EXCLUSIVE OFFERING MEMORANDUM

45-50 48TH STREET SUNNYSIDE, NY

FOR SALE 35-UNIT ELEVATOR BUILDING BOULEVARD 46TH ST/ BLISS ST

4,303,987 Annual Riders

45-50 48TH STREET

VIEW FACING NORTHWEST

FOR FURTHER INFORMATION OR INSPECTION, KINDLY CONTACT EXCLUSIVE AGENTS

THEO E. KONTIS VINCENZO AMATO ADRIANA CONTAVALLE Partner Partner Associate 718.204.6611 718.204.6511 718.204.6411 [email protected] [email protected] [email protected]

45-50 48TH STREET

VIEW FACING SOUTHWEST INVESTMENT SUMMARY

TEK Realty Advisors LLC (“TEKRA”) is thrilled to present the exclusive offering of 45-50 48th Street, a 40’ wide elevator apartment building located on the west side of 48th Street between 47th Avenue and , steps away from the 46th Street/Queens Boulevard No. 7 subway station.

Built in 1935, 45-50 48th Street rises six (6) stories and contains thirty-five (35) apartments, of which twenty-three (23) are Studios and twelve (12) are 1-Bedrooms. The B and E lines are 1-Bedrooms and the remaining lines are Studios. Additionally, there is a super’s unit located in the cellar.

The current ownership installed two (2) new hot water tanks and a separate gas-fired boiler for the building’s hot water system, and converted the existing oil boiler into a dual fuel system in mid-2017. There is a 2,000 gallon oil storage tank located in the cellar.

The building offers exceptional light and air and benefits from being well-located one block south of Queens Boulevard and a four minute walk to the No. 7 subway station at 46th Street, a 26-minute ride into Grand Central Terminal and near all of Sunnyside’s shopping and dining options. Sunnyside’s already diverse and established retail corridor has welcomed new and exciting local eateries such as Sidetracks, Doma, Senso Unico, Sanger Hall, The Skillman and Thai Diva. Major retailers already in the area include Starbucks, Chase Bank, Bank of America, TD Bank, Caffe Bene, CVS Pharmacy and Duane Reade.

Bordered by City, Astoria and Woodside, Sunnyside is one of the most ethnically diverse urban areas in . Considered a hidden gem and dubbed a “Pre-Gentrified Williamsburg” by Curbed, Sunnyside is a well-established neighborhood and is best-known for its commitment to the community and exceptional location.

New and exciting developments in the area include The Sunnyside, a new twelve-story mixed-building located at 38-01 Queens Boulevard, set to include Regal Cinemas theater, 115,000 SF of medical offices and a 100+ space underground parking garage. A nearly complete four-story building situated on the corner of Greenpoint Avenue and 48th Street will contain ten (10) luxury apartments, a medical provider on the second floor and grade-level retail space.

Strong demand for rentals and sales continues to drive the residential market in Sunnyside, offering investors the opportunity to acquire an asset with considerable upside. 45-50 48th Street is an ideal opportunity for an incoming owner to capitalize on the large amount of below market rents and remaining capital improvement opportunities.

HIGHLIGHTS

• Located in Sunnyside, one of Queens most desirable neighborhoods

• Two-thirds of the tenants are paying below market rents — Monthly rent averages $1,037.40

• Tremendous upside in the rents and MCI opportunities remaining

• New hot water heaters and gas boiler installed mid-2017

• Additional revenue from (3) rooftop cell antennas

• (7) apartments renovated within the last 5 years

• Less than 12 minutes by subway into Court Square,

TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM PROPERTY SPECIFICATIONS

PROPERTY ADDRESS: 45-50 48th Street • Sunnyside, Queens, NY

LOCATION: West block between Queens Boulevard and 47th Avenue

BLOCK, LOT: 151 / 54

LOT DIMENSIONS: 40 FT. x 95 FT.

