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Exclusive Offering Memorandum EXCLUSIVE OFFERING MEMORANDUM EAST NY / CYPRESS HILLS 2771-2777 Atlantic Ave Brooklyn, NY 11207 CONVERSION DEVELOPMENT SITE FOR SALE GAIA PROPERTY GROUP | 130 W 25TH SUITE 4C, New York, NY 10001 FOR MORE INFORMATION SHAY ZACH, Principal Broker | CEO O: 212.359.5060 | M: 646.210.1201 | [email protected] | www.gpgnyc.com Information contained herein is sources deemed reliable but is subject to errors, omissions, changes of price or terms, and withdrawal without prior 2771-2777 ATLANTIC AVENUE Conversion/ Development Site in East NY/ Cypress Hills, Brooklyn PROPERTY INFORMATION EXECUTIVE SUMMARY NEIGBRHOOD East NY / Cypress Hills 2771-2777 Atlantic Ave Brooklyn, NY 11207 03946-0043 Gaia is pleased to exclusively offer the property located on BLOCK / LOT 03946-0042 2771-2777 Atlantic Ave. The property is are 3 Adjacent buildings that are perfect as a Conversion/Development, the 3 combined building offer a total LOT SIZE 60’ x 106.42’ of ~7500 Existing Mixed used SF, and a total of around 45,500 Buildable SF LOT SF 6,383 SF with a unique Mixed Used Zoning R8A-C2-4. 40’ x 36.83’ BUIILDING SIZE Located in the East New York neighborhood in Brooklyn, was built in 1920. 20’ x 40’ The property can be delivered Vacant. BUILDING SF 11,220 The property is located near Van Siclen Avenue [J][Z] trains and [A][C] trains TOTAL BUILDABLE SF 43,720 at Liberty Avenue station. STORIES 3 ASKING PRICE: $ 3,875,000 6 Residential UNITS 4 Commercial ZONING R8A/R5B/C2-4/EC-5 FAR 7.2 * with inclusionary GAIA PROPERTY GROUP | 130 W 25TH SUITE 4C, New York, NY 10001 FOR MORE INFORMATION SHAY ZACH, Principal Broker | CEO O: 212.359.5060 | M: 646.210.1201 | [email protected] | www.gpgnyc.com Information contained herein is sources deemed reliable but is subject to errors, omissions, changes of price or terms, and withdrawal without prior 2771-2777 ATLANTIC AVENUE Conversion/ Development Site in East NY/ Cypress Hills, Brooklyn GAIA PROPERTY GROUP | 130 W 25TH SUITE 4C, New York, NY 10001 FOR MORE INFORMATION SHAY ZACH, Principal Broker | CEO O: 212.359.5060 | M: 646.210.1201 | [email protected] | www.gpgnyc.com Information contained herein is sources deemed reliable but is subject to errors, omissions, changes of price or terms, and withdrawal without prior 2771-2777 ATLANTIC AVENUE Conversion/ Development Site in East NY/ Cypress Hills, Brooklyn 2771-2775 ATLANTIC AVE UNIT UNIT SF LAYOUT RENT SF MONTHLY RENT ANNUAL RENT STATUS Store 1 2,128 $ 25 $ 3,850 $ 46,200 Delivered Vacant-rent projected Store 2 2,128 $ 25 $ 3,850 $ 46,200 Delivered Vacant-rent projected 2FL 2771 737 2 BR $ 25 $ 1,323 $ 15,876 MTM 3FL 2771 737 2 BR $ 25 $ 1,800 $ 21,600 VACANT PROJ 2FL 2775 737 2 BR $ 25 $ 1,700 $ 20,400 MTM 3FL 2775 737 2 BR $ 25 $ 1,750 $ 21,000 MTM TOTAL 7,204 $ 14,273 $ 171,276 2777 ATLANTIC AVE UNIT UNIT SF LAYOUT RENT SF MONTHLY RENT ANNUAL RENT STATUS Store 1 2,128 $ 25 $ 3,850 $ 46,200 Delivered Vacant-rent projected 1 800 2 BR $ 25 $ 1,650 $ 19,800 MTM 2 800 2 BR $ 23 $ 1,900 $ 22,800 LXP 4/30/2021 TOTAL 3,728 $ 7,400 $ 88,800 GAIA PROPERTY GROUP | 130 W 25TH SUITE 4C, New York, NY 10001 FOR MORE INFORMATION SHAY ZACH, Principal Broker | CEO O: 212.359.5060 | M: 646.210.1201 | [email protected] | www.gpgnyc.com Information contained herein is sources deemed reliable but is subject to errors, omissions, changes of price or terms, and withdrawal without prior 2771-2777 ATLANTIC AVENUE Conversion/ Development Site in East NY/ Cypress Hills, Brooklyn GROSS INCOME RENTAL INCOME $ 260,076.00 ESTIMATED GROSS ANNUAL EXPENSES Real Estate Taxes $ 27,689.00 Gas/Heat * Tenants $ - Electric (PLG) $ 750.00 Water/Sewer $ 5,500.00 Insurance $ 6,000.00 Repairs maintenance $ 6,000.00 Management $ 8,500.00 ESTIMATED GROSS EXPENSES $ 54,439.00 NET OPERATING INCOME $ 205,637.00 ASKING PRICE $ 3,875,000.00 CAP RATE 5.31% GRM 14.90 PRICE PER