Summary: 456 Grand Street, Brooklyn, NY (AKA: 442 Grand Street, 398-412 Keap Street, 351 S 1 st Street) South East Corner of Grand & Keap Streets Property Specifics: Asset type: Mixed Use # of Units: 52 apts. + 2 stores Block/Lot: 2399/1 Lot Size: 150 x 154 Lot SF: 18,250 SF Building Size: 150 x 100 Square Feet: 74,574 SF # of Stories: 6-story elevator Layout: 1/2, 35/3, 15/4, 1/5 Total Rooms: 172 Zoning: M1-2/R6A/MX-8 F.A.R: 3 (Built: 4.09) Assessment: $4,508,100 ( 15) 1 st Mortgage: Must be assumed Year Built: 2012 Financials: Gross Income: Apartments: $ 2,356,296 Stores: $ 294,000 Laundry: $ 21,600 Storage: $ 15,000 Garage: $ 23,040 Total: $ 2,709,936 Expenses: Taxes (421A): $ 45,749 Insurance: $ 43,383 Water & Sewer: $ 29,270 Fuel (#2 Oil): Tenants National Grid: $ 48,565 Electric: $ 58,785 Maintenance: $ 65,379 Payroll/Mangt: $ 102,481 Total: $ 393,612 Net Income: $ 2,316,324 Comments: Remarks: 456 Grand is ideally located in East Williamsburg - a short stroll from the best Brooklyn nightlife and only 2 subway stops from Manhattan. Retail rents are significantly below market. Market is reaching $100 PSF+ while 456 Grand retail is at $54 PSF blended There is a 15-year 421A Tax Abatement, 14- years remaining 421-A tax certificates were purchased which gives the ability to sell the units as condos (units built as condos but kept as rentals) Garage has space for 50 vehicles, not fully occupied Oak Hardwood Flooring Ample Storage Walk-in closets in select units Floor-to-ceiling windows with custom-fitted blinds Brushed nickel & chrome finishes Private balconies and terraces in select units Individually controlled heat & central A/C Steps away from the G train Solar panels on roof Price $50,000,000
Rent Roll Unit # BR # BA Size (SF) Balcony Leased Rent Legal Rent Lease Start Date Expiration Date 1A 0.0 1.0 411 $2,250 $2,250.00 09/01/14 08/31/16 1B 3.0 2.0 1,217 $5,675.00 $5,731.75 08/01/15 07/31/16 2A 2.0 2.0 943 $4,325 $4,325.00 09/01/15 08/31/16 2B 1.0 1.0 737 $3,300 $3,300.00 07/15/14 07/14/15 2C 1.0 1.0 737 $3,300 $3,300.00 07/01/14 06/30/16 2D 2.0 2.0 955 Balcony $4,695 $4,788.90 10/01/15 09/30/17 2E 1.0 1.0 688 $3,195 $3,226.95 08/01/15 07/31/16 2F 1.0 1.0 679 $3,175 $3,754.44 09/01/15 08/31/16 2G 2.0 2.0 884 Balcony $4,325 $4,966.50 09/01/15 08/31/16 2H 1.0 1.0 762 Terrace $3,675 $3,675.00 10/29/15 10/31/16 2I 1.0 1.0 688 Terrace $3,575 $3,610.75 09/01/15 08/31/16 2J 1.0 1.0 675 Terrace $3,525 $3,560.25 09/01/15 08/31/16 2K 1.0 1.0 681 Terrace $3,550 $3,550.00 3A 2.0 2.0 943 $4,375 $4,375.00 10/01/15 09/30/16 3B 1.0 1.0 737 $3,325 $3,923.90 10/01/15 09/30/16 3C 1.0 1.0 737 $3,325 $3,325.00 07/15/14 07/15/16 3D 2.0 2.0 955 Balcony $4,600 $4,600.00 10/31/15 10/31/16 3E 1.0 1.0 688 $3,235 $3,235.00 07/01/14 06/30/16 3F 1.0 1.0 679 $3,215 $3,215.00 08/15/14 08/14/16 3G 2.0 2.0 884 Balcony $4,550 $4,250.00 12/12/15 12/14/16 rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.
