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Document.Pdf ± Besen & Associates Investment Sales Team Ronnie Shaban Senior Director (646) 424-5062 [email protected] Besen & Associates 381 Park Avenue South New York, NY 10016 Tel: 212.689-8488 Fax: 212.689-9518 Table of Contents Executive Summary 4 Investment Highlights Property Overview 8 Location Map Property Photos Location Overview 11 Transportation Maps Zoning Overview 14 Executive Summary EXECUTIVE SUMMARY Besen & Associates, as exclusive agent for ownership, is pleased to offer for sale 2200 Grand Concourse, Bronx, NY 10457 (the “Property”); a single-story retail building with 4 commercial units and front parking, consisting of approximately 7,600± SF. There are an additional 51,998± SF of unused air rights, totaling approximately 59,598± buildable SF. The tenants have short-term leases that are 50% below market. The building is conveniently located across the street from the 182nd – 183rd Streets Station on the [B, D] subway trains. 103’ of Grand Concourse frontage. The site is zoned R8 and has a maximum as-of-right zoning floor area ratio (F.A.R) of 6.02 for residential use and 6.5 F.A.R. for community facility use. The zoning designation for this particular site, while ideal for a new residential development, offers flexibility in realizing the maximum potential for virtually any community facility including: Schools, Libraries, Museums, College Dormitories, Nursing Homes, Houses of Worship, Community Centers, Hospitals, Ambulatory Health Care Facilities, Residential Facilities for Special Needs, and Non-Profit Facilities without Sleeping Accommodations. $183 / Buildable Square Feet ASKING PRICE: $10,900,000 2200 Grand Concourse, Bronx, NY 10457 | 5 INVESTMENT HIGHLIGHTS Built circa 1930, this single-story retail building with front parking totals approximately 7,600 SF Neighborhood of Fordham Heights in the Bronx with 103’ of Grand Concourse frontage Income-producing property boasting 51,998± SF of available air rights with approximately 59,598± total buildable SF, making the site prime for residential or facility development. All leases expire in February 2019 with no options to renew Long-term tenancy with rents that are 50% below market Across the street from the 182-183 Sts [B, D] subway station and 4 blocks away from the 183rd Street [4] train. The property is also steps away from the [BX1, BX2] bus stop along the Grand Concourse Well served for vehicular transportation, the property is situated between the Major Deegan (I-87) and the Cross Bronx Expressway (I-95) as well as the Bronx River Parkway In the vicinity of: Fordham University, Monroe college, New York Botanical Garden, the Bronx Zoo, and St. Barnabas Hospital 2200 Grand Concourse, Bronx, NY 10457 | 6 AERIAL MAP Anglo Patri School Slattery Playground 46th Precinct Police Bronx St. Simon Stock School 2200 Grand Concourse Bergen Triangle 2200 Grand Concourse, Bronx, NY 10457 | 7 Property Overview PROPERTY OVERVIEW – 2200 GRAND CONCOURSE Neighborhood Fordham Heights Block / Lot 3157 / 0026 Lot Size & Built Size 103.67’ x 83.17’ IRR (built: 103’ x 60”) Year Built Circa 1930 Building Size 7,600± SF Building Class One-Story Retail Building (K1) Stories & Stores Single-story taxpayer (Tax class: 4) with 4 stores Zoning R8 F.A.R. (built / allowed) 0.64 / 6.02 Residential / 6.5 Community Facility Assessment & Real Estate Taxes (2017/2018) $280,213 / $29,629 2200 Grand Concourse, Bronx, NY 10457 | 9 LOCATION MAP 2200 Grand Concourse 2200 Grand Concourse, Bronx, NY 10457 | 10 Location Overview LOCATION OVERVIEW Fordham is a group of neighborhoods located in the western Bronx, New York City. These neighborhoods are part of Bronx Community Board 5.[2] Fordham is roughly bordered by Fordham Road to the north, Southern Boulevard to the east, East 183rd Street to the south, and Jerome Avenue to the west. The neighborhood's primary thoroughfare is Fordham Road; its main subway line is the IND Concourse Line (B D trains), operating under the Grand Concourse, with the IRT Jerome Avenue Line (4 train) on its western border. ZIP codes include 10453, 10457, 10458 and 10468. Fordham has a population of around 43,394 people. Its first growth was in the 1920s, when middle-class and working-class families from Manhattan flocked into the area, attracted by the then-modern housing and convenient subway access by Concourse, Jerome Avenue, and Third/Webster Avenues lines to business districts in Manhattan where they could work and shop. It is now predominately Latin American and African American. There is a significant historic Italian and Albanian population as well. Fordham is dominated by 5- and 6-story apartment buildings, often set flush to the sidewalk. Many of the apartments on the Grand Concourse are taller. The New York Botanical Garden and the Wildlife Conservation Society's Bronx Zoo, both inside Bronx Park, collectively occupy dozens of acres of land within the neighborhood. Fordham University maintains its historic original campus on much of the former Rose Hill Manor in the center of the neighborhood. It is one of the largest "green" campuses in New York City, and its traditional collegiate gothic architecture often serves as a backdrop for television and film productions. The Fordham Road Business Improvement District operates on the northern border of the neighborhood. This retail district is the longest in the Bronx. 