Besen & Associates Investment Sales Team

Hilly Soleiman Director (646) 424-5078 [email protected]

Ronald H. Cohen Chief Sales Officer (212) 424-5317 [email protected]

Paul J. Nigido Senior Financial Analyst (646) 424-5350 [email protected]

Jared Rehberg Marketing Manager (646) 424-5067 [email protected] Table of Contents

Executive Summary 4 Investment Highlights Property Overview 9 Location Map Property Photos Financial Overview 13 Income/Expense Report Commercial Rent Roll Property Diligence 26 Certificate of Occupancy Location Overview 28 Transportation Maps Zoning Overview 31 Executive Summary EXECUTIVE SUMMARY

Besen & Associates, Inc., as exclusive agent for ownership, is pleased to offer for sale 4468-4474 , , NY 10040 (the “Property”), an elevatored, 2-story commercial building consisting of 6 stores and 5 offices. Built in 1991, the Property contains 20,000± SF and features 100’ of prime retail frontage along Broadway.

4468-4474 Broadway is situated on the east side of Broadway between Fairview Avenue and 192nd Street and is 4468-4474 Broadway located in one of the most desirable sections of Washington Heights in Northern , boasting high foot traffic and bustling retail. The stores are currently renting at well-below market rates, offering tremendous upside to new ownership, and the Property contains 14,400± SF of unused air rights (TDR’s) for future redevelopment or value-add potential.

The Property is located just north of the between Fort Tyron Park and River Park. Commuters are well served by public transportation, including the 190th Street subway station [“A”] and the 191st Street subway station [“1”]. A network of bus lines are also available throughout the neighborhood, including the Bx7 & M100 which stop directly in front of the building on Broadway. For vehicular traffic, the area offers easy access to the to the west, the Harlem River Drive and I-87 (NY State Thruway) to the east, and I-95 (Cross Bronx Expressway) to the south.

4468-4474 Broadway, New York, NY 10040 | 5 INVESTMENT HIGHLIGHTS

• 2-story, 20,000± sq ft elevatored commercial building consisting of 6 stores & 5 offices, built in 1991

• The retail component of the Property offers exceptional avenue frontage with 100 linear feet along Broadway

• Located in the Washington Heights / Hudson Heights neighborhood of Northern Manhattan, boasting high foot traffic and bustling retail

• Retail units are averaging $19.98psf, which represents a tremendous discount to current asking market rents ranging between $43psf - $112psf, offering an investor significant upside (see pg. 16 for Broadway asking rents)

• 14,400± sq ft of unused air rights (TDR’s) associated with the building which could be used for a future development site or potential assemblage

• Bx7 & M100 bus lines are directly in front of the Property along Broadway for easily accessible convenience

• Situated between the 190th Street subway station [“A”] and the 191st Street subway station [“1”]

• Across the street from “Hudson 192”, a premier 63-unit luxury rental building newly constructed in 2011 with top-of-the-line finishes and amenities

4468-4474 Broadway, New York, NY 10040 | 6 PROPERTY UPSIDE

• The 6 ground-floor retail units are rented at an average price per square foot of $19.98 based on current tenant leases. Asking market rents for similar units along Broadway in equate to a price per square foot between $43.00 and $113.00 (based on current market rent comparables), offering tremendous upside to new ownership

• The Property has 14,400± square feet of unused air rights (TDR’s), a valuable commodity which can be used for additional floors or a potential redevelopment of up to 34,400± square feet

4468-4474 Broadway, New York, NY 10040 | 7 AERIAL MAP

Inwood The Bronx

Fort George

Hudson Heights

4468-4474 Broadway

ASKING PRICE: $10,250,000

4468-4474 Broadway, New York, NY 10040 | 8 Property Overview PROPERTY OVERVIEW – 4468-4474 Broadway

Neighborhood Hudson Heights

Block / Lot 2170 / 70

Lot & Built Size 100’ x 100’ (Built 90’)

Gross Building Area 20,000± SF

Stories 2-story commercial building

Total Stores & Offices 6 stores & 5 offices

Zoning R7-2 / C2-4

FAR (built / allowed) 1.8 / 3.44

Year Built 1991

Real Estate Taxes (2017/2018) $79,387

4468-4474 Broadway, New York, NY 10040 | 10 RETAIL MAP

4468-4474 Broadway

4468-4474 Broadway, New York, NY 10040 | 11 LOCATION MAP

4468-4474 Broadway

825 West 187th Street

4468-4474 Broadway, New York, NY 10040 | 12 Financial Overview INCOME & EXPENSE | 4468-4474 Broadway

