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Exclusive Sale Offering Memorandum
____________________________________
155 Grand Street | Williamsburg Brooklyn
Christopher Cavorti
Licensed Associate
Real Estate Broker
914.804.7091
Evan F. Church
Licensed Associate
Real Estate Broker
917.684.0663
Marvin Chu
Licensed Associate
Real Estate Broker
718.685.9430
Donald Lai
Licensed Associate
Real Estate Broker
917.6.9430
155 Grand Street | Brooklyn, NY 11249
Purchase Price: $3,999,000
Executive Summary Prime Flagship Retail & Mixed-Use Property for Sale. Located in North Williamsburg's Highest Priced Retail and Residential
Corridors. Introducing an extraordinary opportunity for ownership of 155 Grand Street, it defines prime real estate in
Williamsburg. Nestled on Grand Street between Bedford Avenue & Berry Street, this prime retail location boasts some of the
highest asking retail rents in North Williamsburg and Tops Brooklyn retail charts as well. As reported in the REBNY 2017
Summer report… asking rents on Grand Street Averaged $125/SF. With no significant moderations to the property, the
building can project an income performance North of 6.82% CAP RATE. It can be a lucrative addition to an ideal
investment portfolio or the dream home for an end-user.
Existing Building & Property Features: Current Zoning is R6B, C2-4. Set on a 21' X 75' lot, the existing 3-story masonry
building is ~ 4,000 SF above grade. A full-height cellar offers an additional ~ 1,575 gross SF. It currently consists of 3X income-
producing units: The vacant ground floor retail space boasts soaring 10'+ ceiling height, HVAC and charming exposed brick. The
2nd floor unit is an oversized 2 bed/1 bath with large outdoor terrace and a loft-like layout. A spacious 3 bed/1 bath unit is set on
the top floor. The triple-exposure allow for abundant natural sunlight in both full-floor apartments. Unique details include: 9'+
high ceilings, original hardwood flooring, moldings and exposed brick throughout. This stately address can be easily converted
to a ~2,436 SF duplex residence with substantial commercial rental income potential.
The central location is minutes away from the Bedford L and Broadway-Marcy J, M, Z subway stations and the NYC Ferry on
Kent. Located in the epicenter of Williamsburg Northside. This food, tourist and shopping mecca has seen a dramatic
transformation that is on par with the top destinations in New York City. The presence of major chains, national retailers,
luxurious new developments and hotels have triggered the vibrant revitalization of Williamsburg, Brooklyn.
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice.
155 Grand Street | Brooklyn, NY 11249
Current Property Information:
Address & Neighborhood:
155 Grand Street, Brooklyn, NY, 11249
Block & Lot: 02380-0031
Neighborhood: Williamsburg
Valuation & Property Taxes:
Tax class: 1
Property Taxes: $ 2,054
Lot:
Approximate Lot sq. ft.: +/-1,575
Approximate Lot dimensions: 21ft x 75ft ** Lot is slightly irregular
Corner lot: No
Buildings on lot: 1
Floor Area Ratio (FAR):
Max far: 2
FAR as built: 2.43 (ESTIMATED) Max FAR depends on several factors including zoning, location and use. A Zoning
Analysis by a licensed professional should be performed to verify the max far for the
property is accurate.
Building:
Building Class: Primarily Three Family w/ 1 Store or Office (S3)
Current Use: 2 Family w/ Store
Building Type: Masonry
Landmark: None
Approximate Gross SF +/- 4,011
Building dimensions: 21 ft x 76 ft
Stories: 3
Year built: 1910 (estimated)
Certificate of Occupancy: No
Use:
Residential units: 2
Commercial units: 1
Approximate Residential SF: +/- 2436
Approximate Ground Floor SF: +/- 1575
Approximate Cellar Floor SF: +/- 1575
Zoning:
District code: R6B,C2-4
Existing Income & Expenses
REVENUE Notes Gross SF Monthly Rent LEASE END Yearly PPSF
Retail
**Basement not
included 1,575 $ 10,000.00 MTM - Retail $ 120,000.00 $ 76.00
Apartment 1 Floor Thorough 1,218 $ 3,200.00 Month to Month $ 38,400.00 $ 31.53
Apartment 2 Duplex 1,218 $ 3,200.00 Month to Month $ 38,400.00 $ 31.53
4011
Total Revenue $ 16,400.00 $ 196,800.00
EXPENSES Notes Mo/Yearly Amount Monthly Yearly
Property Taxes - Currently Tax Class 1 Y $2,054.00 $171.17 $2,054.00
Insurance Y $2,800.00 $233.33 $2,800.00
H & HW Y $0.00 $0.00 $0.00
Electric Y $365.00 $30.42 $365.00
Water & Sewer Y $610.00 $50.83 $610.00
Total Expenses $ 485.75 $ 5,829.00
NOI $ 190,971.00 All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it
is presented subject to errors, omissions, changes or withdrawal without notice.
155 Grand Street | Brooklyn, NY 11249
Pro-Forma:
Mixed Use Future Projected Pro-Forma
Building Cost Amount
Purchase Price $ 3,999,000
Estimated Construction Costs $200,000
REVENUE Notes ~ Gross SF Monthly Rent Yearly PPSF
Retail Basement not included 1,575 $ 13,000.00 156,000.00 $ 99.05
2nd Floor Apartment Outdoor 1,218 $ 5,500.00 66,000.00 $ 54.19
3rd Floor Apartment Outdoor 1,218 $ 6,000.00 72,000.00 $ 59.11
Basement 1,575
~Gross Building Size 5,586
$24,500.00 $294,000.00
EXPENSES Notes Mo/Yearly Amount Monthly Yearly
Property Taxes - Currently Tax Class 1 Y $2,054.00 $171.17 $2,054.00
Insurance Y $3,000.00 $250.00 $3,000.00
Gas - Heat Y $0.00 $0.00
Electric Y $500.00 $41.67 $500.00
Water & Sewer Y $1,000.00 $83.33 $1,000.00
Building Maintenance 2% $490.00 $5,880.00
Management & Vacancy 3% $735.00 $8,820.00
Total Expenses $ 1,771.17 $ 21,254.00
The Math Monthly Yearly
Net Operating Income (NOI) $ 22,728.83 $ 272,746.00
Net Profit $ 22,728.83 $ 272,746.00
Cash Outlay $4,199,000.00
Cap Rate 6.82%
Cash on Cash Return 6.50%
GRM 14.66
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it
is presented subject to errors, omissions, changes or withdrawal without notice.
155 Grand Street | Brooklyn, NY 11249
Existing Floorplan:
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it
is presented subject to errors, omissions, changes or withdrawal without notice.
155 Grand Street | Brooklyn, NY 11249
Residential & Commercial Photos:
155 Grand Street | Brooklyn, NY 11249
Survey:
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it
is presented subject to errors, omissions, changes or withdrawal without notice.
155 Grand Street | Brooklyn, NY 11249
Area Map:
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it
is presented subject to errors, omissions, changes or withdrawal without notice.
155 Grand Street | Brooklyn, NY 11249
Exclusively Marketing Through
The Forray Team at The Corcoran Group
Christopher Cavorti
Licensed Associate
Real Estate Broker
914.804.7091
Evan F. Church
Licensed Associate
Real Estate Broker
917.684.0663
Marvin Chu
Licensed Associate
Real Estate Broker
718.685.9430
Donald Lai
Licensed Associate
Real Estate Broker
917.947.9917
“Real Estate with Results”