Rent Roll Unit # BR # BA Size (SF) Balcony Leased Rent Legal Rent Lease Start Date Expiration Date 3H 1.0 1.0 762 $3,450 $3,450.00 07/01/14 06/30/16 3I 1.0 1.0 688 Balcony $3,250 $3,282.50 10/01/15 09/30/16 3J 1.0 1.0 675 Balcony $3,300 $3,902.25 09/01/15 09/14/16 3K 1.0 1.0 681 Balcony $3,250 $3,724.88 09/01/15 08/31/16 4A 2.0 2.0 943 $4,400 $6,187.50 09/01/15 08/31/16 4B 1.0 1.0 737 $3,355 $3,958.90 10/01/15 09/30/16 4C 1.0 1.0 737 $3,389 $3,388.55 08/01/15 07/31/16 4D 2.0 2.0 955 Balcony $4,550 $5,380.38 08/31/15 08/31/16 4E 1.0 1.0 688 $3,275 $3,307.75 09/01/15 08/31/16 4F 1.0 1.0 679 $3,150 $3,181.50 10/01/15 09/30/16 4G 2.0 2.0 884 Balcony $4,625 $5,221.50 10/01/15 09/30/16 4H 1.0 1.0 762 $3,475 $3,475.00 08/01/14 07/31/16 4I 1.0 1.0 688 Balcony $3,375 $3,375.00 09/15/14 09/14/16 4J 1.0 1.0 675 Balcony $3,325 $3,860.86 09/01/15 08/31/16 4K 1.0 1.0 681 Balcony $3,250 $3,931.81 08/29/15 08/31/16 5A 2.0 2.0 943 $4,400 $4,400.00 09/01/15 08/31/16 5B 1.0 1.0 737 $3,395 $3,395.00 10/01/15 09/30/16 5C 1.0 1.0 737 $3,429 $3,395.00 09/01/15 08/31/16 5D 2.0 2.0 955 Balcony $4,700 $5,498.63 07/28/15 08/15/16 5E 1.0 1.0 688 $3,200 $3,902.25 09/01/15 08/31/16 5F 1.0 1.0 679 $3,350 $3,884.51 07/01/16 06/30/16 5G 2.0 2.0 884 Balcony $4,650 $5,280.50 12/19/15 12/31/16 5H 1.0 1.0 762 $3,550 $4,189.00 10/01/15 09/30/16 5I 1.0 1.0 688 Balcony $3,400 $3,400.00 10/01/15 09/30/16 rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.
Rent Roll Unit # BR # BA Size (SF) Balcony Leased Rent Legal Rent Lease Start Date Expiration Date 5J 1.0 1.0 675 Balcony $3,350 $3,383.50 09/01/15 08/31/16 5K 1.0 1.0 681 Balcony $3,400 $3,400.00 10/01/15 09/30/16 6A 3.0 2.0 1,073 Terrace $5,325 $6,283.50 11/01/15 10/31/16 6B 2.0 2.0 1,026 Terrace $4,600 $4,600.00 02/12/15 02/28/17 6C 1.0 1.0 713 2 Terraces $4,075 $4,808.50 10/01/15 09/30/16 6D 1.0 1.0 647 Terrace $3,750 $3,750.00 11/01/15 10/31/16 6E 1.0 1.0 746 2 Terraces $4,075 $4,125.00 11/15/15 11/30/17 6F 2.0 2.0 943 Terrace $5,100 $5,250.00 11/01/15 10/31/16 40,489 $196,358 $ 209,537.21 STORE TENANT RENT/MO SF TERMS Store 1 Don Pancho Village $12,500.00 2,417 Store 2 Tiger Schulmann Karate $12,000.00 3,000 Occupied Parking Parking $1,920.00 Storage Locker 25 Closets $1,250.00 Washers Washers/Dryers $1,800.00 Total Comm $29,470.00 TOTAL RESI + COMM $225,828.00 -There is also patio space for outside venues -3% annual increases -Lease Term: 1/2013-1/2027-15-year lease with one five year option -Year 1-5: $12,000 per month -Year 6-10: $13,200 per month -Year 11-15: $14,520 per month -Option: 16-20: $15,972 per month -Lease Term: 1/2013-1/2027 rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.
Mortgage Information Account Information Principal Balance $33,638,382.79 Escrow Balance $26,557.45 Interest Rate 3.375% Explanation of Amount Due Principal $54,534.25 Interest $97,810.08 Escrow (Taxes & Insurance) $3,803.92 Additional Escrow $0.0 Late Charges $0.0 Fees Due $0.0 Amount Past Due $0.0 Late Fee $7,807.41 (if applicable) Charged After 1/16/15 Total Amount Due $156,148.25
Tax Abatement Information
Interior Views
Interior Views Kitchen Highlights: Stainless steel Whirlpool appliances Granite countertops Cooking islands in many units 4-burner gas stovetops Custom Stonington gray cabinetry Seated countertops in select units
Interior Views Bathroom Highlights: Fully tiled Takla Porcelain Grohe faucets Stainless Steel finishes Recessed medicine cabinets Custom Stonington gray cabinetry Seated countertops in select units
Layouts
Layouts
Maps AREA MAP TAX LOT MAP