REVENUE AMOUNT

Retail Revenue (6 occupied stores – street level) $263,790

Office Revenue (5 occupied offices – second floor) $185,250

Expense Reimbursements $38,580

Credit / Vacancy Loss (2%) ($8,975)

GROSS INCOME: $478,645

EXPENSES

Real Estate Taxes (17/18) $79,400

Water & Sewer Tenants Pay

Fuel (Gas) Tenants Pay

Insurance $9,200

Utilities $5,000

Elevator Maintenance $6,500

Management Fee (3%) $13,475

Professional Fees $5,000

Repairs & Maintenance $10,000

TOTAL EXPENSES: $128,575

NET OPERATING INCOME: $350,070

4468-4474 Broadway, New York, NY 10040 | 14 FIRST FLOOR | RENT ROLL | 4468-4474 Broadway

REAL ESTATE TAX TOTAL UNIT TENANT RENT / MONTH LEASE TERM RENT INCREASE PASS-THRU REIMBURSEMENT

1A Heights Wine & Spirits $3,689.62 11/01/09 - 10/31/19 5% of total taxes $3,970.00 3% Annually

1B C&R Beauty Salon $3,639.25 09/01/13 - 06/30/23 12% over 12/13 $4,226.52 4% Annually

1C NY Neuro & Rehab Center (1) $4,469.09 08/01/14 - 07/31/19 8% over 98/99 $4,521.44 2.5% Annually

1D Restaurant $3,400.00 03/01/06 - 02/28/26 8% of total taxes $6,350.96

1E BR Shipping Inc. $4,052.72 01/01/15 - 12/31/19 - - 3% Annually

1F Carolina's Spa $2,731.82 01/01/12 - 12/31/21 - - 3% Annually

(1) Tenant has one 5-year option

SECOND FLOOR | RENT ROLL | 4468-4474 Broadway

REAL ESTATE TAX TOTAL STE TENANT RENT / MONTH LEASE TERM RENT INCREASE PASS-THRU REIMBURSEMENT

1 & 3 Fitness Gym $4,201.90 11/01/12 - 10/31/20 - - 4% Annually

2 Multi Service $3,336.68 01/01/14 - 12/31/23 6% over 94/95 $3,361.92 4% Annually

4 NY Neuro & Rehab Center (2) $4,899.85 08/01/14 - 07/31/19 12.5% over 93/94 $6,230.30 2.5% Annually

5 SungSim Acupuncture $3,000.00 10/25/16 - 10/31/21 12.5% of total taxes $9,923.38 4% Annually

(2) Tenant has two 5-year options

Monthly Total: $37,421 $38,585

Annual Total: $487,635

4468-4474 Broadway, New York, NY 10040 | 15 COMPARABLE BROADWAY COMMERCIAL ASKING RENTS (ON THE MARKET)

4117 Broadway 4101-4117 Broadway 4761-4779 Broadway 4459 Broadway 4257 Broadway Neighborhood: Neighborhood: Neighborhood: Neighborhood: Neighborhood: Washington Heights Washington Heights Inwood Washington Heights Washington Heights 1,899 SF 4,309 SF 1,500 SF 1,000 SF 1,810 SF Asking Rent/Mo: $15,825 Asking Rent/Mo: $35,908 Asking Rent/Mo: $14,000 Asking Rent/Mo: $7,000 Asking Rent/Mo: $15,083 $/PSF: $100 $/PSF: $100 $/PSF: $112 $/PSF: $84 $/PSF: $100

5008 Broadway 4941 Broadway 4066 Broadway 3599 Broadway 3556 Broadway Neighborhood: Neighborhood: Neighborhood: Neighborhood: Neighborhood: Inwood Inwood Washington Heights Hamilton Heights Hamilton Heights 5,820 SF 8,267 SF 800 SF 2,109 SF 5,500 SF Asking Rent/Mo: $20,883 Asking Rent/Mo: $33,757 Asking Rent/Mo: $5,500 Asking Rent/Mo: $10,000 Asking Rent/Mo: $20,625 $/PSF: $43 $/PSF: $49 $/PSF: $83 $/PSF: $57 $/PSF: $45

4468-4474 Broadway, New York, NY 10040 | 16 Property Photos EXTERIOR BROADWAY FRONTAGE

4468-4474 Broadway, New York, NY 10040 | 18 CAROLINA’S SPA

4468-4474 Broadway, New York, NY 10040 | 19 HEIGHTS WINE & SPIRITS

4468-4474 Broadway, New York, NY 10040 | 20 C & R BEAUTY SALON

4468-4474 Broadway, New York, NY 10040 | 21 NY NEURO & REHAB CENTER

4468-4474 Broadway, New York, NY 10040 | 22 LOBBY, HALLWAY AND ELEVATOR

4468-4474 Broadway, New York, NY 10040 | 23 MECHANICALS

4468-4474 Broadway, New York, NY 10040 | 24 MECHANICALS

4468-4474 Broadway, New York, NY 10040 | 25 Due Diligence CERTIFICATE OF OCCUPANCY

