Bushwick Avenue Bushwick

908 BUSHWICK AVENUE BUSHWICK Exclusive Offering Memorandum TerraCRG has been retained to exclusively represent ownership in the sale of 908 Bushwick Avenue in Bushwick, Brooklyn. For more information, please contact exclusive agents: Matthew Cosentino Fred Bijou Partner Senior Associate [email protected] [email protected] Damhi Shaw Eddie Laboz Associate Associate [email protected] [email protected] 718-395-1877 | terracrg.com 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. Interested parties 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. 2 4 | The Offering 5 | The Property 6 Property Information Building Information Property Taxes 7 Revenue & Expenses 8 Aerial Maps 9-10 Interior Photos 11 | Transportation Map 12-13 | Bushwick 14 | Area Attractions 15 | Brooklyn 3 THE OFFERING TerraCRG has been retained exclusively to sell 908 Bush- wick Avenue - a new construction, five story multifamily building located in Bushwick, between Van Buren Street and Greene Avenue. The nine-unit, new construction building is ~ 6,100 SF with two private garages, finished basement, and accessible rooftop. The property will be delivered vacant. The property is projecting an NOI of ~$237,960 NOI with a gross annual income of $268,800. At the asking price, the property equates to a projected 5.5% cap rate. Located near one of Brooklyn’s most active retail corri- dors, the property is located just four blocks away from the J/M/Z train at Kosciuszko Street that provides a 10-12-min- ute commute to lower Manhattan. The retail along this section of Broadway is very strong with art galleries, bars, and restaurants all in proximity to the property. Some renowned retailers include Good Work Gal- lery, The Living Gallery, Secret Robot Project, Lone Wolf and Brooklyn Whiskers. It is also amongst many new residential construction projects (all in different stages of devel- opment) along Bushwick Avenue including 616 Bushwick Avenue by Cayuga Capital, 1255 Bushwick Avenue, 1404 Bushwick Avenue by ARC Architecture, 972 Bushwick Av- enue, and more. ASKING PRICE: $4,300,000 4 908 BUSHWICK AVENUE BUSHWICK 6,100 25 FT 9 5 TOTAL BUILDING SF FRONTAGE UNITS STORIES 5.5% $237,960 CAP RATE PRIME LOCATION FULLY VACANT NOI CLOSE TO, J, M, Z SUBWAY LINES 5 THE PROPERTY PROPERTY INFORMATION Address: 908 Bushwick Ave Brooklyn, NY 11221 Neighborhood: Bushwick Cross Streets: Van Buren St & Green Ave Block-Lot: 3283-32 Lot Size: 25 ft x 110.33 ft Lot SF: 2,758 Zoning: R6 Opportunity Zone: No Taxes (18/19): $2,180 BUILDING INFORMATION Building Class: B1 Tax Class: 1 Stories: 5 Net Building SF: 5,134 Gross Building SF: 6,100 Residential Units: 9 Commercial Units 0 Total Units: 9 6 REVENUE & EXPENSES REVENUE Unit Unit SF Unit Status Monthly Rent Annual Rent 1B 469.7 RS $2,250.00 $27,000.00 1F 469.7 AMI $1,950.00 $23,400.00 * 2B 484 RS $2,250.00 $27,000.00 2F 484 AMI $1,950.00 $23,400.00 * 3B 621.5 RS $2,900.00 $34,800.00 3F 621.5 AMI $1,950.00 $23,400.00 * 4B 621.5 RS $2,900.00 $34,800.00 4F 621.5 RS $2,900.00 $34,800.00 5 290.2 RS $1,750.00 $21,000.00 Private Garage 1 $300.00 $3,600.00 Private Garage 2 $300.00 $3,600.00 Finished Basement 450 $1,000.00 $12,000.00 Total 5133.60 $22,400.00 $268,800.00 *Affordable Unit EXPENSES (ACTUAL): Exp/Gross SF % of Gross Rent Annual Exp Real Estate Taxes $0.42 0.81% $2,180 Insurance $0.62 1.19% $3,200 Common Area Electric $0.15 0.29% $770 Water/Sewer $1.49 2.85% $7,650 Payroll $0.70 1.34% $3,600 Maintenance/Repairs $1.05 2.00% $5,376 Management/Vacancy $1.57 3.00% $8,064 Total: $6.01 11.47% $30,840 GROSS ANNUAL INCOME: $268,800 LESS, EXPENSES: $30,840 NET OPERATING INCOME: $237,960 7 AERIAL MAPS 8 INTERIOR PHOTOS FIRST - FIFTH FLOOR UNITS 9 INTERIOR PHOTOS FIRST - FIFTH FLOOR UNITS 10 TRANSPORTATION RIDERSHIP OVERVIEW J Z Gates Avenue 8 min distance Weekday | 7,110 Annual | 2,262,915 M