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Executive Summary EXECUTIVE SUMMARY • A Unique development opportunity in one of Brooklyn’s most sought after neighborhoods • Empyreal Realty is pleased to present exclusively for sale 293-295 Livingston Street, a 41’ by 125’ lot in prime Downtown Brooklyn with 61,500 +/- SF of ZFA. • The building can be delivered vacant • Potential uses include: - Commercial develpment - Residential entalr or condominium tower - Hotel • Located right off of Fulton Street and Flatbush Avenue ASKING PRICE: $17,750,000 INVESTMENT HIGHLIGHTS Prime development site with the potential to build 61,500 +/- SF of ZFA with the Walking distance subway including A, B, inclusionary housing bonus or as of right C, D, G, Q, R, 2, 3, 4, maximum residential ZFA of 51,250 SF Zoning is C6-4 which allows a multitude Existing buildings spanning 9,227 SF can of development uses and the ability to be delivered vacant build a tower PROPERTY OVERVIEW BOROUGH BROOKLYN NEIGHBORHOOD DOWNTOWN BROOKLYN ZIP CODE 11217 BLOCK / LOT 00161-0059 AND 00161-0060 INTERSECTION NEVINS STREET AND HANOVER PLACE LOT DIMENSIONS 41’ X 125’ ZONING C6-4 SPECIAL PURPOSE DISTRICT DOWNTOWN BROOKLYN DISTRICT (DB) MAXIMUM COMMERCIAL DEVELOPMENT 51,250 SF MAXIMUM RESIDENTIAL DEVELOPMENT 51,250 SF MAXIMUM INCLUSIONARY HOUSING DEVELOPMENT 61,500 SF POTENTIAL INCOME PROJECTED PPSF FOR RESIDENTIAL RENTAL UNIT $ 70 PROJECTED PPSF FOR RESIDENTIAL CONDO SALES $ 1350 ZONING OVERVIEW C6-4/C6-2A C6 districts permit a wide range of high-bulk commercial uses requiring a central location. Most C6 districts are in Manhattan, Downtown Brooklyn and Downtown Jamaica; a C6-3D district is mapped in the Civic Center area of the Bronx. Corporate headquarters, large hotels, department stores and entertainment facilities in high-rise mixed buildings are permitted in C6 districts. C6-1, C6-2 and most C6-3 districts, typically mapped in areas outside central business cores,such as the Lower East Side and Chelsea, have a commercial floor area ratio (FAR) of 6.0; the C6-3D district has an FAR of 9.0. C6-4 through C6-9 districts, typically mapped within the city’s major business districts, have a maximum FAR of 10.0 or 15.0, exclusive of any applicable bonus. Floor area may be increased by a bonus for a public plaza or Inclusionary Housing. C6-2A, C6-3A, C6-3X and C6-4A are contextual districts with maximum building heights. C6-3D and C6-4X districts allow towers above a building base; special rules determine the tower’s height and articulation. All other C6 districts allow towers to penetrate a sky exposure plane and do not require a contextual base. C6 districts are widely mapped within special districts. C6-4.5, C6-5.5, C6-6.5 and C6-7T districts are mapped only within the Special Midtown District and have unique floor area ratios and bonus rules. C6-1G, C6-2G, C6-2M and C6-4M districts are mapped in Chinatown and Chelsea and in the Special Garment Center District, and have rules for the conversion of non-residential space to residential use. C6 districts are well served by mass transit, and off-street parking is generally not required, except within the C6-3D district. GENERAL CENTRAL COMMERCIAL DISTRICT LOCATION OVERVIEW LOCATION OVERVIEW LOCATION OVERVIEW THE BROOKLYN GROVE at 10 NEVINS ST RECENT SALES : $ 1,500 PSF RECENT RENTALS : $ 77 PSF BE@SCHERMERHORN at 189 SCHERMERHORN ST RECENT SALES : $ 1,420 PSF RECENT RENTALS : $ 67 PSF THE NEVINS at 319 SCHERMERHORN ST RECENT RENTALS : $ 70 PSF 11 HOYT at 11 HOYT ST SALES : $ 1,600 PSF HOYT AND HORN at 45 HOYT ST RECENT RENTALS : $ 70 PSF NEIGHBORHOOD SUMMARY Since the 2005 rezoning, Downtown Brooklyn has undergone a complete revitalization with a multitude of large-scale commercial and residential development projects including Barclays Center, Pacific Park, City Point and the expanding BAM-Downtown Brooklyn Cultural District. It has become headquarters to many new office spaces and renowned companies, with employees commuting from around the city to work in the area. Downtown Brooklyn is very much a business district with similar attributes to Midtown Manhattan. Educational institutions also call the area home, including LIU Brooklyn, New York City College of Technology, and NYU Tandon. There are currently over 50 sites in different stages of development throughout the area, and a huge influx of new businesses and retail coming in. Downtown Brooklyn is serviced by the 2, 3, 4, 5, A, C, D, F, G, Q, R, and LIRR, as well as many bus routes to take you throughout Brooklyn. CONTACT INFORMATION HARRY BOUZAGLOU Director of Sales and Acquisitions Licensed Real Estate Salesperson M: 917-412-2166 [email protected] EMPYREAL REALTY 1274 Fulton St, 2nd & 3rd Floors, Brooklyn, NY 11216 EMPYREAL REALTY BROCHURE DISCLOSURES AND DISCLAIMERS This is a confidential brochure (the “Brochure”) intended solely for investor, lender or lessee reviewing this brochure or making an physical condition of the Property. Prospective purchasers, your limited use and benefit in determining whether you desire to