4468-4474 Broadway, New York, NY 10040 | 27 Location Overview LOCATION OVERVIEW

Hudson Heights is a residential subsection of the Washington Heights area of Upper Manhattan, . Many of the residences are in apartment buildings, many of which are cooperatives, and most were constructed in the 1920’s through 1940’s. The Art Deco style is prominent, along with Tudor Revival. Notable complexes include and , which were both developed by Dr. Charles V. Paterno, and were designed by George F. Pelham and his son, George F. Pelham, Jr., respectively.

The neighborhood is located on a plateau on top of a high bluff overlooking both the on the west and the Broadway valley of Washington Heights on the east, and includes the highest natural point in Manhattan, located in Bennett Park. At 265 feet (81 m) above sea level, it is a few dozen feet lower than the torch on the Statue of Liberty.

At the northern end of the neighborhood, where meets at Margaret Corbin Circle, is , conceived by John D. Rockefeller Jr., designed by the Olmstead Brothers, and given to the city by Rockefeller in 1931. The park contains within it The Cloisters – also conceived of by Rockefeller – which houses the Medieval art collection of the Metropolitan Museum of Art.

4468-4474 Broadway

344 Cabrini Boulevard

4468-4474 Broadway, New York, NY 10040 | 29 SUBWAY MAP BUS MAP

Subject Property

Subject Property

4468-4474 Broadway, New York, NY 10040 | 30 Zoning Overview ZONING OVERVIEW

R7 districts are medium-density apartment house districts mapped in much of the Bronx as well as the in Manhattan and Brighton Beach in Brooklyn. The height factor regulations for R7 districts encourage lower apartment buildings on smaller zoning lots and, on larger lots, taller buildings with less lot coverage. As an alternative, developers may choose the optional Quality Housing regulations to build lower buildings with greater lot coverage.

Regulations for residential development in R7-1 and R7-2 districts are essentially the same except that R7-2 districts, which are mapped primarily in upper Manhattan, have lower parking requirements.

4468-4474 Broadway

Height factor buildings are often set back from the street and surrounded by open space and on-site parking. The floor area ratio (FAR) in R7 districts ranges from 0.87 to a high of 3.44; the open space ratio (OSR) ranges from 15.5 to 25.5. As in other non-contextual districts, a taller building may be obtained by providing more open space. For example, 76% of the zoning lot with a 14-story building must be open space (3.44 FAR × 22.0 OSR). The maximum FAR 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. The building must be set within a sky exposure plane which, in R7 districts, begins at a height of 60 feet above the street line and then slopes inward over the zoning lot.

In R7-1 districts, off-street parking is required for 60% of the dwelling units, and can be waived if five or fewer spaces are required. In R7-2 districts, off-street parking is required for 50% of the units, and can be waived if 15 or fewer spaces are required.

4468-4474 Broadway, New York, NY 10040 | 32 R7-2

R7 districts are medium-density apartment house districts mapped in much of the Bronx as well as the Upper West Side in Manhattan and Brighton Beach in Brooklyn. The height factor regulations for R7 districts encourage lower apartment buildings on smaller zoning lots and, on larger lots, taller buildings with less lot coverage. As an alternative, developers may choose the optional Quality Housing regulations to build lower buildings with greater lot coverage.

Regulations for residential development in R7-1 and R7-2 districts are essentially the same except that R7-2 districts, which are mapped primarily in upper Manhattan, have lower parking requirements.

4468-4474 Broadway, New York, NY 10040 | 33 C2-4

*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.

*Note: Data taken from NYC Department of City Planning.

4468-4474 Broadway, New York, NY 10040 | 34 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: 4468-4474 Broadway, New York, NY 10040 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. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety.

4468-4474 Broadway, New York, NY 10040 | 35 Besen & Associates Investment Sales Team

Hilly Soleiman Director (646) 424-5078 [email protected]

Ronald H. Cohen Chief Sales Officer (212) 424-5317 [email protected]

Paul J. Nigido Senior Financial Analyst (646) 424-5350 [email protected]

Jared Rehberg Marketing Manager (646) 424-5067 [email protected]

Valentina Staykova Analyst (646) 424-5316 [email protected]

Besen & Associates 381 South New York, NY 10016 Tel: 212.689-8488 Fax: 212.689-9518

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering pictured in offering materials is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser’s own architect and/or zoning attorney.