7,943 SF 4 Stories High Rent Roll Prime Corner Mixed Use
845 Manhattan Avenue Greenpoint, Brooklyn, NY Asking Price: $14,560,000
ANNUAL INCOME
2018 (Transitory)
Gross Rent
$530,000
Other Income
$1,400 $21,840
Block / Lot:
2411-27
Expense Reimbursement (33% water bill & retail 38% of escalation over 18K)
Lot Dimensions:
113 ft x 73 ft
Effective Gross Income (5% Vacancy Rate)
$525,578
4,161 sf
Taxes
$54,000
Water & Sewer
$4,000
PROPERTY DETAILS
Lot Size: BUILDING INFORMATION Building Dimensions:
75 ft x 113 ft
CAM
$1,000
Stories:
5
Insurance
$6,000
Residential Units:
20
Commercial Units:
5
TaxesOperating Due: Total Expenses
$84,319 $65,000
Total Gross Sq Ft:
20,700 sf (approx) Net Operating Income
$460,578
Taxes Due:
$84,319
30,000 SF 10 Buildings Tons of Upside Prime East NY 30 Units
551-561 Bradford St | 620-628 Miller Ave | 732-734 Livonia Ave
East New York, Brooklyn, NY Asking Price: $9,600,000 PROPERTY DETAILS
ANNUAL INCOME
2018 (Transitory)
Gross Rent
$669,588
Lot Dimensions:
165 ft x 200 ft
Effective Gross Income (5% Vacancy Rate)
$636,108
Lot Size:
16,760 sf
Repair and Maintenance
$15,000
Taxes
$55,000
Water & Sewer
$36,000
BUILDING INFORMATION Stories:
3
Utilities
$3,000
Residential Units:
30
Insurance
$28,000
Commercial Units:
1
Management (3%)
$19,083
Total Gross Sq Ft:
29,800 sf (approx)
Total Operating Expenses
$156,083
Net Operating Income
$480,025
Taxes Due:
$55,000
* $5,500,000 mortgage left at 3.25% rate
The evolution of East New York is upon us. Are you in the position to seize opportunity?
East NY unbeatable as NYC’s hottest neighborhood
Arker scores $137M for East New York affordable housing project.
East New York was named 2017’s
A 218-unit housing complex is
Arker Companies secured $137
hottest neighborhood , and this
coming to East New York — a
million in financing for part of
year’s results reassert that it will
sign of increasing development
its massive affordable housing
stay at the top for real estate
in the neighborhood.
complex in East New York.
investments.
20 Resi + 5 Retail Tremendous Value Add Potential
335 South 2nd Street Williamsburg, Brooklyn, NY Asking Price: $24,999,999 PROPERTY DETAILS
ANNUAL INCOME
2018 (Transitory)
Gross Rent
$500,000
Expense Reimbursement (Portion of Taxes paid by Retail)
34,000
Block / Lot:
2411-27
Lot Dimensions:
113 ft x 73 ft
Effective Gross Income (5% Vacancy Rate)
$507,300
Lot Size:
4,161 sf
Repair and Maintenance
$10,000
Taxes
$84,319
BUILDING INFORMATION Building Dimensions:
75 ft x 113 ft
Management (3%)
$15,219
Stories:
5
Water & Sewer
$32,000
Residential Units:
20
Utilities
$50,000
Commercial Units:
5
Insurance
$14,000
Total Gross Sq Ft:
20,700 sf (approx)
Total Operating Expenses
$209,138
Taxes Due:
$84,319
Net Operating Income
$298,162
*The rent will be increasing for the following retail spaces Corner Store- Black Flamingo Current: $6,500 Dec. 1st: $7,500 | 2019: $8,000 *after next year the rent will continue to increase $1,000/year
Other Commercial Store: Current: $2,200 Sep. 1st $4,200 | 2019: $4,700 *after next year the rent will continue to increase $500/year
*The following apartments are pending State approval for the increase amount. Review period is October 1st to September 30th: #3D- 2 beds Current: $1,380 Increases in a few months
#5A- 3 Beds Current: $650 Increases in February
Williamsburg has become one of the most culturally vibrant enclaves in New York City.
