This Exclusive Opportunity Is Brought To You By The Corbin Group at Besen & Associates Greg Corbin Executive Managing Director Direct (646) 424-5077 Cell (917) 406-0406 gcorbin@besenassociates.com Leah Chen Associate Direct (646) 604-7020 Cell (646) 642-5650 lchen@besenassociates.com Miguel Jauregui Director Direct (212) 951-8402 Cell (818) 644-0600 miguel@besenassociates.com Aaron Kline Associate Direct (646) 472-8747 Cell (914) 482-4635 akline@besenassociates.com Fritz Richter Associate Direct (646) 424-5061 Cell (914) 406-9257 frichter@besenassociates.com Paul Nigido Senior Financial Analyst Direct (646) 424-5350 Cell (917) 929-9439 pnigido@besenassociates.com Noah Brooker Junior Associate Direct (646) 424-5309 Cell (404) 644-5278 noah@besenassociates.com Jared Rehberg Marketing Manager Direct (646) 424-5067 Cell (646) 419-0440 jared@besenassociates.com
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NEIGHBORHOOD FLUSHING AREA OVERVIEW Flushing is a neighborhood in the New York City borough of Queens in the United States. While much of the neighborhood is residential, Downtown Flushing, centered on the northern end of Main Street in Queens, is a large commercial and retail area and is the fourth largest central business district in New York City. The Flushing Main Street subway stop, and the Flushing Main Street LIRR Station (a 15- minute ride to Manhattan), are blocks from the subject property. Buses that serve the downtown Flushing area are the Q12, Q13, Q14, Q15, Q16, Q17, Q20, Q21, Q25, Q28, Q34, Q44, Q65, and the Q66. Additionally serving the Flushing area are the Whitestone Expressway and Long Island Expressway. The subject property is also a short drive to both LGA and JFK airports. 5
CONFIDENTIALITY The information contained in this listing ( Listing ) is confidential, furnished solely for the purpose of review by a prospective purchaser of the following property: 43-24 Robinson Street, Flushing, NY 11355 and is not to be used for any other purpose or made available to any other person without the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including inspections. This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers. In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of purchasing the Property described herein. Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner s obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or agreements on behalf of Owner. This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety.
OFFERING SUMMARY EXECUTIVE SUMMARY Besen & Associates, as exclusive agent for ownership, is pleased to offer for sale 43-24 Robinson Street, Flushing, N.Y. 11355 (the Property ), a 6-story plus basement elevator building with 12 apartments and 3 rear parking spaces. The property contains 10,168± SF above-grade and the basement is used for tenant storage. Built in 2006, 43-24 Robinson Street is located near the Main Street Flushing Station on the [7] train. The property is currently participating in a partial real estate tax exemption available under the 421a program of the City of New York and can be delivered vacant. ASKING PRICE: $4,950,000 (5.9% CAP RATE) PROPERTY HIGHLIGHTS Each floor features two spacious 1 & 2-bedroom/1 bath units with numerous windows, balconies on floors 3 through 6, and ample light & air Newly constructed in 2006, requiring minimal near-term capital and low maintenance costs Prime location in the heart of Flushing, the largest urban center in Queens In the vicinity of major retail stores including Target, Best Buy, and Macy s Immediate access to the Q65 bus line on the corner of Bowne Street and 45 th Avenue 421a tax exemption, 7 years remaining (ends 2024) In close proximity to the Flushing-Main St subway stop and Flushing LIRR Station Great option to keep for long term investment - increasing development and investment in the area has seen Flushing grow exponentially A short walk from Kissena Park and Queens Botanical Garden, the Property is located between New York-Presbyterian Queens Hospital and Flushing Hospital Medical Center Potential condo conversion opportunity 7
