Bankruptcy Sale

BANKRUPTCY SALE

13 BUILDING PORTFOLIO

Williamsburg | Bushwick | Bed-Stuy | GreenwoodOffering MemorandumHts | 1 Brooklyn, NY

INVESTMENT SALES TEAM INVESTMENT SALES TEAM Aaron Jungreis Founder and CEO Direct: 212-359-9901 Cell: 516-852-1342 [email protected]

Greg Corbin President, Bankruptcy and Restructuring Direct: 212.359.9904 Cell: 917.406.0406 [email protected]

Chaya Milworn Senior Director Direct: 212.359.9936 Cell: 917.804.7458 [email protected]

Shaun Rose Director Direct: 212.359.9926 Cell: 917.523.7656 [email protected]

Benjamin Sklar Associate Direct: 212.359.9925 Cell: 713.301.1576 [email protected]

William Tavoulareas Head Analyst Direct: 212.359.9923 Cell: 561.212.5555 [email protected]

Joel Nematzadeh Marketing Manager Direct: 212-359-9903 Cell: 516-884-5632 [email protected]

Joshua Rashtian Analyst Direct: 212.359.9907 Cell: 516.606.0392 [email protected]

Rosewood Realty Group 38 East 29th Street, 5th Floor New York, NY 10016 4 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 5 TABLE OF CONTENTS PORTFOLIO OVERVIEW...... 8 THE PROPERTIES...... 17 Williamsburg Properties...... 21 92 South 4th Street...... 24 834 Metropolitan Avenue...... 28 Williamsburg New Contruction...... 32 Williamsburg Retail...... 38 Bushwick Properties...... 40 1125-1133 Greene Avenue...... 44 53 Stanhope Street...... 48 1213 Jefferson Avenue...... 52 Bedford-Stuyvesant Properties...... 56 568 Willoughby Avenue...... 60 618 Lafayette Avenue...... 66 325 Franklin Avenue...... 70 Greenwood Heights Property...... 74 263 18th Street...... 78 Brooklyn New Contruction...... 82 Brooklyn New Contruction...... 88 CONTACT INFO...... 92

6 6 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 7 BANKRUPTCYBANKRUPTCY SALE SALE

PORTFOLIO OVERVIEW BUILDING�3 P ORTFOLIO BROOKLYN, NY

8 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 9 EXECUTIVE SUMMARY

Rosewood Realty Group is pleased to present a portfolio of walk-up apartment

buildings in a few of Brooklyn’s most transformed neighborhoods, including

Williamsburg, Bedford-Stuyvesant, Bushwick & Greenwood Heights.

The portfolio consists of 13 buildings totaling 40 apartments and 1 commercial unit,

spanning 34,483 SF, with over 19,000 SF of air rights. The properties benefit from some

operating efficiencies that include but are not limited to free market rents & favorable tax

classes that result in very strong operating ratios. They are located in desirable Brooklyn

residential neighborhoods that are in strong demand and as such command high rental

rates. Further, there is a bundle of five buildings within the portfolio that are contiguous,

allowing for managerial efficiencies.

The North Brooklyn market has been experiencing population growth in recent years as

development has continued and the work & play lifestyle has taken a foothold. There

has been a spike in deliveries of office space in the market in recent years with more

in the pipeline, resulting in growth in rental demand from such workers. When such a

trend is coupled with the already dominant characteristics that have led to the market’s

prominence, the future trend remains positive.

10 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 11 Property Details

12 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 13 PROPERTY DETAILS

Lot Building Year Tax R.E. Taxes Address Block/Lot Neighborhood Stories Residential Commercial Zoning Air Rights Dimensions SF Built Class Tentative (21/22)

325 Franklin Avenue 01954-0004 Bedford-Stuyvesant 30 ft x 82.5 ft 4,050 3 4 1 R6A, C2-4 1968 2A 3,366 $11,885

53 Stanhope Street 03254-72 Bushwick 25 ft x 100 ft 1,848 2 2 0 R6 1901 1 4,225 $2,306

M1-2/R6, 02443-0010 Williamsburg 23 ft x 100 ft 4,140 3 3 0 1899 1 1,449 $8,994 92 South 4th Street MX-8

618 Lafayette Avenue 01789-0022 Bedford-Stuyvesant 18.75 ft x 100 ft 1,944 3 4 0 R6B 1931 2A 1,800 $4,303

834 Metropolitan Ave- 02916-0017 Williamsburg 25 ft x 100 ft 2,136 3 3 0 R6B, C2-4 1910 1 2,875 $5,129 nue

03285-1, 93, 1125-1133 Greene Ave- Bushwick 50 ft x 100 ft 10,975 3 10 0 R6 2013 1 1,176 $39,165 nue 92, 91 & 90

1213 Jefferson Avenue 03382-0048 Bushwick 20 ft x 100 ft 2,250 2 3 0 R6 1905 1 2,600 $4,887

568 Willoughby Ave- 01767-0034 Bedford-Stuyvesant 20 ft x 100 ft 4,290 4 6 0 R6B 1899 2A $9,000 nue

263 18th Street 00443-0071 Carroll Gardens 20 ft x 97.83 ft 2,267 2 5 0 R6B 1901 1 1,644 $6,733

Total 33,900 SF 40 Units 1 Units 19,135 SF $92,402

14 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 15 BANKRUPTCYBANKRUPTCY SALE SALE

THE PROPERTIES BUILDING�3 P ORTFOLIO BROOKLYN, NY

16 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 17 PORTFOLIO FINANCIAL ROLLUP