LOT AREA: 3,800± SF

BUILDING DIMENSIONS: 40 FT. x 75 FT. (Approximate)

BUILDING AREA: 16,800± SF (Approximate)

YEAR BUILT: 1935

NUMBER OF STORIES: 6 + Cellar

NUMBER OF UNITS: 35 + 1 Cellar Level Super’s Apt.

Studio 23 (A, C, D and F Lines) UNIT MIX: 1-Bedroom 12 (B and E Lines)

NYC BUILDING CLASS: D1 — Elevator Apartments (Semi-Fireproof without Stores)

ZONING DISTRICT: R6A

MAXIMUM ZFAR: 3.00

AS BUILT ZFAR: 4.33

ASSESSMENT (2018/19): $457,022

REAL ESTATE TAXES $67,183 (2018/19): ($16,325) J51 Tax Abatement (Expires June 30, 2032) $50,858 Tax Bill after J51 Tax Abatement

TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM TRANSPORTATION

DISTANCE FROM 45-50 48TH STREET

STATION TRAVEL TIME

Court Square/23rd Street (LIC) 12 Min.

Grand Central 22 Min.

Times Square/42nd St 23 Min.

Hudson Yards 27 Min.

Penn Station/34th St 29 Min.

Union Square/14th St 32 Min.

LIRR @ Woodside/61st St 8 Min.

45-50 48TH STREET Ferry @ Hunters Point South 24 Min.

LONG ISLAND CITY

45-50 48TH STREET IS 12 MINUTES AWAY FROM COURT SQUARE BY SUBWAY

TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM PROPERTY TAX MAP

45-50 48TH STREET

AERIAL VIEW

45-50 48TH STREET

TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM 46TH ST/BLISS ST STATION NEIGHBORHOOD PRESS

August 10, 2018 — Construction is imminent on a new twelve-story mixed-use building at 38-01 Queens Boulevard in Sunnyside, Queens, and today YIMBY has the first renderings for the project. SBLM Architects is responsible for designing the building, dubbed The Sunnyside. The façade has a mix of curtain wall and steel paneling throughout, employing a blend of various architectural styles.

Permits for the site were filed in October 2016, touting a 136-foot tall structure. Updated figures show the building will yield about 115,000 square feet for medical offices, with leasing handled by Wexler Healthcare Properties. The facilities have been designed for dentists, doctors, therapists, radiology, and more. Three to four outdoor terraces will be created from the building’s setbacks.

40,350 square feet will be included for a new Regal Cinemas theater, and a one-hundred car garage will be included in the basement. As YIMBY reported in 2016, the project is about twice as large as it would have been if it only contained commercial or industrial space. The medical offices function as a zoning bonus on top of the allowed commercial space.

This area of Sunnyside is zoned M1-4 for low-density factories and warehouses, but all kinds of commercial development are allowed.

Curbcut Urban Partners is responsible for the development. Foundation is already underway with steel expected to start arriving by the end of next month. The building will start rising this fall, and completion is expected by the spring of 2019.

Source: New York YIMBY — https://newyorkyimby.com/2018/08/renderings-revealed-for-regal-retail- complex-38-01-queens-boulevard-sunnyside-queens.html

TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM NEIGHBORHOOD PRESS

Amazon Set to Lease 1M Square Feet at One Court Square in Long Island City

November 13, 2018 — plans to lease one million square feet of office space at Savanna’s One Court Square in Long Island City, Queens, the landlord announced in a press release today.

The e-commerce company signed a letter of intent to lease a million square feet in the 1.4-million- square-foot tower as it formally announced its intent to build a new headquarters on Plaxall Realty’s site on the Long Island City waterfront.

There has been rampant speculation over the past week that Amazon would take space in the 50-story building, which is one of the few office towers in the neighborhood large enough to accommodate the tech giant.

Citigroup, the building’s anchor tenant since it was constructed in 1990, plans to move most of its employees out and vacate a million square feet across 31 floors in 2020. The bank has the option to consolidate its footprint into the remaining 400,000 square feet in the property after 2020, but it hasn’t said whether it will do so, The Wall Street Journal reported last week.

