Offering Memorandum TRANSACTION OVERVIEW 4809 & 4815 14Th AVENUE| BROOKLYN, NY | BOROUGH PARK

4809 & 4815 14th avenue borough park, brooklyn offering memorandum TRANSACTION OVERVIEW 4809 & 4815 14th AVENUE| BROOKLYN, NY | BOROUGH PARK

FI Realty Services is pleased to present the exclusive offering of 4809 ten-story 171-unit residential building and 1570 60th Street, a 128-unit G& 4815 14th Avenue, a 11,458 net rentable square-foot retail condo multifamily building. comprised of four tenants located in the Borough Park section of Brooklyn. The asset is at the base of a recently constructed six-story elevator apartment building totaling 37,656 square-feet. Borough Park is a neighborhood in the southwestern part of the borough of Brooklyn, in New York City. The neighborhood is bordered by Bensonhurst to The property was constructed in 2016 with a R6 zoning and a 2.43 FAR (4.8 the south, Bay Ridge to the southwest, Sunset Park to the west, Kensington with community facility). and Green-Wood Cemetery to the northeast, Flatbush to the east, and Midwood to the southeast. The asset is occupied by three medical offices and a daycare. The medical offices have (10)-year leases in-place with a (5)-year option. The daycare, Borough Park is home to Maimonides Medical Center which is currently Project Social Care Headstart, has a (5)-year lease in-place with a (5)-year expanding. The new Medical Arts Building -- a state-of-the-art facility located option. on Ninth Avenue between 48th and 49th Streets -- will house the offices of Maimonides Doctors from many of the medical, surgical, and pediatric There is an ADA elevator in-place. subspecialty programs.

The retail condo is one of the few new developments in the area; it is located The asset is surrounded by numerous eateries, shops and retailers located just a few blocks away at 1204-1232 & 1264-1276 37th Street, aka Culver on 13th Avenue, a commercial strip roughly one mile in length from 39th to El Project Phase 1, a four-story 36-unit condominium building. Additionally 55th Streets. The property is just a short walk from Fort Hamilton Parkway, a there is 968 60th Street, a 90-unit luxury rental property; 886 Dahill Road, a 4.1-mile thoroughfare, and the F & G subway lines.

Tenants 4

Block/Lot: 5636/6 & 4

Year Built: 2016

Total SF: 11,458 Rentable SF

Zoning: R6

Tax Class: 2A

Mortgage: Delivered free and clear.

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 2 |transaction overview without notice PROPERTY PHOTOS 4809 & 4815 14th AVENUE| BROOKLYN, NY | BOROUGH PARK

VACANT COMM. SPACE

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 3 |transaction overview without notice PROPERTY PHOTOS 4809 & 4815 14th AVENUE| BROOKLYN, NY | BOROUGH PARK

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 4 |transaction overview without notice PROPERTY PHOTOS 4809 & 4815 14th AVENUE| BROOKLYN, NY | BOROUGH PARK

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 5 |transaction overview without notice 4809 & 4815 14th AVENUE| BROOKLYN, NY | BOROUGH PARK

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 6 |transaction overview without notice AERIAL 4809 & 4815 14th AVENUE| BROOKLYN, NY | BOROUGH PARK

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 7 |transaction overview without notice 7 FINANCIALS 4809 & 4815 14th AVENUE| BROOKLYN, NY | BOROUGH PARK income & Expenses

Income Commercial $ 573,000 TAX LOT MAP

Effective Gross Income $ 573,000

Estimated Expenses Real Estate Taxes (25 Yr Tax Abatement) $ - Water/Sewer $ - Fuel $ - Utilities $ 833 Insurance $ 5,000 Payroll $ 2,000 Repairs, Maintenance & Misc. $ 3,000 Elevator $ 5,000

Total Expenses $ 15,833

NOI $ 557,167

Asking Price: $ 11,000,000 CAP Rate: 5.1% Price Per Rentable SF: $ 960

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 8 |financial summary without notice 8 FINANCIALS 4809 & 4815 14th AVENUE| BROOKLYN, NY | BOROUGH PARK rent roll

FLOOR TENANT RENT SF PSF INCREASE TERM LXP 4809 14TH AVE BROOKLYN NY GROUND LEVEL SEGULAH PAEDIATRICS PLLC $ 141,000 2,834 $ 49.75 3% Increase (10)-Yr Lease + (5)-Yr Option May-30 CF-C PEDIATRIC OPHTHALMIC CARE, P.C. $ 78,000 1,676 $ 46.54 2.75% Increase (10)-Yr Lease +(5)-Yr Option Apr-29 4815 14TH AVE BROOKYN NY GROUND LEVEL PROJECT SOCIAL CARE HEDSTART INC $ 216,000 4,018 $ 53.76 3% Increase (5)-Yr + (5)-Yr Option Apr-30 CF-C PEDIATRIC OPHTHALMIC CARE, P.C. $ 138,000 2,930 $ 47.10 3% Increase (10)-Yr + (5)-Yr Option Apr-29

TOTAL YRLY INCOME. $ 573,000

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 9 |financial summary without notice TRANSIT MAP 4809 & 4815 14h AVENUE| BROOKLYN, NY | BOROUGH PARK

he B8, B9, B11, B16 and B35 New York City Bus routes Tserve the area. The New York City Subway’s BMT West End Line, serving the D train, is at 55th Street, 50th Street, and Fort Hamilton Parkway. The IND Culver Line, serving the F train, runs along McDonald Avenue, the eastern border of Borough Park. The BMT Sea Beach Line on the N and W services also serves the  neighborhood at Fort Hamilton Parkway.

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 10 |marketplace overview without notice ZONING OVERVIEW 4809 & 4815 14h AVENUE| BROOKLYN, NY | BOROUGH PARK

he character of R6 districts can range from row house Tneighborhoods to large-scale “tower in the park” developments. The standard bulk regulations, or Height Factor Regulations, for R6 districts encourage small apartment buildings on small zoning lots and, on larger lots, tall, narrow buildings that are set back from the street. As an alternative, developers may choose the optional Quality Housing program regulations to build lower, high lot coverage buildings that reflect the traditional neighborhood streetscape.

Height Factor Regulations: Height factor buildings are often set back from the street and surrounded by open space and on-site parking. The floor area ratio 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 ranges from 27.5 to 37.5. A taller building can usually be obtained by providing more open space. For example, 81% of the zoning lot with a 13-story building is required to be open space (2.43 FAR x 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. The building must be set within a sky exposure plane which, in R6 districts, begins  at a height of 60 feet above the front lot 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.

Quality Housing Option: The optional Quality Housing regulations produce lower buildings with high lot coverage, which typically allow for more apartments than might be achievable under height regulations. Outside the Manhattan Core, the R6 optional regulations for buildings on or within 100 feet of a wide street are the same as those in R6A districts. The FAR is 3.0, and 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 base height before setback is 45 feet with a maximum building height of 55 feet. Off-street parking, which is not permitted in front of a building, is required for 50% of the dwelling units, less than for height factor buildings. Parking is waived if five or fewer spaces are required.

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 11 |marketplace overview without notice RETAIL MAP 4809 & 4815 14h AVENUE| BROOKLYN, NY | BOROUGH PARK

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal Page 12 |marketplace overview without notice PROPERTY MAP 4809 & 4815 14h AVENUE| BROOKLYN, NY | BOROUGH PARK

4809 & 4815 14th Avenue