Effective Gross Operating Net Operating Address Income Expenses Income

325 Franklin Ave 130,211 37,657 92,554

53 Stanhope St 61,104 13,711 47,393

92 South 4th St 121,410 31,937 89,473

618 Lafayette Ave 107,445 26,801 80,644

834 Metropolitan Ave 166,440 33,787 132,653

1125-1133 Greene Ave 376,485 128,521 247,964

1213 Jefferson Ave 102,315 28,419 73,896

568 Willoughby Ave 156,180 58,923 97,257

263 18th St 130,245 35,145 95,100

Total $1,351,835 $394,900 $956,934

18 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 19 ABOUT BROOKLYN

BANKRUPTCYBANKRUPTCY SALE SALE

WILLIAMSBURG PROPERTIES BUILDING�3 P ORTFOLIO BROOKLYN, NY

20 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 21 WILLIAMSBURG The subject is located in the Williamsburg neighborhood of borough of Brooklyn, New York City. Brooklyn is the largest of the five boroughs of New York City in terms of population, with a population of approximately 2.6 million people. The land area of the borough is 73 square miles. If Brooklyn were its own city, it would be the fourth largest city in the country. Williamsburg is in northern Brooklyn and is generally bounded by the neighborhoods of Greenpoint to the north, Bushwick and Maspeth, Queens to the east, and Clinton Hill and Bedford-Stuyvesant to the south. Williamsburg is bordered to the west by the East River.

Williamsburg is located immediately across the East River from the Lower East Side in Manhattan. The area has direct vehicle access to Manhattan via the Williamsburg Bridge and direct subway access via the L train. Williamsburg consists of three distinct areas: Northside, Southside, and South Williamsburg.

Starting in the early 1980’s, artists looking for relief from rising rents in the East Village and Lower East Side took advantage of the inexpensive vacant loft spaces left vacant by former factories and warehouses in Williamsburg. For several years, the burgeoning artist population moved into the area, settling predominantly in the Northside neighborhood.

Eventually, with escalating housing costs throughout the city, the area became more inviting to Manhattanites who sought rents that were less expensive than in Manhattan in an increasingly desirable area. Artists and young professionals soon absorbed most of the area’s loft buildings, which were converted to residential uses.

Over the past 20 years, Williamsburg became one of New York City’s most active locations for residential rental and condominium developments as the neighborhood gentrified and became a popularalternative to Manhattan for young professionals. After significant new development in the early and mid-2000s, projects stalled in 2008 or 2009 during the recession. However, by 2010 significant new development in the neighborhood started again, and the market has rebounded strongly from the lows of 2009.

22 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 23 92 South 4th Street, Brooklyn, NY 11211

EXPENSES

Revenue

Residential $127,800.00

Vacancy & Collection Loss (5%) $(6,390.00)

Effective Gross Income $121,410.00

Operating Expenses R.E. Taxes Tentative (21/22) $8,994.00

Water & Sewer $1,480.76

Fuel $3,000.00

Electric $750.00

Insurance $1,650.00

Repairs, Maintenance, & Misc. $5,435.13

Cleaning $5,074.66

Payroll $1,910.32

Management Fee (3%) $3,642.30

Block/Lot 02443-0010 Total Expenses $31,937.17

Neighborhood Williamsburg Net Operating Income $89,472.83 Lot Dimensions 23 ft x 100 ft

Building SF 4,140 Stories 3 RENT ROLL Residential 3 Tenant Unit Type Monthly Annual Commercial 0 Rachel Mann, Arielle Mann 1 Residential 3,050 36,600 Zoning M1-2/R6, MX-8 Salem, Carrie 2 Residential 3,700 44,400 Year Built 1899 Occupied 3 Residential 3,900 46,800 Tax Class 1

Air Rights 1,449 TOTAL 10,650 127,800

R.E. Taxes Tentative (21/22) $8,994

24 | 13 Building Portfolio, Brooklyn, NY 92 South 4th Street, Brooklyn, NY 11211

LOCATION MAP ZONING MAP

Bedford Ave N 10th St Station N 9th St Frost St Metropolitan Ave N 7th St N 3rd St N 8th St Withers St N 4th St N 5th St

East River N 1st St

Roebling St Havemeyer St S 1st St N 6th St WILLIAMSBURG

Kent Ave

Wythe Ave Metropolitan Ave River St Station Williamsburg Brg Hope St

Grand St Ainslie St Berry St S 5th St Union Ave Bedford Ave ¦¨§278 Driggs Ave Hope St S 4th St RoeblingS St2nd St S 3rd St

Grand St Marcy Ave S 6th St S 4th St S 5th St ¦¨§278 Havemeyer St Borinquen Pl Broadway S 1st St

S 2nd St

Rodney St

S 8th St S 5th St Keap St Hooper St S 3rd St Bedford Ave Marcy Ave S 4th St S 9th St Station S 5th St S 10th St Driggs Ave Roebling St

Hewes St

BIRDS-EYE-VIEW TAX MAP

S 4TH ST

BERRY ST

26 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 27 834 Metropolitan Avenue, Brooklyn, NY 11211

EXPENSES

Revenue Residential $175,200.00

Vacancy & Collection Loss (5%) $(8,760.00)

Effective Gross Income $166,440.00

Operating Expenses R.E. Taxes Tentative (21/22) $5,129.00

Water & Sewer $2,792.40

Fuel $3,000.00

Electric $750.00

Insurance $4,796.00

Repairs, Maintenance, & Misc. $2,250.00

Cleaning $5,813.41

Payroll $2,626.34

Supplies $1,637.03

Management Fee (3%) $4,993.20 Block/Lot 02916-0017 Total Expenses $33,787.38 Neighborhood Williamsburg

Lot Dimensions 25 ft x 100 ft Net Operating Income $132,652.62 Building SF 2,136

Stories 3

Residential 3 RENT ROLL Commercial 0 Tenant Unit Type Monthly Annual Zoning R6B, C2-4 Occupied 1 Residential 9,000 108,000 Year Built 1910 Cortes, Stephanie N. Stoddard 2 Residential 3,100 37,200 Tax Class 1

Air Rights 2,875 Andrea Blanco, Hagar Geist 3 Residential 2,500 30,000

R.E. Taxes Tentative (21/22) $5,129 TOTAL 14,600 175,200

28 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 29 834 Metropolitan Avenue, Brooklyn, NY 11211

LOCATION MAP ZONING MAP

Debevoise Ave Frost St Grandparents Ave Manhattan Ave Withers St

¦¨§278 Jackson St

Morgan Ave

Woodpoint Rd

Maspeth Ave Skillman Ave Sharon St Conselyea St Orient Ave Metropolitan Ave Long Island

Bushwick Ave Graham Ave Humboldt St Devoe St Leonard St

Lorimer St Graham Ave

Olive St

Ainslie St Grand St

Lorimer St

Waterbury St Powers St Maujer St

Grand St-L Line Ten Eyck St Maujer St

BIRDS-EYE-VIEW TAX MAP

30 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 31 Williamsburg New Construction

32 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 33 500 METROPOLITAN AVENUE 625 DRIGGS AVENUE

In March 2016, construction This empty plot at the corner of Driggs Avenue broke ground on a Chetrit Group- and North 4th Street will give rise to a six-story developed project, occupying a building designed by Morris Adjmi Architects. long-empty lot near the Lorimer The building will hold 19 apartments, retail on Street L station, that includes a 189- the cellar and first floor, and parking for 17 cars key hotel and 58 condos. The mixed- on the second floor. It’s being developed by use project is designed by Kutnicki RedSky Capital. Bernstein Architects and will also feature a restaurant and bar; ground- floor retail, a spa, a swimming pool, and underground parking.

308 NORTH 7TH STREET 263 SOUTH 5TH STREET This BQE-adjacent condo with Paris Forino The now-landmarked Williamsburg Dime interiors will have just 45 apartments. Savings Bank is part of a new 22-story The project is being developed by Adam residential development in South America Real Estate and the Naveh Williamsburg. The landmarked building will Shuster Group. Apartments, which begin at be restored and remain largely intact, and $840,000, will come in one through three- the residential portion will sprout behind bedroom variants, and 29 of the units will it. The bank building will house retail, have private outdoor space. Sales and and the lobby portion of the residential marketing at the condo are being handled tower, and the project will have a total by the Shemesh Team at Douglas Elliman, of 177 apartments. The project is being and the first set of residents will move in developed by Charney Construction and early next year. Development, Tavros Capital Partners, and 1 Oak Contracting, and designed by Fogarty Finger. Construction is expected to wrap next year.

34 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 35 420 KENT AVENUE 296 WYTHE AVENUE

Developed by former New York governor Eliot A low-slung warehouse on Wythe Avenue Spitzer, this massive waterfront rental complex will was razed to clear the way for a Karl bring 857 apartments to Williamsburg. Leasing on Fischer-designed building that will rise the first set of rentals launched in June, and more just six stories. The building will house 45 will come on the market as the buildings wrap apartments, 24 parking spaces, private construction. The development comprises one terraces on floors four through six; and set of interconnected towers, and one standalone more than 13,000 square feet of retail tower. Aside from that, the buildings will have space. The building is being developed access to tons of amenities including a 12,000 by Moshe Braver, who purchased the lot square foot fitness center, and a 34,000-square- in 2015 for $26.5 million. foot waterfront esplanade.

320 WYTHE AVENUE 305 UNION AVENUE

This BQE-adjacent condo with Paris Forino interiors will have just 45 The site at 305 Union Street has given rise to a 19-unit condo building, apartments. The project is being developed by Adam America Real Estate developed by EcoRiseNY. The UnionBK, as the building has been named, and the Naveh Shuster Group. Apartments, which begin at $840,000, will will offer a mix of studios through three-bedrooms, along with four (!) come in one through three-bedroom variants, and 29 of the units will have penthouses and five duplexes. All of the apartments will have either terraces private outdoor space. Sales and marketing at the condo are being handled or balconies and building amenities will include a gym, resident’s lounge, by the Shemesh Team at Douglas Elliman, and the first set of residents will and a virtual doorman, reports BuzzBuzzHome. Construction is slated to move in early next year wrap up by the end of the year.

187 KENT AVENUE DOMINO SUGAR MEGAPROJECT Two warehouses were demolished to make for Since it got the go-ahead in 2013, the neighborhood-transforming this residential building, with 96 apartments Domino megaproject has seen the opening of 325 Kent, which has spread out over seven floors. The CW Realty- 522 rentals, and Domino Park, a six-acre waterfront green space. developed project will also have parking for In the coming years, the megaproject will welcome three other 170 cars, and retail on the ground floor and residential buildings, as well as the transformation of old the sugar basement. Amenities announced so far including factory into an office building. Work is currently underway on the terraces and a fitness center. second residential tower at 260 Kent Avenue, which will have 330 rentals along with office space, and retail—one of those retail spots has been claimed by popular Bushwick pizza joint Roberta’s.

36 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 37 Williamsburg Retail

38 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 39 Property Details

BANKRUPTCYBANKRUPTCY SALE SALE

BUSHWICK PROPERTIES BUILDING�3 P ORTFOLIO BROOKLYN, NY

40 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 41 BUSHWICK Bushwick’s borders largely overlap those of Brooklyn Community Board 4, which is delineated by Flushing Avenue on the north, Broadway on the southwest, the border with Queens to the north- east, and the Cemetery of the Evergreens on the southeast. The industrial area north of Flushing Avenue, east of Bushwick Avenue, and south of Grand Street is commonly considered part of East Williamsburg. However, it is also commonly included in Bushwick, occasionally with the modifier “Industrial Bushwick.

The town of Bushwick—which, along with Breukelen and Bedford, became incorporated as the city of Brooklyn on January 1, 1854—included present-day Williamsburg and Greenpoint. Prior to the merger, in the early 19th century, residential development in the area had begun when the new district of Williamsburg was laid out in western Bushwick. Williamsburg was incorporated in 1827 and officially severed from Bushwick in 1839.[8] Present-day East Williamsburg, which was not part of the city of Williamsburg, was originally organized primarily as Brooklyn’s 18th Ward from the annexation of Bushwick. Now part of Brooklyn Community District 1, sections of East Williamsburg are some- times considered to be part of Bushwick.

The centroid, or geographic center, of New York City is located on Stockholm Street in Bushwick, on the block between Wyckoff and St. Nicholas Avenues.

42 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 43 1125-1133 Greene Ave, Brooklyn, NY 11221

EXPENSES

Revenue Residential $396,300.00 Vacancy & Collection Loss (5%) $(19,815.00) Effective Gross Income $376,485.00

Operating Expenses R.E. Taxes Tentative (21/22) $39,165.00 Water & Sewer $13,629.07 Fuel $10,000.00 Electric $2,500.00 Insurance $14,888.84 Repairs, Maintenance, & Misc. $13,290.31 Cleaning $8,134.32 Exterminator $4,763.27 Supplies $4,127.99 Payroll $6,727.50 Management Fee (3%) $11,294.55 Total Expenses $128,520.85 Block/Lot 03285-1, 93, 92, 91 & 90

Neighborhood Bushwick Net Operating Income $247,964.15

Lot Dimensions 50 ft x 100 ft RENT ROLL Building SF 10,975 Building Tenant Unit Type Monthly Annual Stories 3 1125 Greene Ave Runtao Yang, Carmen Otey 1125-1 Residential 3,450 41,400 Residential 10 1125 Greene Ave Hirschtick, Emily 1125-2 Residential 3,500 42,000 1127 Greene Ave Loly Bo, Francia Valbuena, 1127-1 Residential 3,200 38,400 Commercial 0 1127 Greene Ave Jessica E, Matthew Duell 1127-2 Residential 3,775 45,300 Zoning R6 1129 Greene Ave Zoila Pomavilla, Luis Anguizaca 1129-1 Residential 2,500 30,000 1129 Greene Ave Kathleen Maas, Mallory Perry 1129-2 Residential 3,200 38,400 Year Built 2013 1131 Greene Ave Colin Denlinger, Joni Koay 1131-1 Residential 2,500 30,000 Tax Class 1 1131 Greene Ave Jones, Sidney 1131-2 Residential 3,700 44,400 Air Rights 1,176 1133 Greene Ave Alina Tip, Jared Shirkey, 1133-1 Residential 3,300 39,600 1133 Greene Ave Kelsey Legeny, Karolina Knepaite 1133-2 Residential 3,900 46,800 R.E. Taxes Tentative (21/22) $39,165 Total 33,025 396,300

44 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 45 1125-1133 Greene Ave, Brooklyn, NY 11221

LOCATION MAP ZONING MAP

Flushing Ave 70th Ave Flushing Ave Knickerbocker Seneca Ave 62nd St Starr St Hart St Melrose St Ave Station Myrtle - Jefferson St Menahan St Troutman St Wyckoff Avs Myrtle Ave Cypress Ave Wyckoff Ave Grove St Norman St Summerfield St

Decatur St St Felix Ave BUSHWICKKnickerbocker Ave Himrod St Stanhope St Irving Ave Harman St Bleecker St Halsey St Myrtle AveBroaday Greene Ave De Kalb Ave Station Station 80th Ave Willoughby Ave Hart St Pulaski St Menahan St Kosciusko St Halsey St Cooper Ave De Kalb Ave Station Linden St Covert St Eldert St Kosciuszko St Wilson Ave Lafayette Ave Putnam Ave Palmetto St Cornelia St Woodbine St Central Ave Gates Avenue Madison St Van Buren St Greene Ave Vermont Pl Station Evergreen Ave Malcolm X Blvd Lexington Ave Wilson Ave Quincy St Patchen Ave Station Gates Ave Schaefer St Bushwick Ave Cooper St Monroe St Hancock St Moffat St Highland Park Madison St Schaefer St/ Weirfield St j Putnam Ave BroadayHoward Ave Jefferson Ave Hancock St Halsey St Broadway

Ralph Ave

Throop Ave Macon St Stuyvesant Ave Macdonough St Bushick Av- Chauncey Street Highland Blvd Decatur St Aberdeen St Chauncey St StationRockaway Ave Bainbridge St Marion St Sunnyside Ave Chauncey St Sumpter St Jamaica Ave MacDougal St Herkimer St Hull St BIRDS-EYE-VIEWKingston - Broaday Junction TAX MAP Utica Ave Fulton St Throop Avs Atlantic Ave Ralph Ave Fulton St 1131 Rockaay Ave 1129 1133 1127 HARMAN ST

1125

GREENE AVE

EVERGREEN AVE

46 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 47 53 Stanhope Street, Brooklyn, NY 11221

EXPENSES

Revenue

Residential $64,320.00

Vacancy & Collection Loss (5%) $(3,216.00)

Effective Gross Income $61,104.00

Operating Expenses

R.E. Taxes Tentative (21/22) $2,306.00

Water & Sewer $2,040.00

Fuel $2,000.00

Electric $500.00

Insurance $1,100.00

Repairs, Maintenance, & Misc. $1,500.00

Supplies $831.70

Payroll $1,600.00 Block/Lot 03254-72 Management Fee (3%) $1,833.12 Neighborhood Bushwick Total Expenses $13,710.82 Lot Dimensions 25 ft x 100 ft

