772 599 640 544 562 602 COMM. UNITS: 2 0 1 0 0 0 0 3 ASSESSMENT (13/14): $1,296,180 $1,359,900 $693,270 $464,400 $608,195 $532,250 $1,123,480 $6,077,675 TAXES (13/14): $170,383 $178,758 $91,130 $61,045 $79,947 $69,964 $147,681 $798,908 J51 EXEMPTION: $- $- $- $(53,496) $- $- $- $(53,496) ADJUSTED TAXES (13/14): $170,383 $178,758 $91,130 $7,549 $79,947 $69,964 $147,681 $745,412 *All square footages and units sizes are approximate **Combined property information Total/ Average PORTFOLIO DESCRIPTION: Massey Knakal Realty Services is pleased to announce that it has been hired to arrange for the sale of the New Manhattan Residential Portfolio. The package is comprised of 12 multifamily properties located throughout the Upper East Side, Hamilton Heights, Washington Heights and Inwood and combines for approximately 190,000 square feet, 275 units and 3 commercial spaces. 1771 & 1773 1st Avenue 506 & 510 W. 150th St. 508 & 512 W. 158th St. 516 W. 159th St. 522 W. 161st St. 15 & 17 Arden St. 149 & 157 Vermilyea Avenue ROBERT A. KNAKAL Chairman 212.660.7777 bknakal@masseyknakal.com To receive a confidential memorandum, please contact Exclusive Agents: ROBERT M. SHAPIRO 212.660.7717 rshapiro@masseyknakal.com Thomas D. Gammino Jr. Senior Vice President of Sales 212.660.7727 tgammino@masseyknakal.com Josh Lipton 212.660.7779 jlipton@masseyknakal.com Asking Price: $62,500,000 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
12 MULTIFAMILY BUILDINGS FOR SALE THE NEW MANHATTAN RESIDENTIAL PORTFOLIO ~190,000 SQUARE FEET, 275 UNITS & 3 COMMERCIAL SPACES UPPER EAST SIDE WASHINGTON HEIGHTS & HAMILTON HEIGHTS 5 2 3 4 3 1 2 INWOOD 1 506-510 West 150th Street 508-512 West 158th Street 7 6 5 4 1771-1773 1st Avenue 7 ROBERT A. KNAKAL Chairman 212.660.7777 bknakal@masseyknakal.com 6 149 & 157 Vermilyea Ave. To receive a confidential memorandum, please contact Exclusive Agents: ROBERT M. SHAPIRO 212.660.7717 rshapiro@masseyknakal.com Thomas D. Gammino Jr. Senior Vice President of Sales 212.660.7727 tgammino@masseyknakal.com 15-17 Arden St. 522 W. 161st St. 516 W. 159th St. Josh Lipton 212.660.7779 jlipton@masseyknakal.com Asking Price: $62,500,000 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
1 Principal Confidentiality and Indemnification Agreement (the Agreement ) The New Manhattan Residential Portfolio, New York, NY Principal: Title: Company: Address: Address: Phone/Fax: E-Mail: ( Potential Purchaser ) Re: Confidentiality and Indemnification Agreement Massey Knakal Realty Services of Manhattan LLC ( Broker ) has been retained by the owners ( Owner ) to market the properties (the Properties ) at: 1. 516 West 159 th Street (Block: 2117 Lot: 28) 2. 508 West 158 th Street (Block: 2116 Lot: 29) 3. 512 West 158 th Street (Block: 2116 Lot: 27) 4. 506 West 150 th Street (Block: 2081 Lot: 37) 5. 510 West 150 th Street (Block: 2081 Lot: 39) 6. 149 Vermilyea Avenue (Block: 2227 Lot: 5) 7. 157 Vermilyea Avenue (Block: 2227 Lot: 10) 8. 15 Arden Street (Block: 2174 Lot: 186) 9. 17 Arden Street (Block: 2174 Lot: 187) 10. 1771-1773 First Avenue (Block:1554 Lot: 28) 11. 522 West 161 st Street (Block: 2119 Lot: 26) for sale. The Potential Purchaser has requested certain information (the "Confidential Information") concerning the Properties. Broker may make such Confidential Information available to Potential Purchaser upon execution of this Confidentiality Letter. The Confidential Information is intended solely for Potential Purchaser s limited use in evaluating the Properties. This is not an agreement to sell the Properties or any interest therein. No agreement binding upon Owner, or any of its associated or affiliated companies, to sell the Properties shall be deemed to exist, at law or equity, until Owner enters into a formal binding agreement, fully executed and delivered by all parties thereto. Broker has no authority to bind Owner in connection with the sale of the Properties or otherwise. The Confidential Information contains brief, selected information pertaining to the Properties and the business and affairs of Owner. It does not purport to be all inclusive or to contain all the information which Potential Purchaser or a prospective purchaser or lender may desire. Neither Owner nor Broker makes any representation or warranty, expressed or implied, as to the accuracy or the completeness of the Confidential Information