Exclusive Offering Memorandum 221 CALYER STREET Greenpoint, ±3,780 Square Foot, Three-Story Walk-Up Apartment Building - 6 Free Market Units 221 CALYER STREET

221 CALYER STREET Executive Summary 3 Financial Information 4 Exterior Photos 5 Interior Photos 6 Location Description 7 Transportation Map 9 Confidentiality & Disclaimer 10

CONTACTS Benjamin Tapper Gary Meese Senior Director, Principal Senior Director, Financial Services [email protected] [email protected] 646.658.7334 646.658.7351

EASTERN CONSOLIDATED | 355 LEXINGTON AVENUE | , NY 10017 | WWW.EASTERNCONSOLIDATED.COM Executive Summary

As exclusive agent, Eastern Consolidated is pleased to present for sale 221 Calyer Street, Greenpoint, Brooklyn (the “Property”), a ±3,780 square foot, three-story walk-up apartment building. The Property is located on the north side of Calyer Street between Eckford Street and McGuinness Boulevard. The ±28’ foot wide building contains six 2 bedroom/1 bathroom apartments, all of which are free market.

The apartments have been renovated over the course of the last 10 years including individual apartment renovations as well as structural, mechanical and common area capital expenditure upgrades. All of the apartments are currently rented at an average monthly rent of ±$1,983 or approximately $42 per square foot.

The offering presents an opportunity for investors to acquire a multifamily in great physical condition with upside due to the in-place below market rents. The Property is very well located in the highly sought-after Williamsburg-Greenpoint submarket in North Brooklyn and is 3 blocks from the Greenpoint Avenue G train station at Avenue. The Property is a short walking distance to McCarren Park, McGolrick Park and waterfront parks along the East River, and an array of neighborhood amenities including specialty retail, markets and restaurants.

Address 221 Calyer Street, Greenpoint, Brooklyn, New York 11222 Location North side of Calyer Street between Eckford Street & McGuinness Boulevard Block & Lot 2576 / 30 Lot Dimensions ±28’ x ±75’ Lot Area ±2,100 square feet Building Dimensions ±28’ x ±45’ Building Area ±3,780 square feet Stories 3 Transportation Subway: 3 blocks from the Greenpoint Avenue G train subway station at Manhattan Avenue Bus: 2 blocks from B24 MTA bus service at Greenpoint Avenue and McGuinness Boulevard 3 Blocks from B43 and B62 bus service at Greenpoint Avenue and Manhattan Avenue Zoning R6B GREENPOINT AVE Real Estate Taxes (18/19) $8,109

In-Place Projected Total Income $142,800 $183,000 Total Expenses $26,472 $28,164 Net Operating Income $116,328 $154,656 McGUINNESS BLVD ECKFORD ST Asking Price $3,800,000 Cap Rate 3.1% 4.1% $ PSF $1,005 30

CALYER STREET N

3­ 221 Calyer Street Executive Summary Financial Information

Property & Area Summary Block / Lot 2576 / 30 Zoning District R6B Building Class C2 [5-6 Families] Lot Dimensions 28' x 75' Tax Class 2A Lot Area 2,100 Building Dimensions 28' x 45' Building Footprint 1,260 Residential Use Community Facility Stories 3 FAR 2.0 2.0 Existing Building Height 34' ZFA 4,200 4,200 Gross SF 3,780 Residential Unit Count 6 Max Base / Loss Factor (Est.) 10% Unused Dev Rights 420 Building Height Rentable SF 3,402 40' / 50'

Rent Roll

In-place In-place PROJECTED Unit Estimated RSF Tenant Status Layout Monthly Rent Annual Rent $ / SF Lease Expiration MONTHLY RENT 1L 567 Occupied FM 2 BR/1 BA (Backyard) $2,200 $26,400 $46.56 2/28/2019 $2,750 1R 567 Occupied FM 2 BR/1 BA $1,750 $21,000 $37.04 4/30/2018 $2,500 2L 567 Occupied FM 2 BR/1 BA $1,900 $22,800 $40.21 2/28/2019 $2,500 2R 567 Occupied FM 2 BR/1 BA $1,950 $23,400 $41.27 9/30/2018 $2,500 3L 567 Occupied FM 2 BR/1 BA $2,100 $25,200 $44.44 9/30/2018 $2,500 3R 567 Occupied FM 2 BR/1 BA $2,000 $24,000 $42.33 4/30/2018 $2,500 Total 3,402 $11,900 $142,800 $42 $15,250 Average Monthly Rent $1,983 $2,542

Income & Expenses

Income In-Place Projected Projected Rents Blended Rate $ PSF Residential Income $142,800 $183,000 $54 Total Income $142,800 $183,000