Citi separately announced today that it would move 1,100 workers out of the building over the first half of 2019 to make way for Amazon and into the company’s newly renovated 38-story headquarters at 388 Greenwich Street in Tribeca. The company currently has 3,000 workers in the glass-clad skyscraper next to the Court Square subway station.

“We have committed to vacate certain floors at One Court Square early and move about 1,100 of the colleagues who presently work there to alternate locations, including in Long Island City and our Tribeca headquarters,” Citi CEO Michael Corbat said in a press release.

Savanna wouldn’t comment on the transaction beyond what was included in its announcement.

“We’re thrilled that Amazon selected One Court Square as a critical component of its HQ2 plans for Long Island City,” said Nicholas Bienstock, a managing partner at Savanna, in prepared remarks. “It’s truly a privilege for Savanna to have the opportunity to partner with Amazon in a transaction that has the potential for tremendous job creation for New York City, and we look forward to a successful execution that will bring extraordinary benefits to the neighborhood, the city and region as a whole.”

Source: Commercial Observer — https://commercialobserver.com/2018/11/amazon-finalizes-plans-for- 1m-square-feet-at-one-court-square-in-long-island-city/

45-50 48TH STREET IS 12 MINUTES AWAY FROM COURT SQUARE BY SUBWAY

TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM NEIGHBORHOOD PRESS

On May 3, 2018, the City of New York and Amtrak announced the master planning process will begin in summer 2018 with a newly formed steering committee that includes community leaders, regional thought leaders, and planning experts.

Practice for Architecture and Urbanism (PAU) has been selected to lead a multidisciplinary consultant team to conduct the technical analysis and develop the plan in coordination with the members of the Sunnyside Yard Steering Committee and the broader community.

What is Sunnyside Yard?

Sunnyside Yard is one of the busiest rail yards in the country and a key train storage yard and maintenance hub for Amtrak’s North- east Corridor. It also serves New Jersey Transit and Long Island Rail Road, which is developing storage tracks and maintenance facilities there as part of its Project.

Sunnyside Yard has been the focus of many conceptual overbuild proposals since it was first opened by Pennsylvania Railroad in 1910. With Amtrak and MTA currently undertaking critical capital investments in its rail infrastructure, this is a unique moment for the City to coordinate long-term planning for the future of the yard.

Over the next 20 years, NYC is expected to add more than half a million people, including over 80,000 in Queens alone.

That growth will put additional strain on schools, parks, mass transit, and housing that current residents rely upon. Sunnyside Yard presents an opportunity to address these challenges head-on in a way that integrates new development into the established fabric of surrounding communities.

Through the drafting of a Master Plan, the City and Amtrak will work with local and regional stakeholders to develop a vision and framework to guide investments and address the needs of the adjacent growing neighborhoods, borough, city, and region.

The Master Planning process will focus on developing a vision and planning framework that will guide the incremental steps of a potential long-term overbuild development. While it will build on the technical findings of the feasibility study released early last year, the master planning process is an opportunity for stakeholders to take a fresh look at opportunities.

We have a launched a new site, sunnysideyard.nyc, where you can learn about past efforts and the master planning process at Sunnyside Yard. (Source: https://www.nycedc.com/project/sunnyside-yard)

TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM FOR FURTHER INFORMATION OR INSPECTION, KINDLY CONTACT EXCLUSIVE AGENTS

THEO E. KONTIS VINCENZO AMATO ADRIANA CONTAVALLE Partner Partner Associate 718.204.6611 718.204.6511 718.204.6411 [email protected] [email protected] [email protected]

LICENSED REAL ESTATE BROKER 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 T 718.204.0900 • F 718.744.9050 • TEKRANY.COM

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, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal. The quality of the photographs contained herein may have been improved or enhanced. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. Any projections, opinions or estimates are subject to uncertainty and do not signify current or future property performance. As an example, all zoning information, buildable square footage estimates and indicated uses must be independently verified. TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM