BESEN - LoopNetimages3.loopnet.com/d2/LvkjeZI_NxoPDnquETuP1OVYwcs... · Besen & Associates, Inc., as exclusive agent for ownership, is pleased to offer for sale 99 & 101 Graham Avenue,

BESEN

INVESTMENT

SALES TEAM

Niko Berdzeni

Director

(212) 292-0070

[email protected]

Ronald H. Cohen

Chief Sales Officer

(646) 424-5317

[email protected]

Michael Besen

President & CEO

(212) 689-8488

[email protected]

Paul J. Nigido

Senior Financial Analyst

(646) 424-5350

[email protected]

Besen & Associates

381 Park Avenue South

New York, NY 10016

Tel: 212.689-8488

Fax: 212.689-9518

TABLE OF

CONTENTS

EXECUTIVE SUMMARY

• INVESTMENT HIGHLIGHTS

PROPERTY OVERVIEW

• LOCATION MAP

• PROPERTY PHOTOS

FINANCIAL OVERVIEW

• INCOME/EXPENSE REPORT

• RENT ROLL

LOCATION OVERVIEW

• TRANSPORTATION MAPS

ZONING OVERVIEW

• R6/C1-3

99 & 101 Graham Avenue, Brooklyn, NY 11206 | 3

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EXECUTIVESUMMARY

50 Orange Street, Brooklyn, NY 11201 | 5

Besen & Associates, Inc., as exclusive agent for ownership, is pleased to offer for sale 99 &

101 Graham Avenue, Brooklyn, NY 11206 (the “Property”) aka 122-130 McKibbin Street.

These three contiguous walk-up buildings situated on 2 separate tax lots contain 8 apartments

(4 one-bedroom and 4 three-bedroom units) with 2 stores totaling approximately 10,875± SF.

Built between circa 1931 and 1952, these properties come with approximately 13,125± SF of

unused air rights yielding a total of approximately 24,000± buildable SF (4.8 F.A.R. including

Community Facility).

Located in a prime location of Williamsburg, the Property is situated on the southwest corner

of Graham Avenue and McKibbin Street, near the Lorimer Street & subway station and the

Montrose Avenue subway station on the train.

ASKING PRICE: $9,000,000


EXECUTIVE SUMMARY

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• Long-term retail tenants operating for 30+ years out of the same location

• Below market rents offering upside upon tenant vacancy


IMPROVEMENTS

• Most of the units have been renovated and the property is well-maintained

• Requiring minimal near-term capital and low maintenance costs

• Easy access to I-278 (Brooklyn-Queens Expressway), all public transportation, and only 6

miles to Midtown Manhattan. 15 minute subway ride to the East Village/Lower East Side.

CONVENIENT TRANSPORTATION ACCESS

• The retail component of the Property offers exceptional corner frontage with 50’ along

Graham Avenue and 100’ feet of frontage along McKibbin Street

• Located in the heart of Williamsburg, one of Brooklyn’s most desirable neighborhoods

PRIME LOCATION

TREMENDOUS RETAIL

INVESTMENT HIGHLIGHTS:

PROPERTYOVERVIEW

PROPERTY OVERVIEW | 99 GRAHAM AVENUE

Neighborhood Williamsburg

Block / Lot 3088 / 16

Lot & Built Size 25’ x 100’ (built 25’ x 45’)

Gross Building Area 3,375± SF

Stories 3-story walk-up building

Total Apartments & Rooms 2 apartment & 10 rooms

Apartment Layout Two 3-bedroom units

Zoning R6 / C1-3

FAR (built / allowed) 1.35 / 2.43 (4.8 FAR for Community Facility)

Year Built Circa 1931

Assessment & Taxes (17/18) $23,328 / $4,663


PROPERTY OVERVIEW | 101 GRAHAM AVENUE & 122 MCKIBBIN STREET

Neighborhood Williamsburg

Block / Lot 3088 / 15

Lot & Built Size 25’ x 100’ (built: full)

Gross Building Area 7,500± SF

Stories 3-story walk-up building

Total Apartments & Rooms 6 apartment & 22 rooms

Apartment Layout 4/3, 2/5

Zoning R6 / C1-3

FAR (built / allowed) 1.35 / 2.43 (4.8 FAR for Community Facility)

Year Built Circa 1952

Assessment & Taxes (17/18) $364,180 / $38,508



LOCATION MAP

99 & 101 Graham Avenue

Eastern District YMCA

Manhattan Liquor

Bank of AmericaBazaar Supermarket

Sprint Store

Moore Street Market

Petland Discounts


BIRDS EYE MAP

FINANCIALOVERVIEW

INCOME & EXPENSES

REVENUE AMOUNT

Apartments $204,000

Commercial $180,000

GROSS INCOME: $384,000

ESTIMATED EXPENSES

Real Estate Taxes (17/18) $41,200

Water & Sewer $7,600

Payroll $4,800

Fuel $8,400

Insurance $5,200

Utilities $4,895

Repairs, Maintenance & Misc. $7,600

TOTAL EXPENSES: $79,695

NET OPERATING INCOME: $304,305


RESIDENTIAL RENT ROLL


APT# TENANT # RENT/MONTH # ROOMS LXP STATUS

99-1 Tenant 1 $2,800.00 5 02/28/2018 FM

99-2 Tenant 2 $2,950.00 5 02/15/2018 FM

101-1 Tenant 3 $2,700.00 5 08/31/2017 FM

101-2 Tenant 4 $2,550.00 5 08/31/2017 FM

122-1 Tenant 5 $1,500.00 3 09/30/2017 FM

122-2 Tenant 6 $1,450.00 3 04/01/2017 FM

122-3 Tenant 7 $1,450.00 3 08/31/2017 FM

122-4 Tenant 8 $1,600.00 3 12/31/2017 FM

Residential Monthly Income $17,000.00 32

Residential Annual Income $204,000.00

RESIDENTIAL RENT ANALYSIS (By Apartment)


RESIDENTIAL RENT ANALYSIS (By Room)

Layout # of Units Unit % Total Monthly RentAverage Monthly

Rent

1 - BR 4 50% $6,000 $1,500

3 - BR 4 50% $11,000 $2,750

Total/Avg: 8 100% $17,000 $2,125

Layout # of Rooms Room % Total Monthly Rent Average Room Rent

3 Rooms 12 38% $6,000 $500

5 Rooms 20 63% $11,000 $550

Total/Avg: 32 100% $17,000 $531

COMMERCIAL RENT ROLL


UNIT UNIT RENT/MONTH LXP SQ. FT. PSF

122 Fashion Furniture $7,500.00 M-T-M 2,500 $36.00

99 & 101 Fashion Furniture $7,500.00 M-T-M 2,500 $36.00

Commercial Monthly Total $15,000.00

Commercial Annual Total $180,000.00

Combined Annual Total $384,000.00


EXTERIOR


EXTERIOR

LOCATIONOVERVIEW

Williamsburg has emerged in recent years as a pop-culture darling, and a force in defining NYC

trends. While it seems that everyone has an opinion on Williamsburg’s true cultural cache, those that

live in the neighborhood prefer not to overthink it. Instead, you’ll find a refreshingly care-free community

where the motto is “do your own thing” - and always have a good time along the way.

Williamsburg has long been the setting of many seminal films and books that represent life in Brooklyn

in the 1900s. As a manufacturing neighborhood, the area attracted hard-working New Yorkers.

Decades later, Williamsburg began to attract an overflow of artists from downtown Manhattan, and

since then it has become a beacon of Brooklyn creativity.

Over the past few years, people on the cutting edge of music and fashion trends have moved into

Williamsburg, giving the neighborhood an energetic and artistic atmosphere.

LOCATIONOVERVIEW


WILLIAMSBURG


TRANSPORTATION


NEAREST SUBWAY

COMMUTER TIMES

Atlantic Avenue 32m by train, 18m by car

Grand Central 32m by train, 18m by car

Union Square 23m by train, 17m by car

Wall Street 30m by train, 17m by car

SUBWAY MAP

BUS MAP


ZONINGOVERVIEW

R6

R6 zoning districts are widely mapped in built-up, medium-density areas in Brooklyn, Queens and the Bronx. The

character of R6 districts can range from neighborhoods with a diverse mix of building types and heights to large-

scale “tower in the park” developments such as Ravenswood in Queens and Homecrest in Brooklyn. Developers

can choose between two sets of bulk regulations. Standard height factor regulations, introduced in 1961, produce

small multi-family buildings on small zoning lots and, on larger lots, tall buildings that are set back from the street.

