± 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. No warranty or representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including inspections.

This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of purchasing the Property described herein.

Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner’s obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or agreements on behalf of Owner.

This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety.

2200 Grand Concourse, Bronx, NY 10457 | 18 Besen & Associates Investment Sales Team

Ronnie Shaban Senior Director (646) 424-5062 [email protected]

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering pictured in offering materials is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser’s own architect and/or zoning attorney.