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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.
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