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Besen & Associates Investment Sales Team Ronnie Shaban Senior Director (646) 424-5062 [email protected] Besen & Associates 381 Park Avenue South New York, NY 10016 Tel: 212.689-8488 Fax: 212.689-9518 Table of Contents Executive Summary 4 Investment Highlights Property Overview 8 Location Map Property Photos Location Overview 13 Transportation Maps Zoning Overview 16 Executive Summary OFFERING SUMMARY Besen & Associates, as exclusive agent for ownership, is pleased to offer for sale 2400 Grand Concourse, Bronx, NY 10458 (the “Property”); a single-story retail building with approximately 2,852± RSF on the ground floor and a 2,852± SF selling basement with a double staircase and 14 feet ceiling heights. There are additional air rights of approximately 6,246± SF. Near the Fordham Road Station on the [B, D] subway trains. The Property is situated on the Grand Concourse, an area in Fordham Heights featuring bustling retail and high foot traffic. ASKING PRICE: $4,800,000 2400 Grand Concourse, Bronx, NY 10458 | 5 INVESTMENT HIGHLIGHTS Built circa 1924, this single-story retail building totals approximately 3,565± SF Neighborhood of Fordham Heights in the Bronx, located on the Grand concourse, a highly coveted retail area boasting high foot traffic Incoming 10-year tenant (recently signed), making the Property prime for a steady cash-flowing asset 2,852± SF basement with a double staircase and 14’ ceilings 1 block from the MTA Fordham Road [B, D] subway station and 4 blocks away from the Fordham Road Station [4] train. The property is also minutes away from Fordham Metro-North Station. The [BX1, BX2] bus stop on the Grand Concourse is situated across the street from the property Well served for vehicular transportation, the property is situated between the Major Deegan (I-87) and the Cross Bronx Expressway (I-95) as well as the Bronx River Parkway In the vicinity of: Fordham University, Monroe College, New York Botanical Garden, the Bronx Zoo, Saint James Park, and the James J. Peters VA Medical Center 2400 Grand Concourse, Bronx, NY 10458 | 6 AERIAL MAP Bronx Library Center Slattery 2400 Grand Concourse Playground Muller Triangle East Fordham Academy for the Arts 2400 Grand Concourse, Bronx, NY 10458 | 7 Property Overview PROPERTY OVERVIEW – 2400 GRAND CONCOURSE Neighborhood Fordham Heights Block / Lot 3152 / 47 Lot & Built Size 50’ x 59’ (built 50’ x 55’) Year Built Circa 1924 Building Size 3,565± SF plus basement Building Class One-Story Retail Building (K1) Stories One-story + Useable Basement Zoning C4-4 FAR (built / allowed) 1.25 (3.44 Residential / 3.4 Commercial / 6.5 Community Facility) Assessment & Real Estate Taxes (2017 / 2018) $213,480 / $22,573 2400 Grand Concourse, Bronx, NY 10458 | 9 LOCATION MAP 2400 Grand Concourse 2400 Grand Concourse, Bronx, NY 10458 | 10 Property Photos EXTERIOR 2400 Grand Concourse, Bronx, NY 10458 | 12 Location Overview LOCATION OVERVIEW Fordham is a group of neighborhoods located in the western Bronx, New York City. These neighborhoods are part of Bronx Community Board 5.[2] Fordham is roughly bordered by Fordham Road to the north, Southern Boulevard to the east, East 183rd Street to the south, and Jerome Avenue to the west. The neighborhood's primary thoroughfare is Fordham Road; its main subway line is the IND Concourse Line (B D trains), operating under the Grand Concourse, with the IRT Jerome Avenue Line (4 train) on its western border. ZIP codes include 10453, 10457, 10458 and 10468. Fordham has a population of around 43,394 people. Its first growth was in the 1920s, when middle-class and working-class families from Manhattan flocked into the area, attracted by the then-modern housing and convenient subway access by Concourse, Jerome Avenue, and Third/Webster Avenues lines to business districts in Manhattan where they could work and shop. It is now predominately Latin American and African American. There is a significant historic Italian and Albanian population as well. Fordham is dominated by 5- and 6-story apartment buildings, often set flush to the sidewalk. Many of the apartments on the Grand Concourse are taller. The New York Botanical Garden and the Wildlife Conservation Society's Bronx Zoo, both inside Bronx Park, collectively occupy dozens of acres of land within the neighborhood. Fordham University maintains its historic original campus on much of the former Rose Hill Manor in the center of the neighborhood. It is one of the largest "green" campuses in New York City, and its traditional collegiate gothic architecture often serves as a backdrop for television and film productions. The Fordham Road Business Improvement District operates on the northern border of the neighborhood. This retail district is the longest in the Bronx. 2400 Grand Concourse 2400 Grand Concourse, Bronx, NY 10458 | 14 SUBWAY MAP BUS MAP Subject Property Subject Property 2400 Grand Concourse, Bronx, NY 10458 | 15 Zoning Overview ZONING OVERVIEW *C4 districts are mapped in regional commercial centers, such as Flushing in Queens and the Hub in the Bronx, that are located outside of the central business districts. In these areas, specialty and department stores, theaters and other commercial and office uses serve a larger region and generate more traffic than neighborhood shopping areas. Use Groups 5, 6, 8, 9, 10 and 12, which include most retail establishments, are permitted in C4 districts. Uses that would interrupt the desired continuous retail frontage, such as home maintenance and repair service stores listed in Use Group 7, are not allowed. C4 districts with an A, D or X suffix are contextual districts in which the commercial and residential bulk and density regulations can differ from corresponding non-contextual districts. Some districts have the same commercial and residential floor area ratios (FAR) as shown in the table, but may differ in parking requirements. Floor area may be increased with a public plaza or Inclusionary Housing Program bonus. C4-1 districts are mapped in outlying areas, such as the Staten Island Mall, that require large amounts of parking. C4-2 through C4-5 districts are mapped in more densely built areas, such as Steinway Street in Astoria (C4-2A), Fordham Road (C4-4), and parts of Jamaica (C4-5X). C4-6 and C4-7 districts are mapped in densely built areas in Manhattan, including most of Broadway on the Upper West Side (C4-6A) and portions of central Harlem (C4-7). *Note: Data taken from NYC Department of City Planning. 2400 Grand Concourse 2400 Grand Concourse, Bronx, NY 10458 | 17 C4-4 2400 Grand Concourse, Bronx, NY 10458 | 18 CONFIDENTIALITY & DISCLAIMER The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective purchaser of the following property: 2400 Grand Concourse, Bronx, NY 10458 and is not to be used for any other purpose or made available to any other person without the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including inspections. This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers. In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of purchasing the Property described herein. Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner’s obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or agreements on behalf of Owner. This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest confidence.
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