JOSHUA SLOYER LICENSED ASSOCIATE REAL ESTATE BROKER

10 East 53rd Street, 5th Fl M: 516.449.9891 [email protected] 322-324 EAST 116TH STREET, NEW YORK, NY 10029 Property Description

These two side-by-side buildings combined have 40 feet of frontage on East 116th street and offer the purchaser a unique opportunity to reposition or redevelop an asset on a prime east Harlem thoroughfare. Combined, as built, 322 and 324 East 116th St have 6 residential apartments and 2 retail commercial spaces.

324 East 116th St will be delivered vacant and 322 East 116th St still has month to month tenants. The end user can renovate and reconfigure to (4) two-bedrooms and (2) one-bedrooms apartments and (2) retail units; there is also an additional approximate 4000 sq feet of buildable sq footage. End user can build (4) more 2-Bedroom apartments on top of the existing building. Alternatively, based on an initial zoning study (enclosed) 18 residential apartments can be built by demolishing the buildings and developing new construction rental apartments or condominiums.

• Scenario 1: Renovate and rent out (4) 2-Bedrooms, (2) 1-Bedrooms, (2) Retail Stores • Scenario 2: Build 4 additional apartments (completed there will be 10 total + 2 commerical spaces) • Scenario 3: Ground up condo development • Scenario 4: Ground up rental development TAX MAP

E 116th Street 1st Avenue 2nd Avenue LOT 40 LOT 41

BLOCK 1647

E 115th Street

RETAIL MAP

ILoveKickboxing Blink Fitness

Dollar Tree

Bleu Violin

MiBarrio Revolutionary Fitness Meat Market

GameStop TD Bank Sprint Chase Bank

Bank of America Evelyn’s Kitchen Wendy’s Mojito’s Bar & Grill

Taco Mix Milano Pizza Juice Bar-Rio 322-324 E 116th St

Dunkin Donuts

Camaradas El Barrio East River Plaza Mall

Edwin’s Cafe Indo Pak Halal Love Cafe

The Duck

Brother’s Bakery Cafe

Tres Leches Cafe 322-324 EAST 116TH STREET | PROPERTY FEATURES

ASKING PRICE: $4,900,000

Block 1687

Lot 40,41

Community District 11 (Manhattan)

Lot Size 1,900 sq ft (Approx.)

Landmark Status No

Lot Frontage 20’ (#322) + 20’ (#324) = 40’

Lot Depth 100’-11” (Interior Lot)

Lot Area 2,018 sf + 2,018 sf = 4,036 sf

Zoning District R7B

F.A.R 3.0 (Residential), 0.0 (Commercial), 3.0 (Community Facility)

Maximum Allowed Floor Area 6,054 (#322) + 6,054 (#324) = 12,108 sf (Residential)

Existing Building Area 4,000 (#322) + 4,000 (#324) = 8,000 sf *estimated

Underbuilt Area 4,108 sq ft (approx.)

East Harlem an Emerging Real Estate Market https://www1.nyc.gov/assets/planning/download/pdf/plans-studies/east-harlem/east- harlem-presentation-city-council-hearing-10112017.pdf?v=1 TRANSPORTATION Scenario 1: Renovate and rent out (4) 2-Bedrooms, (2) 1-Bedrooms, (2) Retail Stores

322 EAST 116TH STREET UNIT TYPE PROJECTED RENT STATUS 3 2BR $2,900 Month to Month 2 2BR $2,900 Month to Month 1 1BR $2,200 Month to Month GRND/RETAIL COMM $5,500 Month to Month 324 EAST 116TH STREET

3 2BR $2,900 Delivered Vacant 2 2BR $2,900 Delivered Vacant 1 1BR $2,200 Delivered Vacant GRND/RETAIL COMM $5,500 Delivered Vacant

Gross Monthly Rent $27,000 Gross Annual Rent $324,000

EXPENSES PROJECTED Taxes 322 E 116th $6,630 324 E 116th $6,630 Water $4,000 Heat & Hot Water $6,000 Insurance $4,000 Maintence Super $6,000 Management $12,000 Total Expenses $45,260

Net Operating Income $278,740

SUMMARY Renovation/Construction Cost $50,000 Per Unit * 8 $400,000

Purchase Price $4,900,000

TOTAL $5,300,000

CAP RATE 5.26%

ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY. Scenario 2: Build 4 additional apartments (completed there will be 10 total + 2 commerical spaces)

322 EAST 116TH STREET | PROJECTED RENT ROLL UNIT TYPE PROJECTED RENT STATUS 5 2BR $2,700 - $3,000 To Be Built 4 2BR $2,700 - $3,000 To Be Built 3 2BR $2,700 - $3,000 Month to Month 2 2BR $2,700 - $3,000 Month to Month 1 1BR $2,100 - $2,400 Month to Month GRND/RETAIL COMM $4,500 - $5,500 Month to Month

