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BANKRUPTCY SALE Office Building / Medical / Professional 1 Prospect Park

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BANKRUPTCY SALE Office Building / Medical / Professional 1 Prospect Park BANKRUPTCY SALE Office Building / Medical / Professional 1 Prospect Park Winthrop Street 2 5 Utica Church Avenue Avenue FLATBUSH 2 3 4 2 5 Kings County Hospital Beverly Road 2 5 SUNY Downstate Medical Center Lincoln Terrace / Newkirk Arthur S. Somers Park Sutter Ave- Avenue Rutland Rd 2 5 2 3 4 Utica Avenue Holy Cross Saratoga Cemetery Retail Corridor Flatbush Avenue Avenue 2 3 4 2 5 Rockaway BROOKLYN PKWY ROCKAWAY Avenue 2 3 4 UTICA AVE Junius Street FARRAGUT RD 2 3 4 EAST FLATBUSH FOSTER AVE RALPH AVE LINDEN BLVD KINGS HWY 2 3 TABLE OF CONTENTS 7. EXECUTIVE SUMMARY 9. PROPERTY OVERVIEW 10. FINANCIAL OVERVIEW 22. LOCATION OVERVIEW 5 EXECUTIVE Summary Rosewood Realty Group is pleased to present the opportunity to purchase 1414 & 1376 Utica Avenue; two properties being sold together in bankruptcy. The properties can be delivered vacant at closing, OR with the current tenant (owner) in place paying rent as a sale-leaseback. The first property located at 1414 Utica Avenue is a 10,083± square foot elevator building on a 4,000± square foot lot. It stands 3 stories plus a lower level / basement, currently in use. The building can be used for office, medical office, or professional use. Additionally, the M1-1 Zoning allows not only for office, but for light industrial use, repair shops, storage facilities, potential retail, funeral home and community facility. The second property located at 1376 Utica Avenue is a 3,000 Square foot lot (30’ x 100’), has curb cut ramps, and is being used as a parking lot. FOSTER AVE FARRAGUT RD UTICA AVENUE 6 7 B R B O E D O K L Y N B U S Statue of N O Salem Fields Trinity Liberty S Property Overview AT Pratt Cemetery COBBLE HILL L Fort Greene T Cypress Hills R Cemetery Institute National Cemetery FleaFORT Market GREEN 278 Atlantic Saratoga Highland Park BOERUM HILL Terminal Mall Park Evergreen TLA Barclays BEDFORD-STUYVESANT Cemetery CYPRESS A Carroll Center HILLS Vincent Park City Line DimattinaCARROLL GARDENS Interfaith Park Y Co­ey ParkPlayground PROSPECT ATL Bayside K Medical Center Sperandeo P HEIGHTS Cemetery T RED HOOK Brothers L Third Playground E & 3rd Grand Army New York City Robert B Brower Park Venable Tudor Plaza Children's Center - Park Aqueduct Brooklyn Campus Park Red Hook NewYork-Presbyterian Race Track Recreational Area PARK SLOPE City University Brooklyn Methodist G Cypress Hills Ozone AS of New York E R Toring Park Hospital Prospect A Playground Park Medgar Evers N Park Zoo V College I L EAST BROOKLYN S Gowanus Canal BEL D LV E B B EN 278 ND LI IN JF AIRTRA K GREENWOOD F L 27 Prospect A HEIGHTS T Kingsbrook Park B Spring Creek U Kings County Jewish Medical Linden S Park P G R H Center Park O Hospital Center BROWNSVILLE R EAST S A A PROPErty SnaPSHot P E V N NEW YORK C E T V Kingsboro I C E L X R P L Psychiatric OS Y Century E BLVD LINDEN P Medical & Center Brookdale Hospital A OLD HOWARD SUNY Breukelen Y Greenwood Dental Center Medical Center N Gateway 1376 Utica Avenue Y BEACH Downstate Ballfields E PropErty ADDREss 1414 Utica Avenue W Center Cemetery Campus A E H V V E Y A S K N P O G T T Frank M Charles A N C I Spring Creek L HOWARD Sunset Park K E Memorial Park Holy Cross Canarsie Plaza B BEACH Spring Creek Cross STREEts Between Farragut Road & Foster Avenue KY Plaza 278SUNSET PARK P Cemetery Park ON LT Fresh Creek Spring Creek MI A Nature Park H T FLATBUSH Canarsi R Preserve Brooklyn O BoroUGH F Plaza L BE Owls Head Maimonides E V Park A Medical Center S D SUBMARKET East Flatbush Leif Ericson N A L Park And Square T A Canarsie BOROUGH L PARK BROOKLYN F Cemetery Y Parking Lot W PROPErty TYPE Medical Building H S CANARSIE G F IN L K A Brooklyn T B 4784/20 278 College U BLocK/Lot 4784/35 SH A FLATLANDS V Canarsie Fort HamiltonBAY RIDGE Mckinley E AthleticRussell FieldPederson Park Park ShorePlayground MAPLETON Road Park Georgetown Y EAR BUILT 1931 Gravesend Shopping Center Park OC New York Washington E BERGEN Joseph Thomas Jamaica Bay Cemetery A B M1-1 N Mcguire Park Wildlife Refuge ZONING E BEACH P C L Mount Sinai K O Y DYKER HEIGHTS N Brooklyn 278 E Y I Andrew S LoT DIMENSIONS 40 x 100 30 x 100 L Lehman A N Field John J Carty D Alex Y Park Dyker Beach A New York Lindower V MARINE PARK K E Community John Paul Golf Course