453 CONEY ISLAND AVENUE PROSPECT 453 Coney Island Avenue PARK SOUTH

Exclusive Offering Memorandum TerraCRG has been retained to exclusively represent 3 | The Offering ownership in the sale of 453 Coney Island Avenue in South Prospect Park, Brooklyn. 4 | The Property For more information, please contact exclusive agents: 4 Property Information

PETER MATHEOS Building Information Managing Director Property Taxes [email protected] 5 Aerial Maps

MIKE RAFTER 6 | Comparable Rents Senior Associate [email protected] 7 | Area Developments

ISAIAH THOMAS 8 | Transportation Map Associate [email protected] 9 | South Prospect Park

JAMEIK HURRY 10 | Area Attractions Associate [email protected] 11 | Prospect Park

12 | Kings Theater 718-768-6888 | terracrg.com 13 | Medgar Evars College

The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not 14 | Brooklyn guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/ or legal counsel. Interested parties should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination.

2 THE OFFERING

TerraCRG has been retained to exclusively represent the BLOCK-THROUGH PROPERTY sale of the development site at 453 Coney Island Avenue in Prospect Park South, Brooklyn; near the intersection of Coney Island Avenue and Church Avenue.

The property is zoned R7A/C2-4 which allows for an as of right 6,195 BSF and 8,260 BSF with Inclusionary Housing. This site sits on an approximately 1,796 SF block-through GREAT LOCATION lot, ideal for a mixed-use development with retail on the busy NEAR PROSPECT PARK Coney Island Avenue corridor with a residential entrance on the quite treelined block of E10th Street.

Just below Brooklyn’s Prospect Park, along the Church Avenue and Coney Island Avenue retail corridors you’ll find a selection bars, restaurants and retail including Wheated, Hinterlands Bar, LARK Coffee Shop and more. One block away from Brooklyn’s coveted Prospect Park, additional nearby attractions include The Brooklyn Botanic Garden, Kings Theatre and the Brooklyn Public Library. ~$700,000+ 453 Coney Island Avenue is blocks away from the F and G COMPARABLE trains at Fort Hamilton Parkway, and the Q and B trains at AREA CONDO SALES Church Avenue.