and no legal liability is assumed or to be implied with respect thereto. Broker has informed Potential Purchaser that it is of utmost importance that all discussions concerning the proposed transaction (including, without limitation, the fact that any discussions have taken or are taking place) be kept in strict confidence. Accordingly, Potential Purchaser hereby agrees that the Confidential Information will be used only in connection with the proposed transaction and its consideration thereof, and that all discussions concerning the transaction, as well as all Confidential Information, will be kept confidential by Potential Purchaser and its partners, officers, members, Page 1 of 2
2 agents, employees, contractors, and consultants, and shall not, except as hereinafter provided, be disclosed in any manner whatsoever without the prior written consent of Owner, which may be granted or withheld in Owner s sole and absolute discretion. Information concerning the transaction and the Confidential Information shall be submitted only to those partners, officers, members, agents, employees, contractors and consultants who need to know such information for the purpose of evaluating the transaction and who shall (i) be advised by Potential Purchaser of the confidential nature of the information and (ii) shall be instructed by Potential Purchaser to treat such information confidentially. Potential Purchaser will be responsible for any such persons to comply with such instruction. Owner expressly reserves the right to reject any or all proposals or expressions of interest to purchase the Properties, to consummate the sale of the Properties to a party other than Potential Purchaser, and to terminate discussions at any time with or without notice. If Potential Purchaser does not wish to pursue negotiations, or such negotiations are undertaken but a transaction fails to be consummated with Potential Purchaser, Potential Purchaser hereby agrees to promptly return the Confidential Information to Broker. Potential Purchaser understands and foresees that any violation of this Confidentiality Letter would damage Owner and Broker and their respective successors. Potential Purchaser hereby agrees to indemnify, defend and hold harmless Owner and Broker and their respective members, directors, officers, employees, agents, representatives, successors and assigns from and against any and all liability, claim, demand, loss, cost, damage, expense or cause of action (including without limitation, reasonable attorneys' fees and expenses) in connection with any breach or alleged breach of the confidentiality provisions of this Agreement. In addition, Potential Purchaser agrees that Owner and Broker will have no adequate remedy at law if Potential Purchaser violates any of the terms of this Confidentiality Letter. In such event, Owner and/or Broker will have the right, in addition to any other right Owner and Broker may have, to seek injunctive relief to restrain any breach or threatened breach by Potential Purchaser or specific enforcement of such terms. Potential Purchaser understands and agrees that the Confidential Information does not purport to be complete and accurate, and that Potential Purchaser will rely entirely on its own due diligence with regard to all matters. No representations or warranties are implied by the submission of the Confidential Information and none is given unless Owner subsequently elects to make specific, limited representations and warranties in a final, fully executed and delivered, sale agreement definitive in form and scope. Potential Purchaser agrees that neither Owner nor Broker shall not have any liability to Potential Purchaser as a result of its use of the Confidential Information and it is understood that Potential Purchaser is expected to perform and be responsible for such due diligence investigations and inspections of the Properties, including investigation of any environmental conditions, as Potential Purchaser deems necessary or desirable and as permitted by agreement with Owner. Very truly yours, MASSEY KNAKAL REALTY SERVICES of MANHATTAN LLC, Agent ACCEPTED AND AGREED TO: By Name: Robert A. Knakal Title: Chairman Principal: Signature: Title: (Please Print) Dated: Please email or fax this fully executed agreement to Jim Yetter at: jyetter@masseyknakal.com or (212) 696-0333. Page 2 of 2