Optional Quality Housing regulations produce high lot coverage buildings within height limits that often reflect the

scale of older, pre-1961 apartment buildings in the neighborhood.

Buildings developed pursuant to height factor regulations are often tall buildings set back from the street and

surrounded by open space and on-site parking. The floor area ratio (FAR) in R6 districts ranges from 0.78 (for a

single-story building) to 2.43 at a typical height of 13 stories; the open space ratio (OSR) ranges from 27.5 to 37.5.

Generally, the more open space, the taller the building. In the diagram, for example, 81% of the zoning lot with the

13-story building is required to be open space (2.43 FAR × 33.5 OSR). Thus, the maximum floor area ratio is

achievable only where the zoning lot is large enough to accommodate a practical building footprint as well as the

required amount of open space. There are no height limits for height factor buildings although they must be set

within a sky exposure plane which begins at a height of 60 feet above the street line and then slopes inward over

the zoning lot. Off-street parking is required for 70% of a building’s dwelling units, or it can be waived if five or

fewer spaces are required.


99 & 101 Graham Avenue

R6


50 Orange Street

R6

The optional Quality Housing regulations produce high lot coverage buildings set at or near the street line. Height

limitations ensure that these buildings are often more compatible with older buildings in the neighborhood. As an

incentive for developers to choose the Quality Housing option outside the Manhattan Core, greater floor area

ratio, and therefore, more apartments, is permitted for buildings on orwithin 100 feet of a wide street than would

be permitted under height factor regulations. The FAR is 3.0; the maximum base height before setback is 60 feet

with a maximum building height of 70 feet. On a narrow street (beyond 100 feet of a wide street), the maximum

FAR is 2.2; the maximum base height before setback is 45 feet with a maximum building height of 55 feet. The

area between a building’s street wall and the street line must be planted and the buildings must have interior

amenities for the residents pursuant to the Quality Housing Program.

Off-street parking, which is not permitted in front of a building, is required for 50% of all dwelling units, less than

for height factor buildings because of the high lot coverage. Parking can be waived if five or fewer spaces are

required.


C1-3

C1-1 through C1-5 and C2-1 through C2-5 districts are commercial overlays mapped within residence districts.

Mapped along streets that serve local retail needs, they are found extensively throughout the city’s lower- and

medium-density areas and occasionally in higher-density districts.

Typical retail uses include neighborhood grocery stores, restaurants and beauty parlors. C2 districts permit a

slightly wider range of uses, such as funeral homes and repair services. In mixed buildings, commercial uses are

limited to one or two floors and must always be located below the residential use.

When commercial overlays are mapped in R1 through R5 districts, the maximum commercial floor area ratio

(FAR) is 1.0; when mapped in R6 through R10 districts, the maximum commercial FAR is 2.0. Commercial

buildings are subject to commercial bulk rules.


C1-3

Overlay districts differ from other commercial districts in that residential bulk is governed by the residence district

within which the overlay is mapped. All other commercial districts that permit residential use are assigned a

specific residential district equivalent. Unless otherwise indicated on the zoning maps, the depth of overlay

districts ranges from 100 to 200 feet.

Generally, the lower the numerical suffix, the more off-street parking is required. For example, in C1-1 districts,

typically mapped in outlying areas of the city, a large food store would require one parking space for every 100

square feet of floor area, whereas no parking is required in C1-5 districts, which are well served by mass transit.


The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective

purchaser of the following property: 99 & 101 Graham Avenue, Brooklyn, NY 11206 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.

CONFIDENTIALITY & DISCLAIMER


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.

BESEN

INVESTMENT

SALES TEAM

Niko Berdzeni

Director

(212) 292-0070

[email protected]

Ronald H. Cohen

Chief Sales Officer

(646) 424-5317

[email protected]

Michael Besen

President & CEO

(212) 689-8488

[email protected]

Paul J. Nigido

Senior Financial Analyst

(646) 424-5350

[email protected]

Besen & Associates

381 Park Avenue South

New York, NY 10016

Tel: 212.689-8488

Fax: 212.689-9518

Documents

BESEN - LoopNetimages3.loopnet.com/d2/LvkjeZI_NxoPDnquETuP1OVYwcs... · Besen & Associates, Inc., as exclusive agent for ownership, is pleased to offer for sale 99 & 101 Graham Avenue,