Expenses Amount $ / SF / Unit / Month Amount Real Estate Taxes (2018/2019) $8,109 $2.15 $8,352 Water & Sewer $857 $0.23 $883 Insurance $4,645 $1.23 $4,784 Common Area Electric $458 $0.12 $472 Heating $3,074 $0.81 $3,166 Superintendent $3,600 $300 $3,708 Repairs & Maintenance $1,445 $0.38 $1,488 Management Fee (3%) $4,284 $1.13 $5,490 Total Expenses $26,472 $28,344 Operating Expense Ratio --> 18.5% 15.5%

Net Operating Income $116,328 $154,656

4­ 221 Calyer Street Financial Information Exterior Photos

Rear garden

5­ 221 Calyer Street Exterior Photos Interior Photos

6­ 221 Calyer Street Interior Photos Location Description

Greenpoint is located on the East River waterfront in North Brooklyn and is bordered by and Long Island City to the north, Williamsburg the south, the Brooklyn- Expressway to the east and the East River. Greenpoint has a rich history with a longstanding Polish community and much of the neighborhood today retains the same character as in the past. In 2005, the Department of City Planning approved a rezoning of 175 blocks in Greenpoint and Williamsburg, which has proven to be a tremendous catalyst for the neighborhoods resurgence and popularity. Following the rezoning, which was designed to enhance the areas mix of uses and density, development has occurred along the waterfront, on vacant infill sites and underutilized former industrial/warehouse buildings throughout the neighborhood. In addition to many large scale developments, much of the neighborhood’s existing housing stock consisting of multifamily walk-up buildings, rowhouses, brownstones and mid-rise, pre-war apartment buildings have been renovated.

Some of the larger, mixed-use developments coming to the market include Greenpoint Landing – a 22-acre, 10-building development with 5,000 apartments along the waterfront, 145 West Street, 77 Commercial Street, 93 DuPont Street, 161 West Street and 21 India Street will collectively bring an additional 3,000 apartments to the market in the coming years.

With substantial development adding to the housing stock, population growth has catalyzed shifts in the neighborhood’s retail landscape as national brands, new restaurants and nightlife venues complement independent specialty retailers that have previously dominated the area. The is now an array of galleries, boutiques, music venues, bars, and restaurants that have made Greenpoint one of the most popular neighborhoods in all of the outer Boroughs.

The neighborhood also features access to an enviable park system that includes McCarren Park and Pool, McGolrick Park, Transmitter Park, American Playground and soon-to-be-expanded along the East River waterfront. The Property is easily accessible with convenient access to the G train, which has two stops in the neighborhood at Greenpoint Avenue and Nassau Avenue, an East River Ferry stop at India Street. The Property is also located in proximity to McGuinness Boulevard, a primary link to Long Island City, Queens via the , the Brooklyn-Queens Expressway (I-278) and Long Island Expressway (I-495).

221 CALYER STREET

7­ 221 Calyer Street Location Description ET KENT STRE

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East River Ferry, Greenpoint Kent Street, Greenpoint Historic District

8­ 221 Calyer Street Location Description

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Nassau Richmond Valley S78 TOTTENVILLE BEACH Atlantic S78 Tottenville S78 Confidentiality & Disclaimer

This Confidential Offering Memorandum has been prepared exclusively by Eastern Consolidated (“Eastern Consolidated”) on behalf of Ownership, the (“Owners”), regarding the purchase of the property described herein at 221 Calyer Street, Brooklyn, New York (the “Property”). The materials and information contained in this Confidential Offering Memorandum do not purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All materials have been developed by Eastern Consolidated, the Owners and other sources and are subject to variation.

No representation is made by Eastern Consolidated or the Owners as to the accuracy or completeness of the information contained herein and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Eastern Consolidated and the Owners and their employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information.

Further, Eastern Consolidated, the Owners and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Confidential Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Confidential Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owners since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Confidential Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon request to interested and qualified investors.

The Owners and Eastern Consolidated each expressly reserve the right, in their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. The Owners shall have no legal commitment or obligation to any entity reviewing the Confidential Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Owners and its legal counsel and any conditions to the Owners’ obligations thereunder have been satisfied or waived. Eastern Consolidated is not authorized to make any representations or agreements on behalf of the Owners.

This Confidential Offering Memorandum and its contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein called the “Contents”) are of a confidential nature. By accepting the Offering Memorandum, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the Confidential Offering Memorandum or any of its contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of the Owners or Eastern Consolidated, (iv) not to use the Confidential Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of the Owners or Eastern Consolidated, and (v) to return it to Eastern Consolidated immediately upon request of Eastern Consolidated or the Owners.

If you have no further interest in the Property, please return the Confidential Offering Memorandum forthwith.

No inspections of the Property are permitted unless accompanied by the Owners or a representative from Eastern Consolidated.

10 ­ 221 Calyer Street Confidentiality & Disclaimer INVESTMENT SALES RETAIL LEASING CAPITAL ADVISORY

F. 212.499.7718 355 LEXINGTON AVENUE O. 212.499.7700 WWW.EASTERNCONSOLIDATED.COM NEW YORK, NY 10017