21,400 SF 3 Stories Usable Basement Fully Built Elevator
5113 - 5119 2nd Avenue Sunset Park, Brooklyn, NY Asking Price: $7,200,000 PROPERTY DETAILS Block / Lot:
00797-0003
Lot Dimensions:
53.5 ft x 100 ft
Lot Size:
5,350 sf
BUILDING INFORMATION Building Dimensions:
53.5 ft x 100 ft
Stories:
3
Commercial Units:
1
Total Gross Sq Ft:
21,400 sf
Taxes Due:
$20,519
PROPERTY HIGHLIGHTS Addtional 9,630 sq ft buildable available with Community Facility HVAC for heat and air conditioning with sprinkler system Large usable basement with high ceilings 2,500 pound freight elevator Bathrooms on each floor Minutes to the BQE PROPERTY SUMMARY Fantastic Investment Opportunity in Prime Sunset Park location on 2nd Avenue. Great for an investor or end user. Building can be used for manufacturing, warehouse, investment or even development. This property is a 3 story brick structure with approximately 5350 square feet on each floor plus a usable basement with high ceilings. Property includes 2 loading docks with roll up gates (room to park cars/trucks inside). Each floor has bathrooms, high ceilings, open spaces and plenty of natural light. Building also has a 2500 pound freight elevator and HVAC for heat and air conditioning. Fully sprinklered as well. Zoned M1-2D. Close to BQE, Belt Parkway, Gowanus, public transportation (N,W,R). Entire building is in excellent condition throughout, opportunities like this are hard to find. Contact agent for exclusive showing and additional information.
The evolution of Sunset Park is upon us. Are you in position to seize the opportunity?
“Mayor’s Office has asked
As in SoHo and Dumbo,
Insiders said demand is high
developers to pitch them on ways
gentrification is coming to Sunset
for industrial space in Sunset
to develop 200,000 square feet of
Park. Industry City, a 30-acre
Park that can be used to speed
waterfront property in the area”
swath on Brooklyn’s waterfront, is
delivery to homes and businesses
at the forefront.
in New York City.
Fully Renovated 60 Units Prime Bushwick Two Buildings JMZ Lines
39 Suydam St & 682 Bushwick Ave Bushwick, Brooklyn, NY Asking Price: $31,999,999 PROPERTY DETAILS
39 Suydam
682 Bushwick
ANNUAL INCOME
2018 (Transitory)
Block / Lot:
3204-0032
3204-0024
Gross Rent
$1,701,804
Lot Dimensions:
76 ft x 113.67 ft
81 ft x 90 ft
Other Income
$99,928
Lot Size:
8,670 sf
5,770 sf
Total Gross Income
$1,801,732
BUILDING INFORMATION Building Dimensions:
Repair and Maintenance
$22,,000
75 ft x 90 ft
61 ft x 85 ft
Taxes
$161,627
Stories:
4
4
Water & Sewer
$22,186
Residential Units:
37
23
Utilities
$15,566
Insurance
$17,136
Total Gross Sq Ft:
33,866 sf
26,021 sf
Taxes Due:
$162,056
Total Operating Expenses
$238,517
$4,627
Net Operating Income
$1,563,214
* 39 Suydam - *$8,836,000 mortgage left with Customer Bank at 3.25% rate; option to buy individually or as package
* 682 Bushwick - $5,680,000 mortgage left with United Bank at 3.25% rate; option to buy individually or as package
The evolution of Bushwick is upon us. Are you in position to seize the opportunity?
Apartment prices in Bushwick
“This is going to be a paradigm
Moshe Braver’s Bushwick Realty
have jumped faster than
shift,” said Mo Shaikh, a founder
Holdings landed a $110 million
any other New York City
of Meridio, a Brooklyn-based
mortgage to refinance its
neighborhood over the past
company introducing blockchain
200-plus apartment project in
decade.
technology to real estate.
Bushwick.
Rent Roll: 39 Suydam Street
Rent Roll: 39 Suydam Street (Continued)
Rent Roll: 682 Bushwick Avenue
Study Names Bushwick One of America’s “Hottest” Neighborhoods
BUSHWICK – A new study from a rental agency has named Bushwick as the second hottest neighborhood to live in America. The group analyzed walkability, transit, budget, entertainment, lifestyle and weather on a 100-point scale when comparing the areas, which led to Brooklyn’s hippest destination earning a spot right behind San Francisco’s Mission District, but ahead of 5th place Sunset Park, the only other NYC neighborhood on the list. Walkability naturally ranked high for the neighborhood, but oddly enough—so did transit. A partially bus-based M train and the looming L train closure apparently haven’t trickled down to the Chicago-based company’s water-cooler talk. Bklyner reporting is supported by our subscribers and ranked high, but anyone who’s ever tried to stretch a dollar and have fun over the weekend anywhere in NYC might disagree. Weather had a lower rating, 65, but with winter approaching, perhaps they’re thinking ahead. Oddly enough, “lifestyle” was the lowest score: bikeability, pet friendliness and outdoor activities weren’t up to snuff for whoever the judges of this contest were. Of course, with rents rising across the city and major demographic shifts in Bushwick and beyond, local residents probably would rather avoid the label of “hottest nabe”—and the graffiti tours and third-wave coffee it seems to bring. Isn’t Williamsburg supposed to be Brooklyn’s gentrification and hipster lightning-rod, anyway?