UNIT $ 387,500.00 PRICE PER SF $345 GAIA PROPERTY GROUP | 130 W 25TH SUITE 4C, New York, NY 10001 FOR MORE INFORMATION SHAY ZACH, Principal Broker | CEO O: 212.359.5060 | M: 646.210.1201 | [email protected] | www.gpgnyc.com Information contained herein is sources deemed reliable but is subject to errors, omissions, changes of price or terms, and withdrawal without prior 2771-2777 ATLANTIC AVENUE Conversion/ Development Site in East NY/ Cypress Hills, Brooklyn ZONING 2771-2777 ATLANTIC AVE IS ZONED R8A/R5B/C2-4/EC-5 The contextual Quality Housing bulk regulations, which are mandatory in R8A districts, typically result in high lot coverage 10- to 12-story apartment buildings, set at or near the street line. Limitations on the base height and maximum building height of new buildings ensure compatibility with existing buildings on the street. Parts of DUMBO in Brooklyn and West Chelsea in Manhattan are R8A districts. The floor area ratio (FAR) in R8A districts is 6.02. Above a base height of 60 to 85 feet, the building must set back to a depth of 10 feet on a wide street and 15 feet on a narrow street before rising to its maximum height of 120 feet. On a wide street, the street wall must extend along the entire width of the zoning lot and at least 70% of the street wall must be within eight feet of the street line. The area between a building’s street wall and the street line must be planted and the building must have interior amenities pursuant to the Quality Housing Program. Off-street parking is not allowed in front of a building. Parking is required for 40% of dwelling units. GAIA PROPERTY GROUP | 130 W 25TH SUITE 4C, New York, NY 10001 FOR MORE INFORMATION SHAY ZACH, Principal Broker | CEO O: 212.359.5060 | M: 646.210.1201 | [email protected] | www.gpgnyc.com Information contained herein is sources deemed reliable but is subject to errors, omissions, changes of price or terms, and withdrawal without prior 2771-2777 ATLANTIC AVENUE Conversion/ Development Site in East NY/ Cypress Hills, Brooklyn ZONING 2771-2777 ATLANTIC AVE IS ZONED R8A/R5B/C2-4/EC-5 Although an R5B contextual district permits detached and semi- detached buildings, it is primarily a three-story rowhouse district typical of such neighborhoods as Windsor Terrace and Bay Ridge in Brooklyn. The traditional quality of R5B districts is reflected in the district’s height and setback, front yard and curb cuts regulations that maintain the character of the neighborhood. The floor area ratio (FAR) of 1.35 typically produces a building with a maximum street wall height of 30 feet, above which the building slopes or is set back to a maximum height of 33 feet. As in R4B districts, the front yard must be at least five feet deep and it must be at least as deep as one adjacent front yard and no deeper than the other, but it need not exceed a depth of 20 feet. Attached rowhouses do not require side yards but there must be at least eight feet between the end buildings in a row and buildings on adjacent zoning lots. Curb cuts are prohibited on zoning lot frontages less than 40 feet. Where off-street parking is required, on-site spaces must be provided for two-thirds of the dwelling units although parking can be waived when only one space is required. Front yard parking is prohibited. GAIA PROPERTY GROUP | 130 W 25TH SUITE 4C, New York, NY 10001 FOR MORE INFORMATION SHAY ZACH, Principal Broker | CEO O: 212.359.5060 | M: 646.210.1201 | [email protected] | www.gpgnyc.com Information contained herein is sources deemed reliable but is subject to errors, omissions, changes of price or terms, and withdrawal without prior 2771-2777 ATLANTIC AVENUE Conversion/ Development Site in East NY/ Cypress Hills, Brooklyn ZONING 2771-2777 ATLANTIC AVE IS ZONED R8A/R5B/C2-4/EC-5 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. 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.
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