offer to purchase the Property unless and until a written mortgagees, investors, lenders or lessees should conduct their own express any further interest in the proposed sale of 293 and 295 agreement satisfactory to Owner has been fully executed, independent engineering report and any other reports or Livingston Street Brooklyn, NY (the “Property”). By accepting a copy delivered to all parties, and approved by Owner and any inspections they deem necessary to verify property condition. of the Brochure, you hereby agree to the matters set forth herein. conditions to Owner obligations thereunder have been satisfied In the Brochure, certain documents, including leases and other The Brochure was prepared by Empyreal Realty and has been or expressly waived. materials, are described in summary form. The summaries do not reviewed by representatives of the owner or owners of the Property By receipt of the Brochure, you agree that the Brochure and its purport to be complete nor, necessarily, accurate descriptions of (the “Owner”). The Brochure contains selected information pertaining contents and information are of a confidential nature, that you the full terms or agreements involved, nor do they purport to to the Property and does not purport to be all-inclusive or to contain will hold and treat it and all information therein in the strictest constitute a legal analysis of the provisions of the documents. all of the information which a prospective purchaser, mortgagee, confidence, and that you will not disclose the Brochure or any of Interested parties are expected to independently review all relevant investor, lender or lessee may desire. Additional information and an its contents or information to any other entity without the prior documents which may or may not be referenced in this Brochure. opportunity to inspect the Property and other information relevant written authorization of Owner, nor will you use the Brochure or The terms and conditions stated in this section will relate to all of thereto will be made available to interested and qualified purchasers, any of its contents or information in any manner detrimental to the sections of the Brochure as if stated independently therein. If, mortgagees, investor, lender or lessee. Neither Owner, Empyreal the interest of Owner or Empyreal Realty. You acknowledge and after reviewing the Brochure, you have no further interest in Realty nor any of their respective officers, agents, brokers or agree that any breach of this confidentiality clause will cause purchasing the Property, kindly return the Brochure and all other employees, have made any representation or warranty, expressed or injury to Owner and/or Empyreal Realty for which money documents accompanying the Brochure to Empyreal Realty at your implied, as to the accuracy or completeness of the Brochure or any of damages may not be an inadequate remedy and that, in addition earliest possible convenience. its contents, and no legal commitments or obligations shall arise by to remedies at law, Owner and/or Empyreal Realty is entitled to Photocopying or any other reproduction or duplication of the reason of the Brochure or any of its contents. In particular, but equitable relief as a remedy for any such breach. It is essential Brochure is not authorized. The Brochure shall not be deemed an without limitation, no representation or warranty, express or implied, that all parties to real estate transactions be aware of the health, indication of the state of affairs of Owner, nor constitute an is given as to the achievement or reasonableness of, and no reliance liability and economic impact of environmental factors on real indication that there has been no change in the business or affairs should be placed on, any projections, targets, estimates, or forecasts estate. Empyreal Realty does not conduct investigations or of Owner or the Property since the date of preparation of the (“projections”) contained in the Brochure. Any such projections are analysis of environmental matters and, accordingly, urges its Brochure. Once you have expressed an offer to acquire the for general reference purposes only and are based on assumptions clients to retain qualified environmental professionals to property and have demonstrated certain bona fides satisfactory to relating to the general economy, competition and other factors determine whether hazardous or toxic wastes or substances Owner, certain further and additional information may be beyond the control of Owner, and therefore, subject to material (such as asbestos, PCB’s and other contaminants or provided in order for you to complete your due diligence variation. All information, opinions and estimates are given as of the petrochemical products stored in underground tanks) or other investigation, such as complete and detailed rent roll information, date hereof and are subject to change without notice. Neither undesirable materials or conditions, are present at the Property expense pass-throughs, and expenses.
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