Brooklyn Commercial Real Estate Sees Upswing In Dollar Volume The Brooklyn commercial real estate market is on the upswing despite inventory being tight, according to The Real Deal. For the first six months of 2018, the borough had 597 commercial transactions worth a total of $4 billion. This represents roughly a 44 percent increase in dollar volume compared to the last year’s amount, according to a report by the Brooklyn commercial real estate firm TerraCRG. Still, the actual number of deals dropped by 14 percent, “largely because of the available inventory in Brooklyn,” The Real Deal reported. In other sectors, the borough’s largest increase was in the multifamily market, which zoomed up 113 percent in dollar volume over the last year. This was largely due to Brooksville Company and Rockpoint Group’s $905 million purchase of Starrett City from Starrett City Associates. Still, “even without the blockbuster transaction of Starrett City, we’re still seeing moderate growth,” TerraCRG partner Dan Marks told The Real Deal. By neighborhood, the combined Bedford-Stuyvesant-Bushwick-Crown Heights region had the highest number of total transactions at 126. East New York had the highest dollar amount at $1.04 billion — again, a figure driven almost entirely by the Starrett City deal. July 19, 2018
Real Estate Developer Scoops Up Brooklyn Property For $300 Million
DH Property Holdings is buying a large waterfront site in Brooklyn. The firm, under the helm of real estate developer Dov Hertz, is zeroing in on Sunset Park and has plans to create more than 1 million square feet of industrial space, according to Crain’s Business News. The 18-acre property, located at 50 21st St., is located at the mouth of the Gowanus Canal and can accommodate up to 1.6 million square feet of new warehouse development. Hertz is partnering with another investment firm, Bridge Development Partners, to complete the deal. On the sell side is 601 W Cos. The property has a price tag of about $300 million for the property. Hertz plans to close the transaction by the end of 2018, the report continued. This isn’t Hertz’s first Brooklyn deal with 601 W Cos. Last year, his firm partnered with Goldman Sachs Asset Management to acquire a four-acre warehouse development site in Red Hook at 640 Columbia Street for $47.5 million. The plan is to break ground next year and construct a 350,000-square-foot, multi-floor space for e-commerce tenants. These come at a time when demand for warehouses is high due to the proliferation of home delivery orders. DH Property and Chicago-based Bridge Development aim to redevelop the Gowanus site with new warehouse space, which would be used as a distribution hub and leased to end-users, The Real Deal reported. Warehouses are also being built in another New York City borough courtesy of Amazon.com Inc. and furniture retailer Ikea. Staten Island’s spacious corporate parks are being used to build fulfillment centers and regional distribution hubs for both companies in order to transport products. Amazon (NASDAQ: AMZN) has taken over a group of warehouses on Staten Island within the Matrix Global park. That initiative is expected to bring in 3,000 employees.
Exclusive Reveal For Mega-Development At 6205 8th Avenue In Sunset Park, Brooklyn
Last week, a proposal for a major new development at 6208 8th Avenue, in Sunset Park, Brooklyn, began to wind its way through the City’s planning processes. Today, we have the exclusive first look at another mega-project proposed directly across the street, at 6205 8th Avenue, where DXA Studio has designed an enormous two-block plan that would cover even more of the open railway tracks that currently leave the neighborhood bereft of its obvious potential. The plans for Sunset Park’s next possible major development span between 8th and Fort Hamilton Avenues, and would comprise a total lot area of 240,000 square feet. While exact specifics on what would rise above are not yet available, the plans appear to comprise well over one million square feet of new space, with residential square footage situated atop a substantial commercial-retail component. DXA Studio’s design would position three mid-rise towers within the general massing, reaching heights of 18 floors apiece. The profile would not make a significant impact on the Borough’s overall skyline, however, the presence when viewed from most of Sunset Park would certainly be substantial, given the sheer scope of the proposed redevelopment. The structures would sit atop a platform covering the open train tracks, which rest 22 feet below street level. While the plan is ambitious, Hudson Yards has already proven that the concept can work in Manhattan, and with the scope of the Sunset Park plans substantially smaller, costs involved are likely much more feasible. Additionally, plans are already advancing for a similarly-situated scheme directly across the street. New Empire Corp. is the developer for the site. The structural engineer for the proposal is Robert Silman, while the consulting architects are S M Tam, PLLC. While permits have not yet been filed and the City Planning process has not yet commenced, the progress across the street for 6208 8th Avenue, and the impressive team already assembled for the project, are indicators that the proposal is serious.
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