Park P BENSONHURST Hospital LoT SF 4,000 SF 3,000 SF Jones Park T Seth Low L VA New York Harbor E Park B Healthcare System 278 Marine NET RENTABLe SF 10,083 SF 3,000 SF Brooklyn Campus Park Dyker Beach Park Marine Park Golf Course Broad StorIES 2 + Cellar Ground E U Channel Park AVENU Brooklyn Bensonhurst Marine Park TAXES $62,762 $3,869 Park SHEEPSHEAD Ceasar's Bay BAY Floyd Bennett Shopping Center B Field E L T GRAVESEND P K Y Coney Island Hospital Y T PK Calvert Vaux BEL Staten Island Children and Youth Day Treatment Center and South Beach Psychiatric Center Park THE ROCKAWAYS Staten Island Children and Youth Day Treatment Center and South Beach Psychiatric Center Marine Park Kingsborough Leon S Kaiser CONEY Community Playground ISLAND College Manhattan Beach Park Asser Levy Park 8 9 FINANCIAL Overview FINANCIAL Overview RENT ROLL GROSS FLOOR RENtaBLe SF MONTHLY RENT ANNUAL RENT RPSF 1414 Utica Avenue FLATBUSh MEDICal/OFFICe LEASe COMPS Lower Level/Lobby 3,760 $ 9,156.72 $ 109,880.63 $ 29.22 Second Floor 3,400 $ 8,280.01 $ 99,360.14 $ 29.22 Third Floor 2,920 $ 7,111.07 $ 85,332.83 $ 29.22 1414 Utica Avenue Total 10,080 24,547.80 294,573.60 $ 29.22 ADDRESS FLOOR SF RPSF LEASe TYPE SIGn DATE 1376 Utica Avenue 900 Lenox Road Ground 3,000 $ 24.00 MG May-14 Parking Lot 3,000 1,875.00$ 22,500.00$ $ 7.50 281-289 East 53rd Street 1st 4,539 35.00 $ UTIL Aug-07 1376 Utica Avenue Total 3,000 $ 1,875.00 $ 22,500.00 $ 7.50 2029 Nostrand Avenue 2nd 1,200 $ 27.00 MG Aug-17 GRAND TOtaL 13,080 $ 26,422.80 $ 317,073.60 $ 24.24 1208 Flatbush Avenue 1st 1,000 $ 36.00 MG Nov-16 1310-1312 Flatbush Avenue Ground 1,600 $ 26.25 MG Oct-16 PRO-FORMA 1310-1312 Flatbush Avenue Ground 1,600 $ 28.13 Sep-16 UtICA AVENUe PRO-FORma 1300-1302 Flatbush Avenue 2nd 1,300 $ 22.15 MG Jan-16 REVENUE 1197 Flatbush Avenue 1st 1,100 $ 34.82 MG Jan-15 Office $ 317,074 POTENTIAL GROSS 1259 Flatbush Avenue 1st 2,000 $ 21.00 Jan-08 REVENUE $317,074 412 Linden Boulevard 2nd 800 $ 36.00 FS Dec-19 Vacancy & Collection Loss (i) ($15,854) 3047 Avenue U 1st 2,200 $ 27.27 MG Sep-19 Effective Gross Revenue $301,220 8400 Flatlands Avenue 2nd 700 $ 34.28 UTIL Jun-19 OpERatING EXPENSES (ii) 8400 Flatlands Avenue 1st 500 $ 27.82 UTIL May-19 RE Taxes $72,723 (iii) 9218 Kings Highway Ground 1,224 29.41 $ UTIL Dec-16 Insurance $8,500 Utilities(iii) Tenants Pay Weighted Average RPSF 1,626 $ 9.22 2 Repairs and Maintenance(iii) $3,500 Management Fees (iv) $9,037 TOtal OPERatINg EXPENSES $93,760 NET OPERatINg INCOMe (NOI): $207,460 NOI Margin % 68.9% 10 11 LOOKING EAST 12 13 LOOKING WEST 14 15 1414 UTICA AVENUE 16 17 1414 UTICA AVENUE 18 19 1376 UTICA AVENUE 20 21 Location Overview East Flatbush is a neighborhood in New York City, New The public schools in East Flatbush are above average. York with a population of 164,609. East Flatbush is in In the wake of already breathtaking changes, even Kings County. Living in East Flatbush offers residents a more changes could soon be on the horizon. Several dense urban feel and most residents rent their homes. new proposals have surfaced in the City Council related THE COMMUTE In East Flatbush there are a lot of bars, restaurants, to rezoned neighborhoods that could potentially have Prospect Park East Flatbush is served by the Brighton Line, with its B John F. Kennedy International Airport is located less coffee shops, and parks. Many families and young a significant impact on development in places like East & Q trains, has a number of stops within the community. than nine miles east of the subject and LaGuardia professionals live in East Flatbush and residents tend Flatbush. There is a stretch of stations from Prospect Park to Airport is located approximately 10 miles north of the to be liberal. Utica FLATBUSH Avenue H in East Flatbush. Line two and fiveAvenue trains also subject. 2 3 4 have stations in Flatbush. There are several bus routes Beverly running through Flatbush, including B6, B8, B35, B41, Road 2 5 B44 and B49. The Gowanus Expressway, which leads to the Brooklyn Battery Tunnel, is five miles west of Newkirk Avenue 2 5 Flatbush. It runs south alongside the Brooklyn Navy Yard and connects with the Belt Parkway at the Holy Cross Cemetery Flatbush Verrazano Narrows Bridge. The Verrazano Narrows Avenue 2 5 Bridge connects Brooklyn with Staten Island and eventually New Jersey to the west. The Belt Parkway passes the John F. Kennedy Airport on its way to BROOKLYN Long Island.
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