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773 Hart Street| Bushwick| Brooklyn, NY 11237 77377391 Macon HartHart Street| Street| Street Bushwick, Brooklyn,Bushwick| BrooklynNY| Brooklyn 11216, NY 11237 5 Unit Fully Vacant Multi-Family Property Exclusive Offering Memorandum (718) 768-6888 1 773 Hart Street| Bushwick| Brooklyn, NY 11237 For More Information Please Contact Exclusive Terra CRG LLC has been retained as the exclusive agent to the Seller for the Agent: sale of the 5 unit multi-family building at 773 Hart Street in the Bushwick neighborhood of Brooklyn. Matthew Cosentino Vice President, Investment Sales [email protected] Eric Satanovsky Associate [email protected] The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/or legal counsel . Prospective buyer should carefully verify each item of information herein, there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination. (718) 395-1877 (718) 768-6888 Terra CRG LLC I Licensed Real Estate Broker I 592 Pacific Street, Suite B, Brooklyn, NY 11217 I P: 718-768-6888 I F: 718-768-6288 | www.terracrg.com 2 773 Hart Street| Bushwick| Brooklyn, NY 11237 Table of Contents Executive Summary The Offering 5 Property Summary 6 Aerial Photo 7 Neighborhood Map 8 Property Tax Map 9 Zoning Information 10 Interior Photos 12 Neighborhood & Market Information Market Overview 14 Brooklyn Residential Rental Market 15 Neighborhood Description 17 Neighborhood Transportation 20 Brooklyn Commercial Sales 23 (718) 768-6888 3 773 Hart Street| Bushwick| Brooklyn, NY 11237 Executive Summary (718) 768-6888 4 773 Hart Street| Bushwick| Brooklyn, NY 11237 Executive Summary The Offering The fully vacant five unit building at 773 Hart Street is now offered for sale. The property is in a very prime Bushwick location between Knickerbocker Avenue and Wilson Avenue in close proximity to both the Jefferson Street L train station and the DeKalb Avenue L train. The property is also 1½ blocks from newly refurbished Maria Hernandez Park. The 4,275 SF building (not including full ceiling height basement with windows) is 25 ft x 57 ft and consists of 5 vacant free market residential apartments. All the units are currently vacant and have been fully gutted so that a new owner can begin the next step of the renovation process immediately. Also, a significant number of structural improvements have already been made to the building, including: (a) new footings, columns, beams and joists in the basement; (b) replacement of beams and joists on second and third floor; and (c) all floors in entire building have been leveled. When completed the building would allow for 4 three bedroom apartments and 1 ground floor duplex apartment that would be approx. 1,680 SF. Newly renovated units in the area are achieving rents in the $45-50/SF range. After renovation, the building has gross income potential in excess of $200,000 and will have minimal utility expenses as each apartment will have its own HVAC unit and hot water heater. The units also have outstanding ceiling heights throughout, stretching to approx. 14 ft on the top floor (allowing for a mezzanine on the top floor). The property is ideally located in one of the most prime locations in Bushwick, in very close proximity to both the Jefferson Street L train and the DeKalb Avenue L train. The property is located in the heart of Bushwick’s revitalization and just a few blocks from some of the best retailers in Brooklyn, including the highly acclaimed Northeast Kingdom restaurant, Hanna Natural Organic Market and Wine Shop and Fritzl’s Lunch Box. The property is also located in the heart of Bushwick’s flourishing art scene (just a few blocks from Bushwick Collective – a massive organized street art project). This particular block is one of the most desirable blocks in Bushwick with some of the most successful luxury rental, condo and retail projects in the area. (including the Knick Condos and the 782 Hart Street Luxury Rentals directly across the street from the property). Asking Price: $1,795,000 Any and all offers should be submitted in writing to Terra CRG, LLC. All zoning, existing square footage of buildings, available buildable square footage, permitted uses and any other information provided herein must be independently verified by prospective purchasers. (718) 768-6888 5 773 Hart Street| Bushwick| Brooklyn, NY 11237 Property Information Property Summary Property Information Address: 773 Hart Street Neighborhood: Bushwick Cross Streets: Knickerbocker Ave and Wilson Ave Block: 3219 Lot: 44 Lot Size: 25 ft x 100 ft Building Information Building Size: 25 ft x 57 ft Building Class: C2 Zoning: R6 Stories: 3 Total Units: 5 Building Sq. Ft.: 4,275 (plus basement with full ceiling heights and windows) Taxes (13/14): $ 4,836 (718) 768-6888 6 773 Hart Street| Bushwick| Brooklyn, NY 11237 Aerial Map 773 Hart Street (718) 768-6888 7 773 Hart Street| Bushwick| Brooklyn, NY 11237 Neighborhood Map 773 Hart Street (718) 768-6888 8 773 Hart Street| Bushwick| Brooklyn, NY 11237 Property Tax Map 773 Hart Street Brooklyn, NY 11237 Block 3219 Lots 44 The property is located between Wilson Avenue and Knickerbocker Avenue (718) 768-6888 9 773 Hart Street| Bushwick| Brooklyn, NY 11237 Zoning Zoning Map 773 Hart Street is zoned R6 (718) 768-6888 10 773 Hart Street| Bushwick| Brooklyn, NY 11237 Zoning Zoning Description 773 Hart Street is zoned 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 multifamily 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. Height Factor Regulations 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. (718) 768-6888 11 11 773 Hart Street| Bushwick| Brooklyn, NY 11237 Interior Photos (718) 768-6888 12 12 773 Hart Street| Bushwick| Brooklyn, NY 11237 Neighborhood & Market Information (718) 768-6888 13 773 Hart Street| Bushwick| Brooklyn, NY 11237 Brooklyn Market Overview Brooklyn Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second- largest in area with over 70 square miles. Brooklyn is now the most populous county in New York State and the second-most densely populated county in the United States, after New York County (Manhattan). The borough is situated at the southwestern end of Long Island and is bounded on the north and east by the borough of Queens, on the south by Lower New York Bay, the Atlantic Ocean and Jamaica Bay and on the west by the East River, Upper New York Bay and the Narrows which separates it from the borough of Staten Island. Brooklyn was an independent city until its consolidation with New York City in 1898. The Borough’s 30 neighborhoods continue to maintain a distinct culture, independent art scene, and unique architectural heritage. (718) 768-6888 14 773 Hart Street| Bushwick| Brooklyn, NY 11237 Brooklyn Market Overview Brooklyn Residential Rental Market The New York employment market is ranked 3rd in the country. Apartment vacancy rates in the Northeast are the lowest in the country (During the last two recessions, the New York residential market experienced less than 1.0% annual market rent decreases). Brooklyn vacancy rate is expected to stay under 2%. The strength of the NYC economy means more college graduates migrate to NYC from rest of the country for jobs. Quite often, their rental apartment in Brooklyn becomes their first New York City home. These trends, coupled with a very tight inventory of luxury units, caused rental rates to increase considerably in the last few years.
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