Building SF 1,848

Stories 2 Net Operating Income $47,393.18

Residential 2 RENT ROLL Commercial 0

Zoning R6 Tenant Unit Type Monthly Annual

Year Built 1901 Costin, Daniel 1 Residential $3,000 $36,000 Tax Class 1 Donaldson, Jordan 2 Residential $2,360 $28,320 Air Rights 4,225

R.E. Taxes Tentative (21/22) $2,306 $5,360 $64,320

48 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 49 53 Stanhope Street, Brooklyn, NY 11221

LOCATION MAP ZONING MAP

Ralph Ave

STANHOPE ST

50 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 51 1213 Jefferson Avenue, Brooklyn, NY 11221

EXPENSES

Revenue Residential $70,500.00

Residential Vacant (1 Unit) $37,200.00

Vacancy & Collection Loss (5%) $(5,385.00)

Effective Gross Income $102,315.00

Operating Expenses R.E. Taxes Tentative (21/22) $4,887.00

Water & Sewer $2,793.93

Fuel $3,000.00

Electric $539.03

Insurance $3,035.00

Repairs, Maintenance, & Misc. $2,250.00

Cleaning $5,140.25

Supplies $1,466.19

Payroll $2,238.17 Block/Lot 03382-0048 Management Fee (3%) $3,069.45 Neighborhood Bushwick Total Expenses $28,419.02 Lot Dimensions 20 ft x 100 ft

Building SF 2,250 Net Operating Income $73,895.98 Stories 2

Residential 3 RENT ROLL Commercial 0 Tenant Unit Type Monthly Annual Zoning R6 Rice, Chloe 1 Residential 2,750 33,000 Year Built 1905 Brenton Jones, Elijah Jones 2 Residential 3,125 37,500 Tax Class 1

Air Rights 2,600 Vacant 3 Residential 3,100 37,200

R.E. Taxes Tentative (21/22) $4,887 8,975 107,700

52 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 53 1213 Jefferson Avenue, Brooklyn, NY 11221

LOCATION MAP ZONING MAP

Ralph Ave

CENTRAL AVE

JEFFERSON AVE

54 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 55 1125-1133 Greene Ave

53 Stanhope Street

1213 Jefferson Avenue

56 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 57 BANKRUPTCYBANKRUPTCY SALE SALE

BEDFORD-STUYVESANT PROPERTIES BUILDING�3 P ORTFOLIO BROOKLYN, NY

58 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 59 BEDFORD-STUYVESANT Bedford–Stuyvesant, colloquially known as Bed–Stuy, is a neighborhood in the northern section of the New York City borough of Brooklyn. Bedford–Stuyvesant is bordered by Flushing Avenue to the north (bordering Williamsburg), Classon Avenue to the west (bordering Clinton Hill), Broadway to the east (bordering Bushwick and East New York), and Atlantic Avenue to the south (bordering Crown Heights and Brownsville). The main shopping street, Fulton Street runs east–west the length of the neighborhood and intersects high-traffic north– south streets including Bedford Avenue, Nostrand Avenue, and Stuyvesant Avenue. Bedford–Stuyvesant contains four smaller neighborhoods: Bedford, Stuyvesant Heights, Ocean Hill, and Weeksville (also part of Crown Heights). Part of Clinton Hill was once considered part of Bedford–Stuyvesant.

Bedford–Stuyvesant has the largest collection of intact and largely untouched Victorian architecture in the country, with roughly 8,800 buildings built before 1900. Its building stock includes many historic brownstones. These homes were developed for the expanding upper-middle class from the 1890s to the late 1910s. These homes contain highly ornamental detailing throughout their interiors and have classical architectural elements, such as brackets, quoins, fluting, finials, and elaborate frieze and cornice banding.

Since the late 1930s the neighborhood has been a major cultural center for Brooklyn’s African American population. Following the construction of the Fulton Street subway line (A and C trains) in 1936, African Americans left an overcrowded Harlem for greater housing availability in Bedford–Stuyvesant. From Bedford– Stuyvesant, African Americans have since moved into the surrounding areas of Brooklyn, such as East New York, Crown Heights, Brownsville, and Fort Greene.

60 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 61 568 Willoughby Avenue, Brooklyn NY 11206

EXPENSES

Revenue Residential $164,400.00 Vacancy & Collection Loss (5%) $(8,220.00) Effective Gross Income $156,180.00

Operating Expenses R.E. Taxes Tentative (21/22) $9,000.00 Water & Sewer $3,101.58 Fuel $6,000.00 Electric $1,720.23 Insurance $6,650.03 Repairs, Maintenance, & Misc. $9,227.20 Cleaning $5,183.98 Exterminator $136.09 Supplies $4,257.95 Payroll $8,960.43 Management Fee (3%) $4,685.40 Total Expenses $58,922.89 Block/Lot 01767-0034

Neighborhood Bedford-Stuyvesant Net Operating Income $97,257.11

Lot Dimensions 20 ft x 100 ft

Building SF 4,290 RENT ROLL

Stories 4 Tenant Unit Type Monthly Annual Residential 6 Gonzalez, Juan 1 Residential 2,400 28,800

Commercial 0 Waite, Brandon 2 Residential 2,700 32,400

Zoning R6B Arny Tejeda, Sarah Harrynam 3 Residential 2,100 25,200

Year Built 1899 Johns, Emily 4 Residential 2,100 25,200

Tax Class 2A Stultz, Payson 5 Residential 2,100 25,200

Air Rights Kim, Suzie 6 Residential 2,300 27,600

R.E. Taxes Tentative (21/22) $9,000 TOTAL 13,700 164,400

62 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 63 568 Willoughby Avenue, Brooklyn NY 11206