324 EAST 116TH STREET | PROJECTED RENT ROLL UNIT TYPE PROJECTED RENT STATUS 5 2BR $2,700 - $3,000 To Be Built 4 2BR $2,700 - $3,000 To Be Built 3 2BR $2,700 - $3,000 Delivered Vacant 2 2BR $2,700 - $3,000 Delivered Vacant 1 1BR $2,100 - $2,400 Delivered Vacant GRND/RETAIL COMM $4,500 - $5,500 Delivered Vacant

Gross Monthly Rent $34,800 - $39,800 Gross Annual Rent $417,600 - $477,600

EXPENSES PROJECTED Taxes 322 E 116th $6,630 324 E 116th $6,630 Water $4,000 Heat & Hot Water $6,000 Insurance $4,000 Maintence Super $6,000 Management $12,000 Total Expenses $45,260

Net Operating Income $372,340 - $432,340

CAPITAL EXPENDITURE

Construction Cost Addtl. 4,000 Sq Ft $600,000

Renovation Cost Existing Units, $50,000 * 8 $400,000

Purchase Price $4,900,000

TOTAL $5,900,000

CAP RATE 6.31% - 7.33%

ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.

*All measurements are approximate 324 E 116th Street

*All measurements are approximate JOSHUAJOS SLOYER LICENSED ASSOCIATE REAL ESTATE BROKER

10 East 53rd Street, 5th Fl M: 516.449.9891 [email protected]

Scenario 3: Ground up condo development Scenario 4: Ground up rental development

Zoning Analysis- DRAFT

Project Address 322-324 East 116 Street, New York, NY (wide street) Block 1687 Lot 40, 41

Community District 11 (Manhattan) Landmark Status No Lot Frontage 20’-0” (#322) + 20’-0” (#324) = 40’-0” Lot Depth 100’-11” (interior lot)

Lot Area 2,018 sf + 2,018 sf = 4,036 sf Zoning District R7B

F.A.R. 3.0 (Residential) 0.0 ( Commercial) 3.0 (Community Facility) Maximum Allowed Floor Area 6,054 (#322)+ 6,054 (#324) = 12,108 sf (residential) Existing Building Area 4,000 (#322)+ 4,000 (#324) = 8,000 sf *estimated TO BE CONFIRMED.

Underbuilt Area 4,108 sf

Bulk and Use Regulations Permitted uses as of right 1 and 2 (Single and multi family), 3 and 4 (Community Facility) Quality Housing Mandatory (required for developments with > 9 dwelling units) Maximum # of Dwelling Units Factor= 680; 12,108 / 680 = 17.8 = 18 dwelling units [ZR 23-22] Maximum Lot Coverage 65% [ZR 23-145] Front Yard Required None required [ZR 23-45] Side Yard Required None required (8’-0” minimum if provided) [ZR 23-462] Rear Yard Required 30’-0” required [ZR 23-47] Minimum Base 40’-0” [23-633] Maximum Base 60’-0” [ZR 23-633] Initial Setback 10’-0” for wide street [ZR 23-633] Sky Exposure Plane Ratio N/A Maximum Building Height 75’-0” [ZR 23-633] Required Parking (minimum) 50% of dwelling units (waived if fewer than 5 spaces required)

*Exclusive Listing of Joshua Sloyer JOSHUAJOS SLOYER LICENSED ASSOCIATE REAL ESTATE BROKER

10 East 53rd Street, 5th Fl M: 516.449.9891 [email protected]@Compass.com

Current Photograph

*Exclusive Listing of Joshua Sloyer JOSHUAJOS SLOYER LICENSED ASSOCIATE REAL ESTATE BROKER

10 East 53rd Street, 5th Fl M:M: 516.449.9891 516.449.9891 [email protected]@Compass.com

Zoning Axon

*Exclusive Listing of Joshua Sloyer JOSHUAJOS SLOYER LICENSED ASSOCIATE REAL ESTATE BROKER

10 East 53rd Street, 5th Fl M: 516.449.9891 [email protected]

Summary

The properties in question are two (2) existing 4 story + Cellar buildings, built around 1900. They are located in the East Harlem neighborhood of Manhattan. The buildings each currently have a non-conforming commercial use at the 1st story (Bakery and Clothing Store)

322 has a valid Certificate of Occupancy available for the property, showing 1 apartment at each story and Bakery at 1st floor. 324 does not have a Certificate of Occupancy available on BIS.

BIS also shows the 2 lots as having interchangeable BIN #’s. This could mean the lots were combined at some point in time. Zola shows a Pre-BIS major alteration that occurred in 1988. However, Department of Finance records show the properties as 2 separate tax lots.

Quality Housing is mandatory for conversions/enlargements that result in 9 or more dwelling units. This requires 3.3% of floor area to be devoted to recreation space, a laundry facility on site, and refuse storage and disposal rooms on every floor.

A new core with elevator, trash chute and scissor stair is proposed to serve both buildings.

A 6 story max would exempt the building from Local Law 11 Façade Inspection & Standpipe requirements.

*Exclusive Listing of Joshua Sloyer