Besen & Associates Investment Sales Team Amit Doshi Executive Director (212) 951-8401 adoshi@besenassociates.com Lynda Blumberg Senior Director (212) 951-8417 lynda@besenassociates.com Alex Frants Managing Director (212) 951-8406 afrants@besenassociates.com Paul J. Nigido Senior Financial Analyst (646) 424-5350 pnigido@besenassociates.com Carine Citadelle Marketing Associate (646) 472-8750 carine@besenassociates.com Besen & Associates 381 Park Avenue South New York, NY 10016 Tel: 212.689-8488 Fax: 212.689-9518
OFFERING SUMMARY Besen & Associates, as exclusive agent for ownership, is pleased to offer for sale 27-45 East 94 th Street, East Flatbush, Brooklyn, NY 11212 (the Property ); a 6-story elevatored residential building consisting of 83 apartments and a 10-car indoor garage. The property was built circa 1958 and contains approximately 64,381± SF. 27-45 East 94 th Street GRM 16.6x PPSF $287 PPU $222,900 ASKING PRICE: $18,500,000 27-45 East 94 th Street, East Flatbush, Brooklyn, NY 11212 3
EXECUTIVE SUMMARY Besen & Associates, Inc., as exclusive agent for ownership, is pleased to offer for sale 27-45 East 94th Street (the Property ), which is situated between East New York Avenue and Rutland Road in the East Flatbush neighborhood of Brooklyn, New York. The Property consists of a 6-story, elevator building with 83 beautifully-appointed residential units plus a 10-car indoor garage. The Property was built circa 1958 and contains 64,381± SF. Recent improvements to the building include a newly repainted façade, new windows, replaced steam lines, substantial portion of the roof is brand new (2016), and hallway lights have been upgraded with LED lighting. All residential units are rent stabilized with an average monthly rent of $1,110, which is well below market rates, offering significant upside to new ownership. Residents are well served by public transportation, as the Property is near the Sutter Avenue-Rutland Road subway station and the Utica Avenue subway station, both serving the [2,3,4,5] trains. A network of bus lines is also available throughout the neighborhood; down the block you can catch the East New York Ave/E 94 th Street B12 line, and a few blocks away between Sutter Avenue and Ralph Avenue is the B15 line. For vehicular traffic the property is located north of the Belt Parkway and south of the Brooklyn Queens Expressway (BQE). The property is also located across the street from Lincoln Terrace Park and PS 770 The New American Academy, and only a few short blocks away from Kingsbrook Jewish Medical Center, NYC Health + Hospitals/ Kings County, St. Anthony Baptist Church and First Bethlehem Baptist Church. 27-45 East 94 th Street, East Flatbush, Brooklyn, NY 11212 4
INVESTMENT HIGHLIGHTS Neighborhood of East Flatbush, situated on East 94 th Street, in Brooklyn, New York 6-story elevator building consisting of 83 apartments and a 10-car indoor garage. The property was built in 1958 and contains 64,381± SF Well-maintained and income-producing property Recent renovations to the building include: a newly repainted façade, new windows, steam line replacement, a substantial portion of the roof is brand new (2016), and hallway lights upgraded with LED lighting 83 rent stabilized apartments renting at well-below market rates (average $1,110/month), offering tremendous upside to new ownership Walking distance to the Sutter Avenue-Rutter Road subway station and the Utica Avenue subway station, both serving the [ 2,3,4,5 ] lines Down the block from MTA bus line at East New York Ave/E 94 th Street B12 line and a few blocks from Sutter Avenue and Ralph Avenue B15 line Vehicular traffic: property is located north of the Belt Parkway and South of the Brooklyn Queens Expressway (BQE) Across the street from the stunning Lincoln Terrace Park and PS 770 The New American Academy Just a few blocks from Kingsbrook Jewish Medical Center, NYC Health + Hospitals/ Kings County, St. Anthony Baptist Church, and the First Bethlehem Baptist Church 27-45 East 94 th Street, East Flatbush, Brooklyn, NY 11212 5
PROPERTY OVERVIEW 27-45 EAST 94 TH STREET Neighborhood East Flatbush Block / Lot 4597 / 70 Lot & Built Size 191 x 100 IRR & 190.67 x 59.67 Stories Total Apartments & Rooms 6 stories + basement 83 apartments & 251 rooms (the 83 rd unit, as per the Certificate of Occupancy, is a doctor s office, currently rented as an apartment) Layout 15/2, 55/3, 13/4 Zoning R6 FAR (built / allowed) 4 / 2.43 Real Estate Taxes (2017/2018) $192,600 27-45 East 94 th Street, East Flatbush, Brooklyn, NY 11212 6
LOCATION MAP 27-45 East 94 th Street 27-45 East 94 th Street, East Flatbush, Brooklyn, NY 11212 7
Besen & Associates Investment Sales Team Amit Doshi Executive Director (212) 951-8401 adoshi@besenassociates.com Lynda Blumberg Senior Director (212) 951-8417 lynda@besenassociates.com Alex Frants Managing Director (212) 951-8406 afrants@besenassociates.com Paul J. Nigido Senior Financial Analyst (646) 424-5350 pnigido@besenassociates.com Carine Citadelle Marketing Associate (646) 472-8750 carine@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.