ASKING PRICE: $1,030,000 RESIDENTIAL DEVELOPMENT OPPORTUNITY

3 THE PROPERTY

PROPERTY INFORMATION

Address: 453 Coney Island Ave Brooklyn, NY 11218

Neighborhood: Prospect Park South

Cross Streets: Church Ave / Caton Ave

Block: 5070

Lot: 29

Building Class: V3

ZONING ANALYSIS

Zoning: R7A, C2-4

MIH / VIH: VIH

Lot Dimensions: 20 ft x 90 ft 453 Coney Island Avenue Lot SF: 1,796

FAR: 3.45

Gross BSF: 6,195

FAR w/IH: 4.60

Gross BSF w/IH: 8,260

TAXES

Assessment (21/21): $32,280

Tax Rate: 21.1670%

Taxes (20/21): $6,833

4 AERIAL MAPS

5 COMPARABLE CONDOMINIUM SALES

Prospect Park South

Address Neighborhood Type Unit Sale Date BR BA SF Price

15 East 19th St Prospect Park South New 3C 6/26/20 1 1 639 $555,000

15 East 19th St Prospect Park South New 5A 5/22/20 1 1 714 $565,000

15 East 19th St Prospect Park South New 5D 2/29/20 2 2 925 $815,000

15 East 19th St Prospect Park South New 5D 2/19/20 2 2 925 $805,000

15 East 19th St Prospect Park South New 6A 2/19/20 1 1 714 $580,000

15 East 19th St Prospect Park South New 6A 2/18/20 1 1 714 $570,000

15 East 19th St Prospect Park South New 4D 1/24/20 2 2 925 $775,000

15 East 19th St Prospect Park South New 3B 12/9/19 1 1 688 $560,000

15 East 19th St Prospect Park South New 7D 12/6/19 2 2 925 $845,000

15 East 19th St Prospect Park South New 6D 11/7/19 2 2 925 $835,000

15 East 19th St Prospect Park South New 3A 10/25/19 1 1 714 $550,000

15 East 19th St Prospect Park South New BD 10/8/19 2 2 908 $855,000

15 East 19th St Prospect Park South New BC 10/3/19 2 2 895 $825,000

309 Ocean Pwky Prospect Park South New 1R 6/12/20 1 2 N/A $850,238

309 Ocean Pwky Prospect Park South New 3F 6/4/20 2 2 N/A $725,000

309 Ocean Pwky Prospect Park South New 4R In Contract 2 2 N/A $850,000

309 Ocean Pwky Prospect Park South New 6R In Contract 2 2 N/A $799,000

309 Ocean Pwky Prospect Park South New 5R In Contract 2 2 N/A $785,000

309 Ocean Pwky Prospect Park South New 6F In Contract 2 2 N/A $759,000

309 Ocean Pwky Prospect Park South New 5F In Contract 2 2 N/A $745,000

309 Ocean Pwky Prospect Park South New 2F In Contract 2 2 N/A $745,000

309 Ocean Pwky Prospect Park South New 4F In Contract 2 2 N/A $735,000

309 Ocean Pwky Prospect Park South New 7F In Contract 1 1 N/A $669,000

34 Crooke Avenue Prospect Park South Resale 2A 11/27/19 2 2 923 $720,000

34 Crooke Avenue Prospect Park South Resale 4C 7/2/19 1 1 646 $505,000

10 Slocum Pl Prospect Park South Resale 5C 6/28/20 3 2 1,266 $1,250,000

10 Slocum Pl Prospect Park South Resale 5A 8/27/19 2 2 1,059 $876,000

10 Slocum Pl Prospect Park South Resale 3E 5/30/19 2 2 1,076 $1,025,000

AREA DEVELOPMENTS

1. 909 Cortelyou Road - 3 Residential Units - In construction

2. 800 Coney Island Avenue - Storage - Job filed 18 17 3. 487-491 Ocean Parkway - 17 Residential units - In construction

4. 566 Coney Island Avenue - 19 Residential Units - Job filed

5. 527 Coney Island Avenue - 58 Residential Units - Completed 453 CONEY ISLAND 11 6. 21 Hinckley Place - School - Completed 10 6 5 7 7. 233 Ocean Parkway - 14 Residential units - Completed

8. 323 East 19th Street - 38 Residential units - In construction

9. 1921 Cortelyou Road - 76 Residential units - Job filed 9

10. 1915 Beverly Road - 18 Residential units - Job filed 8

11. 232 East 18th Street - 28 Residential units - Job filed 1 12. 991 Ocean Avenue - 25 Residential units - Building complete 12 13. 571 East 19th Street - 21 Residential units - Building complete 2

14. 625 East 18th Street - 12 Residential units - Building complete 4 3 13 16 15. 928 Coney Island Avenue - 67 Residential units - In construction 14

16. 631 E 18th Street - 26 Residential units - Completed 15

17. 26 E 19th Street - 26 Residential units - Completed

18. 15 E 19th Street - 33 Residential units - Completed

TRANSPORTATION

RIDERSHIP OVERVIEW

B Q

Church Ave Weekday | 16,528 Annual | 5,161,293 F G F G FORT HAMILTON B Q PARKWAY Church Ave CHURCH AVE Weekday | 9,697 Annual | 3,148,411

F G

LOCAL MTA BUS LINES:

B103, BM1, BM2, BM3, BM4, B35

8 PROSPECT PARK SOUTH

Prospect Park South, a neighborhood almost completely encompassed by the Prospect Park South Historic District, is home to rows of detached houses on the usual tree-lined streets of Brooklyn. The area and architecture have drawn the attention of young families looking to settle into the convenience of being a short commute to Manhattan paired with the suburban feel of being next to one of the top parks in New York City. The neighborhood is serviced by the B and Q trains and is surrounded by the Church Avenue and Coney Island Avenue retail corridors.

9 AREA RETAIL

1. Rupsha Grocery 2. Andrew’s Coffee House 3. Yamaha motorcycle dealer 4. Wheated 5. Metro by T-Mobile 6. AM Thai Bistro 7. LARK 8. AdvantageCare Physicians 9. Stratford deli grocery 14 10. Anarkali Indian Cuisine 12 15 11. Alden Moves Dance Theater 13 11 12. Frank’s Barber Shop 16 29 17 10 13. Ideal Food Basket 30 9 7 14. Don Patron 18 6 15. BP 1 5 19 8 16. Shenanigan’s Pub 2 4 20 3 17. Dunkin’ Donuts 21 22 18. M & S Hardware & Building Supply 19. AutoZone 23 20. Hinterlands Bar 21. La Flor De Santa Ines 24 22. La Loba Cantina 26 23. Werkstatt Austrian Restaurant 25 24. KFC 27 25. Shell 28 26. 7-Eleven 27. Red Mist Hookah Lounge & Cafe 28. Gyro Cafe 29. Kam Hai 30. Parade Cafe

10 PROSPECT PARK

Prospect Park is a 585-acre urban oasis located in the heart of Brooklyn. The park is located between Park Slope, Prospect- Lefferts Gardens, Kensington, Windsor Terrace and Flatbush Avenue, Grand Army Plaza and the Brooklyn Botanic Garden.