Park Ave NOSTRANDAVE LOCATIONFranklin Ave MAP Stockton St ZONING MAP

BEDFORDAVE Tompkins Ave

Myrtle-Willoughby Myrtle Ave Aves Vernon Ave Spencer St

Skillman St

Sandford St

Willoughby Ave

Walworth St

Hart St

Taaffe Pl Pulaski St

Kent Ave De Kalb Ave Classon Ave

Lafayette Ave

Kosciuszko St Van Buren St Herbert Von Marcy Ave Bedford and King Park Nostrand Aves Greene Ave Clifton Pl

Classon

Throop Ave Avenue Station Franklin Ave BEDFORD-STUYVESANT Lexington Ave

BIRDS-EYE-VIEW Quincy St Gates Ave TAX MAP

Monroe St

Madison St

TOMPKINS AVE

WILLOUGHBY AVE

64 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 65 618 Lafayette Avenue, Brooklyn, NY 11216

EXPENSES

Revenue Residential $113,100.00

Vacancy & Collection Loss (5%) $(5,655.00)

Effective Gross Income $107,445.00

Operating Expenses R.E. Taxes Tentative (21/22) $4,303.00

Water & Sewer $1,482.70

Fuel $4,000.00

Electric $1,763.48

Insurance $3,264.19

Repairs, Maintenance, & Misc. $6,917.98

Payroll $1,846.10

Management Fee (3%) $3,223.35

Total Expenses $26,800.80

Block/Lot 01789-0022 Net Operating Income $80,644.20 Neighborhood Bedford-Stuyvesant

Lot Dimensions 18.75 ft x 100 ft

Building SF 1,944 RENT ROLL

Stories 3 Tenant Unit Type Monthly Annual Residential 4 Gillian Fisher, Anne Bradford, 1 Residential 2,700 32,400 Commercial 0

Zoning R6B Sierra Swan, Lucas Waldron 2 Residential 2,425 29,100

Year Built 1931 Kajdukiewicz, Lukas 3 Residential 2,150 25,800 Tax Class 2A Occupied 4 Residential 2,150 25,800 Air Rights 1,800

R.E. Taxes Tentative (21/22) $4,303 TOTAL 9,425 113,100

66 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 67 Park Ave NOSTRANDAVE

Franklin Ave Stockton St

BEDFORDAVE Tompkins Ave

Myrtle-Willoughby 618 Lafayette Avenue,Myrtle Brooklyn, Ave NYAves 11216 Vernon Ave Spencer St

Skillman St LOCATION MAP Sandford St ZONING MAP Willoughby Ave

Walworth St

Hart St

Taaffe Pl Pulaski St

Kent Ave De Kalb Ave Classon Ave

Lafayette Ave

Kosciuszko St Van Buren St Herbert Von Marcy Ave Bedford and King Park Nostrand Aves Greene Ave Clifton Pl

Classon

Throop Ave Avenue Station Franklin Ave BEDFORD-STUYVESANT Lexington Ave

Quincy St Gates Ave

Monroe St

Madison St

BIRDS-EYE-VIEW TAX MAP

CLIFTON PL

LAFAYETTE AVE

68 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 69 325 Franklin Avenue, Brooklyn, NY 11238

EXPENSES

Revenue Residential $80,460.00 Commercial $56,604.00 Vacancy & Collection Loss (5%) $(6,853.20) Effective Gross Income $130,210.80

Operating Expenses R.E. Taxes Tentative (21/22) $11,885.00 Water & Sewer $4,080.00 Fuel $4,000.00 Electric $1,000.00 Insurance $5,734.84 Repairs, Maintenance, & Misc. $1,600.62 Cleaning $2,250.00 Payroll $3,200.00 Management Fee (3%) $3,906.32 Total Expenses $37,656.78

Block/Lot 01954-0004 Net Operating Income $92,554.02 Neighborhood Bedford-Stuyvesant

Lot Dimensions 30 ft x 82.5 ft

Building SF 4,050 RENT ROLL

Stories 3 Tenant Unit Type Monthly Annual

Residential 4 Stoley, Kara #1B Residential 2,700 32,400 Commercial 1 Occupied #2F Residential 2,100 25,200 Zoning R6A, C2-4 Vacant #3B Residential 935 11,220 Year Built 1968 Vacant #3F Residential 970 11,640 Tax Class 2A

Air Rights 3,366 Sosa, Zuco store Commercial 4,717 56,604

R.E. Taxes Tentative (21/22) $11,885 TOTAL 11,422 137,064

70 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 71 Park Ave NOSTRANDAVE

Franklin Ave Stockton St

BEDFORDAVE Tompkins Ave

Myrtle-Willoughby 325 Franklin Avenue, MyrtleBrooklyn, Ave NY Aves11238 Vernon Ave Spencer St

Skillman St LOCATION MAP Sandford St ZONING MAP Willoughby Ave

Walworth St

Hart St

Taaffe Pl Pulaski St

Kent Ave De Kalb Ave Classon Ave

Lafayette Ave

Kosciuszko St Van Buren St Herbert Von Marcy Ave Bedford and King Park Nostrand Aves Greene Ave Clifton Pl

Classon

Throop Ave Avenue Station Franklin Ave BEDFORD-STUYVESANT Lexington Ave

Quincy St Gates Ave

Monroe St

Madison St

BIRDS-EYE-VIEW TAX MAP

CLIFTON PL

FRANKLIN AVE

72 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 73 BANKRUPTCYBANKRUPTCY SALE SALE

GREENWOOD HEIGHTS PROPERTY BUILDING�3 P ORTFOLIO BROOKLYN, NY

74 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 75 GREENWOOD HEIGHTS Greenwood Heights is a neighborhood in the New York City borough of Brooklyn, named partially after the adjacent Green-Wood Cemetery. Greenwood Heights is a part of Brooklyn Community District 7 along with Windsor Terrace, Sunset Park and South Slope. The much-debated borders are roughly the Prospect Expressway to the north, Gowanus Canal and Upper New York Bay to the west, Eighth Avenue to the east, and 39th Street to the south (along the southern boundary of the Green-Wood Cemetery and northern boundary of the 36th- 38th Street Yard and South Brooklyn Railway).