2200 Grand Concourse 2200 Grand Concourse, Bronx, NY 10457 | 12 SUBWAY MAP BUS MAP Subject Property Subject Property 2200 Grand Concourse, Bronx, NY 10457 | 13 Zoning Overview ZONING OVERVIEW Apartment buildings in R8 districts can range from mid-rise, eight- to ten-story buildings to much taller buildings set back from the street on large zoning lots. This high density residential district is mapped along the Grand Concourse in the Bronx and on the edge of Brooklyn Heights. R8 districts are also widely mapped in Manhattan neighborhoods, such as Washington Heights. New buildings in R8 districts may be developed under either height factor regulations or the optional Quality Housing regulations that often reflect the older, pre-1961 neighborhood streetscape. Height Factor Regulations The floor area ratio (FAR) for height factor development in R8 districts ranges from 0.94 to 6.02; the open space ratio (OSR) ranges from 5.9 to 11.9. A taller building may be obtained by providing more open space. In the diagram, for example, 64% of the zoning lot with the 17-story building must be open space (6.02 FAR x 10.7 OSR). Thus, the maximum FAR is achievable only where the zoning lot is large enough to accommodate a practical building footprint as well as the required amount of open space. There are no absolute height limits; the building must be set within a sky exposure plane which, in R8 districts, begins at a height of 85 feet above the street line and then slopes inward over the zoning lot. Off-street parking is required for only 40% of dwelling units since these districts are easily accessed by mass transit. It can be waived if 15 or fewer parking spaces are required or if the zoning lot is 10,000 square feet or less. *Note: Data taken from NYC Department of City Planning. 2200 Grand Concourse 2200 Grand Concourse, Bronx, NY 10457 | 15 R8 Apartment buildings in R8 districts can range from mid-rise, eight- to ten-story buildings to much taller buildings set back from the street on large zoning lots. This high density residential district is mapped along the Grand Concourse in the Bronx and on the edge of Brooklyn Heights. R8 districts are also widely mapped in Manhattan neighborhoods, such as Washington Heights. New buildings in R8 districts may be developed under either height factor regulations or the optional Quality Housing regulations that often reflect the older, pre-1961 neighborhood streetscape. Quality Housing Regulations The optional Quality Housing regulations in R8 districts utilize height limits to produce lower, high lot coverage buildings set at or near the street line. With floor area ratio (FAR) equal to or greater than can be achieved using R8 height factor regulations, the optional Quality Housing regulations produce new buildings in keeping with many of the city’s established neighborhoods. The maximum FAR is 6.02, and the base height before setback is 60 to 80 feet with a maximum building height of 105 feet. On wide streets outside the Manhattan Core, the FAR rises to 7.2, and the base height before setback is 60 to 85 feet with a maximum building height of 120 feet. The street wall of the building must extend along the width of the zoning lot and at least 70% of the street wall must be within eight feet of the street line. The area between a building’s street wall and the street line must be planted and the building must have interior amenities for residents pursuant to the Quality Housing Program. Off-street parking requirements are the same as for height factor buildings: 40% of the dwelling units. *Note: Data taken from NYC Department of City Planning. 2200 Grand Concourse, Bronx, NY 10457 | 16 R8 2200 Grand Concourse, Bronx, NY 10457 | 17 CONFIDENTIALITY & DISCLAIMER The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective purchaser of the following property: 2200 Grand Concourse, Bronx, NY 10457 and is not to be used for any other purpose or made available to any other person without the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein.
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