The masterpiece of famed landscape architects Frederick Law Olmsted and Calvert Vaux, who also designed Central Park, Prospect Park features the 90-acre Long Meadow, the 60-acre Lake and Brooklyn’s only forest. The nation’s first urban Audubon Center, the Prospect Park Zoo, and the Celebrate Brooklyn! Performing Arts Festival are just a few of the cultural attractions that make their home here at the Park.

With over eight million visitors a year, the Park borders diverse neighborhoods and attracts both locals and tourists. Popular activities range from skating to birding to pedal boating and picnicking on the Long Meadow on beautiful days. The Park also boasts a stunning variety of natural and geological features. Brooklyn’s only forest is here, along with a complex water system, rolling meadows and shaded hillsides.

11 KINGS THEATER

The Kings Theatre today, the $95 million project features an authentic restoration of the original 1929 design. Original plaster and painting schemes have been restored, vintage carpet and seating have been recreated and historic lighting fixtures have been renovated and re- installed. New state-of-the-art building systems, including new HVAC, expanded patron restrooms and concessions facilities will provide the very finest in patron comfort. Technical improvements including expanded staging facilities, a new theatre rigging system, new dressing rooms and professional sound and lighting systems, will ensure that the Kings will be able to host the very finest performing arts attractions. The transcendent theatre hosts hundreds of performances annually.

The restoration of this former movie palace marks the rebirth of a historic venue, and a transformation into a state-of-the-art live performances theatre that has revitalized the Brooklyn arts scene, and provides and economic stimulus to the Flatbush Avenue business district, and the region beyond.

12 MEDGAR EVERS COLLEGE

Medgar Evers College is a senior college of The City University of New York (CUNY), offering baccalaureate and associate degrees. It was officially established in 1970 through cooperation between educators and community leaders in central Brooklyn. It is named after Medgar Wiley Evers, an African American civil rights leader who was assassinated on June 12, 1963.

The college is divided into four schools: the School of Business, the School of Professional and Community Development, the School of Liberal Arts and Education, and the School of Science, Health, and Technology. The college also operates several external programs and associated centers such as the Male Development and Empowerment Center, the Center for Women’s Development, the Center for Black Literature, and the DuBois Bunche Center for Public Policy. The college is a member of the Thurgood Marshall College Fund.

Incoming freshmen entering the Baccalaureate programs must have a minimum high school average of 80 with at least 17 academic units such as four units of English, four units of social studies, three units of mathematics, two units of a foreign language, two units of sciences, and two units of regular academic subjects, and a minimum SAT score of 960 (480 Verbal 480 Math) or ACT composite score of 20 or above.

13 BROOKLYN

With 2.6 million residents, Brooklyn is the most populous borough of New York City and the most populous county in The borough is situated at the southwestern end of Long Island and is bounded on the north and east by the borough of Queens, on the south by Lower New York Bay, the Atlantic Ocean and Jamaica Bay and on the west by the East River, New York state. Upper New York Bay and the Narrows, which separates it from the borough of Staten Island. Brooklyn was an independent city until its consolidation with New York City in 1898. The Brooklyn is the borough’s 36 neighborhoods continue to maintain a distinct culture, independent art scene and unique architectural heritage. second most densely populated county in the U.S.

14 For more information, please contact exclusive agents:

PETER MATHEOS Managing Director [email protected]

MIKE RAFTER Senior Associate [email protected]

ISAIAH THOMAS Associate [email protected]

JAMEIK HURRY Associate [email protected]

718-768-6888 | terracrg.com

The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses and any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including income, vacancy rates, expense estimates, tax brackets and general market assumptions, all of which should be evaluated by your tax advisor and/ or legal counsel. Interested parties should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the Exclusive Offering Memorandum subject property containing no environmental contamination.