Greenwood Heights may have more famous residents than any other neighborhood in New York City thanks to its namesake Green-Wood Cemetery. Much like Paris’s Cimetière du Père Lachaise, it draws visitors from around the globe to stroll its verdant hills and admire its views, and has since the 1830s when it was the country’s second most popular tourist destination, after Niagara Falls. This small neighborhood has also seen the transition from a working waterfront to a mix of industry, small residences and startup culture. It’s now an unpretentious, welcoming spot drawing the artists and families that once flocked to nearby Park Slope.

Greenwood Heights is a mixed neighborhood of Hispanics, older Polish and Italian families, Chinese, African American, and middle class Brooklynites who have relocated from other higher-priced neighborhoods.

76 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 77 263 18th Street, Brooklyn, NY 11215

EXPENSES

Revenue

Residential $137,100.00 Vacancy & Collection Loss (5%) $(6,855.00)

Effective Gross Income $130,245.00

Operating Expenses R.E. Taxes Tentative (21/22) $6,733.00 Water & Sewer $4,699.28 Fuel $4,264.88 Electric $1,093.25 Insurance $5,457.79 Repairs, Maintenance, & Misc. $5,845.32 Payroll $3,143.82 Management Fee (3%) $3,907.35

Total Expenses $35,144.69

Block/Lot 00873-68 Net Operating Income $95,100.31 Neighborhood Greenwood Heights

Lot Dimensions 20 ft x 97.83 ft

Building SF 2,267 RENT ROLL

Stories 2 Tenant Unit Type Monthly Annual

Residential 5 Jose Negret, Theresa 1 Residential 2,000 24,000 Commercial 0 Morton, Celeste 2 Residential 1,700 20,400 Zoning R6B Vacant 3 Residential 1,875 22,500 Year Built 1901 Kershaw, Sean BSMT Residential 1,950 23,400 Tax Class 2A

Air Rights 1,644 Nick Blackburn, GIilbert Pires Scott REAR Residential 3,900 46,800

R.E. Taxes Tentative (21/22) $6,733 TOTAL 11,425 137,100

78 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 79 263 18th Street, Brooklyn, NY 11215

LOCATION MAP ZONING MAP

BIRDS-EYE-VIEW TAX MAP

17TH ST

5TH AVE

18TH ST

80 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 81 New Construction Hub

82 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 83 Brooklyn Point 202-208 Tillary Street

138 WILLOUGHBY ST BROOKLYN, NY 11201 202 TILLARY ST BROOKLYN, NY 11201

Extell has landed in Brooklyn. The A new rental building is set to rise right next to developer’s first Kings County one of the entrances of the Brooklyn Queens building, Brooklyn Point, launched Expressway in Downtown Brooklyn. The sales earlier in 2017, with apartments Aufgang Architects-designed project would starting at $837,000. The condo is have two buildings rising 21 and 23 stories, the final piece of the larger City Point which would be connected by a shorter megaproject, and is currently under structure. The buildings would have 262 construction at 138 Willoughby apartments, of which 79 would be affordable Street. In addition to what is allegedly units. Just a little under 14,000 square feet has the highest rooftop pool in the been set aside for ground floor retail. Western Hemisphere, the building will have a stargazing observatory, pilates and cycling studios, rock climbing, a pet spa, various lounges, a “forest adventure,” stroller valet, a game lounge, and yes, even more. Occupancy is expected in 2020.

City Tower 22 Chapel Street

10 CITY POINT, BROOKLYN, NY 11201 22 CHAPEL ST BROOKLYN, NY 11201 Designed by COOKFOX with curtain wall cladding by Developer OTL Enterprises is in the Permasteelisa Group, City Tower rises from the center of process of constructing a 20-story building Brooklyn’s most prominent development, City Point. With with 180 apartments, a chunk of which will residences beginning at the 20th floor and above more be earmarked as affordable. The building, than 700,000 square feet of boutique and destination retail, designed by CetraRuddy, will be situated entertainment and dining, City Tower is the essence of urban on tiny Chapel Street behind the Cathedral living. City Tower is not only a destination location, but is Basilica of St. James. The building will rise convenient to transportation with the 2, 3, 4, 5, A, B, C, D, F, 210 feet and hold amenities like a resident’s G, Q and R subway lines steps away — and just minutes to the lounge, a children’s room, a gym and pool, BAM Cultural District and Atlantic Terminal. With over 23,000 and a roof deck. It’ll also have ground-floor square feet of amenities, both indoor and out, and views that retail and a community center. span from Manhattan to the Harbor, City Tower encompasses all that has made Brooklyn an international destination and cultural reference point. In a borough reborn, City Tower redefines the City.

84 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 85 9 Dekalb Avenue 420 Albee Square

9 DEKALB AVE BROOKLYN, NY 11201 420 ALBEE SQUARE BROOKLYN, NY 11201 Brooklyn’s getting its first supertall, courtesy of 111 Also known as One Willoughby West 57th Street developer/design duo JDS and Square, 420 Albee Square in SHoP Architects. The planned 1,000-foot tower Downtown Brooklyn will be a will rise above the landmarked Dime Savings Bank 34-story, 495-foot-tall reinforced Building in Albee Square, and will incorporate its concrete skyscraper and will historic facade into the skyscraper’s design. The contain 500,000 square feet of Landmarks Preservation Commission gave the newly built Class A office space. project the green light in 2016, and construction is FXCollaborative is the designer underway; the developers have been tight-lipped and JEMB Realty is the developer about other details, such as unit mix or starting of the project. Gilbane Building prices. Company is in charge of the construction.