PROPERTY OVERVIEW 43-24 Robinson Street, Flushing, NY 11355 Stories/Type: 6-Story Elevator Building Year Built: 2006 Block / Lot: 5193 / 39 Gross SF: 10,168± SF Lot Dimensions: 27.33 x 100 Lot SF: Zoning District: 2,733± SF R7B Max FAR (allowed): 3.72 (Built: 3) R. E. Taxes (17/18): $3,094 (abated) Tax Class: 2 1 st Mortgage: Delivered Free & Clear Building Class (Code): Elevator Apartment - Semi-fireproof without Stores (D1)
PROPERTY PHOTOS 43-24 ROBINSON STREET: BIRD S EYE VIEW 9
FINANCIALS 421A TAX ABATEMENT PROGRAM 421-a Partial Real Estate Tax Exemption Benefits The Property is participating in a partial real estate tax exemption available under the 421-a program of the City of New York. This program reduces the real estate tax liability during the construction period (up to three years) and for a period of 15 years from the first fiscal tax year (July 1st) after the issuance of the final certificate of occupancy. According to information from public records and the owner, the Property participates in a 15-year 421-a tax abatement program. The Property has 100% of its units under rent stabilization, which will remain while the 421-a tax abatement benefits are in place. Upon expiration of the 15-year benefit period, the Property owner has an option to deregulate vacant rent stabilized units upon apartment turnover. Address Zip Code 11355 Borough Property Tax Benefit Information 43-24 Robinson Street Queens Year Built 2006 Number of Buildings 1 Number of Stories 6 Number of Units 12 Building Dimensions Lot Size Building Area 24.00 X 62.00 (1,488 Square Feet) 27.33 X 100.00 (2,733 Square Feet) 10,168 Square Feet Current Tax Year From July 1, 2017 to June 30, 2018 Building Class Tax Class 2 Tax Rate 12.892% Market Value $1,108,000 Assessed Value $545,850 Land Assessed Value $147,600 D-1 Elevator apartments - SEMI-FIREPROOF WITHOUT STORES 421A Exemption Information Benefit Name 421A-Newly Constructed Multiple Dwelling Residential Property Benefit Amount $521,850 Benefit Year Year 9 of 15 Benefit Type Completion Benefit Start Date July 01, 2009 Benefit End Date June 30, 2024 Base Year Year ending June 30, 2005 Base Year Assessed Value $24,000 12
FINANCIALS 13
MAPS AREA MAP 43-24 Robinson Street
MAPS AERIAL VIEW Memorial Field of Flushing Multiplex Cinema Citi Field 43-24 Robinson Street Queens Museum National Tennis Center Queens Botanical Garden New York Hall of Science Kissena Park Flushing Meadows Corona Park 15
MAPS NEW CONSTRUCTION Fulton Square Xu Hotel & Residences Sky View Parc East West Tower Flushing Commons SUBJECT PROPERTY: 43-24 Robinson Street Flushing Point
MAPS FLUSHING COMMONS: 1.8 MILLION SQ. FT., $850,000,000 MEGA COMPLEX LESS THAN 1 MILE FROM SUBJECT PROPERTY: FLUSHING COMMONS RENDERING: FLUSHING COMMONS 17
PROPERTY PHOTOS 43-24 ROBINSON STREET: EXTERIOR 21
PROPERTY PHOTOS 43-24 ROBINSON STREET: EXTERIOR
PROPERTY PHOTOS 43-24 ROBINSON STREET: INTERIOR 23
PROPERTY PHOTOS 43-24 ROBINSON STREET: INTERIOR
This Exclusive Opportunity Is Brought To You By The Corbin Group at Besen & Associates Greg Corbin Executive Managing Director Direct (646) 424-5070 gcorbin@besenassociates.com Fritz Richter Associate Direct (646) 424-5061 frichter@besenassociates.com Miguel Jauregui Director Direct (212) 951-8402 miguel@besenassociates.com Paul Nigido Senior Financial Analyst Direct (646) 424-5350 pnigido@besenassociates.com Leah Chen Associate Direct (646) 604-7020 lchen@besenassociates.com Aaron Kline Associate Direct (646) 472-8747 akline@besenassociates.com Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, 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. Rendering pictured in offering materials is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser s own architect and/or zoning attorney.