J Z MYRTLE AVE J Kosciuszko Street 6 min distance Weekday | 6,143 Annual | 1,979,192 908 BUSHWICK J Z M KOSCIUSZKO STREET Myrtle Ave 14 min distance J Weekday | 13,222 Annual | 4,213,096 LOCAL MTA BUS LINES: GATES AVENUE B13 B26 B38 B52 B54 B60 J Z 11 BUSHWICK Home to Brooklyn’s nascent creative arts class, Bushwick is generating the kind of buzz and attention its neighbor Williamsburg to the west has recent- ly experienced. Bushwick has emerged as a desirable focus of developers capitalizing on the many former factories and industrial buildings which are being restored and re-positioned as for office, residential and cultural uses. With a vibrant street-art scene and dozen’s of galleries and pop-ups, Bushwick is being brought to life along with a continual restoration of sig- nature lofts and multi-colored brownstones throughout the neighborhood. With the well-known Williamsburg bordering Bushwick on the west, it’s no surprise that new retail and critically-acclaimed restaurants have begun quickly migrating and finding space on Bushwick’s main thoroughfares. Checking out the shops, cafés and bars on Wyck- off Avenue, or around any of the major subway stations will be sure to fill your camera with weeks’ worth of Instagram-worthy photos. 12 BUSHWICK Listed by Vogue as one of the “world’s coolest neighborhoods,” Bushwick has always been a creative hub attracting artists, musicians, and creative minds from around the world. Like its neighbor, Williamsburg, Bushwick is also generating the attention and buzz of developers and potential residents alike. One of the hottest areas to develop in, developers have had an emerging desire to restore former factories and industrial buildings into offices, residential units, cultural spaces and more. With a vibrant street art culture, many are turning their eye to Bushwick. 13 AREA ATTRACTIONS 1. The Bushwick Collective is completely covered in amazing street art and murals by some of the best 4. House Of Yes is a funky venue showcasing dance, national and international street artists, muralists & circus, theater & cabaret performances in a former graffiti artists. ice warehouse. 1 2 4 5 6 7 2. The BogArt was converted to an artist production 5. Roberta’s became an international brand, as evi- studio space in 2005 and has become the artist denced by the frozen pizzas it sells at Whole Foods 3 center of Bushwick. and the crowds who line up at the restaurant daily. 3. DeKalb Library originally opened in 1905. The build- 6. The Rheingold at 10 Montieth, the nine-story resi- 7. Market Hotel is an historic event space that has been ing was designed by the Brooklyn architect William dential complex from the Rabsky Group will occupy a neighborhood nightlife hub for Bushwick and Bed- Tubby in the Classical Revival style. a portion of the former Rheingold Brewery site in Stuy, in many incarnations, for over 50 years. Brooklyn’s Bushwick neighborhood. 14 BROOKLYN With 2.6 million residents, Brooklyn is the most populous borough of New York City and the most The borough is situated at the southwestern end of Long Is- populous county in land 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, Up- New York state. per 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 bor- Brooklyn is the ough’s 36 neighborhoods continue to maintain a distinct culture, independent art scene and unique architectural heritage. second most densely populated county in the U.S. For more information, please contact exclusive agents: Matthew Cosentino Fred Bijou Partner Senior Associate [email protected] [email protected] Damhi Shaw Eddie Laboz Associate Associate [email protected] [email protected] 718-395-1877 | terracrg.com 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. Interested party 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.

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