11 Hoyt Street One Boerum Place

11 HOYT ST BROOKLYN, NY 11201 1 BOERUM PL BROOKLYN, NY 11201 Developer Tishman Speyer has assembled a The corner of Boerum Place and Fulton Street in Downtown Brooklyn star-studded design team for its condo building will officially sprout a 250-foot tower. Developer Avery Hall Investments set to rise next to Downtown Brooklyn’s has filed plans for a new, 21-story building at 7 Boerum Place, with 122 Macy’s (which the developer is revamping at apartments and ground-floor retail part of the package. According to the present). Jeanne Gang’s Chicago-based firm, plans on file with the Department of Buildings, the new tower will have 122 Studio Gang is on the building; the condo will condos, along with amenities like a swimming pool, exercise room, roof feature interiors by Michaelis Boyd Associates terrace, and bicycle parking. SLCE is the architect of record. and landscape design by Hollander Design. The project will also be Studio Gang’s first residential building in NYC. The 51-story condo will have 480 apartments (a mix of studios through four-bedrooms) with prices ranging from $600,000 to over $4 million.

86 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 87 Brooklyn Tech Triangle

The Brooklyn Tech Triangle comprises Dumbo, Downtown Brooklyn and the Brooklyn Navy Yard. There of industrial space. The building is set to be five-stories high and feature 250,000 square-feet of are approximately 500 businesses currently occupying the Tech Triangle. Further expansion within the space, along with a 100,000-square-foot parking garage attached. The project will also include Triangle is expected to triple the economic impact of the Tech Triangle in the next several years, reaching a Wegmans grocery store to further residential development in the area, set to open in the fall $15.5 billion in 2025, according to a report released by the Downtown Brooklyn Partnership. of 2019.

MetroTech Center is an urban and technology campus in Downtown Brooklyn and is the largest urban • The Green Manufacturing Center is a modern industrial manufacturing facility conceptualized for academic industrial research park in the nation. The Center is home to several technology firms and development in the Navy Yard as well. The facility will be home to four tenants, three of which innovation centers including the NYU Tandon School of Engineering’s main campus and the New York City include Crye Precision, New Lab, and the Brooklyn Roasting Company. The project is expected College of Technology. The MetroTech features 11 buildings and 3.7 million square-feet of commercial to add 800 jobs to the Navy Yard area by 2020. space, spanning 25 blocks. The Marriott Brooklyn Bridge is situated across from the Metro Tech Center.

The Brooklyn Navy Yard is situated to the north of the MetroTech, and is the site of significant development occurring over the next several years. Several of the notable projects occurring within the Navy Yard are described below:

• Dock 72 is a tech-focused office building within Brooklyn Navy Yard. The 675,000-square-foot building was curated by its anchor tenant, WeWork, which has leased 222,000 square feet to represent its second Brooklyn location. Dock 72 was completed in early 2018 and includes a 13,000 square foot food hall, a state-of-the-art wellness center, conference centers, and four rooftops.

• Building 77 is one of the largest development projects planned for the Navy Yard. This project encompassed the refurbishment of a 1,000,000-square-foot building. Completed in November 2017, the building offers 60,000 square feet of public food manufacturing on the ground floor. The light industrial space has anchor tenant Russ & Daughters alongside other food purveyors.

• Admirals Row is a development project including retail uses and 126,000 square feet

88 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 89 90 | 13 Building Portfolio, Brooklyn, NY Offering Memorandum | 91 BANKRUPTCYBANKRUPTCY SALE SALE

BUILDING�3 P ORTFOLIO BROOKLYN, NY

FOR MORE INFORMATION OR TO SET UP A VIEWING, PLEASE CONTACT:

Aaron Jungreis Greg Corbin Founder and CEO President, Bankruptcy Direct: 212.359.9901 and Restructuring Cell: 516.852.1342 Direct: 212.359.9904 [email protected] Cell: 917.406.0406 [email protected]

Chaya Milworn Shaun Rose Benjamin Sklar Senior Director Director Associate Direct: 212.359.9936 Direct: 212.359.9926 Direct: 212.359.9925 Cell: 917.804.7458 Cell: 917.523.7656 Cell: 713.301.1576 [email protected] [email protected] [email protected]

William Tavoulareas Joel Nematzadeh Head Analyst Marketing Manager Direct: 212.359.9923 Direct: 212-359-9903 Cell: 561.212.5555 Cell: 516-884-5632 [email protected] [email protected]

Disclaimer: This is a confidential brochure (the “Brochure”) intended solely for your limited use and benefit in determining whether you desire to express any further interest in the proposed sale of the 13 Brooklyn building portfolio (the “Properties”). The information contained herein, including any pro forma income and expense information (collectively, the “Information”) is based upon assumption and projections and has been compiled or modeled from sources we consider reliable and is based on the best available information at the time the brochure was issued. However, the Information is subject to change and is not guaranteed as to completeness or accuracy. While we have no reason to believe that the Information set forth in this brochure, underwriting, cash flows, valuation and other financial information (or any Information that is subsequently provided or made available to you) contains any material inaccuracies, no representations or warranties, express or implied, are made with respect to the accuracy or completeness of the Information. Independent estimates of pro forma income and expenses should be developed before any decision is made on whether to invest in the property. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and are qualified in their entirety by the actual document to which they relate. You understand that the Information is confidential and is furnished solely for the purpose of your review in connection with a potential investment in the property. You further understand that the Information is not to be used for any other purpose or made available to any other person without the express written consent of92 Rosewood | 13 Building Realty Group. Portfolio, This offering Brooklyn, is subject NY to prior placement and withdrawal, cancellation or modification without notice.