760 DEKALB AVENUE BEDFORD-STUYVESANT, , NY TABLE OF CONTENTS

I. EXECUTIVE SUMMARY 3 II. THE NEIGHBORHOOD 7 III. DUE DILIGENCE 10

FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS

DJ JOHNSTON WILLIAM CHENG Partner, Senior Managing Director Director 646 933 2619 646 933 2623 [email protected] [email protected]

MICHAEL MURPHY BEN RECHLER Senior Associate Associate 646 933 2639 646 933 2657 [email protected] [email protected]

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 2 EXECUTIVE SUMMARY

INVESTMENT HIGHLIGHTS TAX MAP DEKALB AVENUE • 42,500 SF Commercial Building with 220’ of wrap around frontage on the corner of Tompkins Avenue and Dekalb Avenue, in the

neighborhood of Bedford-Stuyvesant, Brooklyn 133 TOMPKINS AVENUE 67’

• The building is 150’ x 62’ across 5 stories, offering light and air on 3 149.83’ sides. A portion of the first floor has double height ceilings, perfect for an auditorium, small gym, or common area.

• The building can be sub-divided, as there is a private entrance on MARCY AVENUE MARCY the corner, which would allow for a roughly 9,000 SF office that can operate separately from the larger commercial space.

• The entire building was previously used as a school, with the KOSCIUSZKO STREET potential of 20 classrooms, 20 offices, a double height auditorium, and a larger cafeteria. Preliminary plans and survey can be provided upon request.

• The building was occupied as early as this year, but will be delivered vacant, allowing for immediate occupancy, or to allow for a renovation and/or reconfiguration of the existing structure.

• Alternative uses include medical facility, non-profit administration, commercial offices, co-working, and student dormitory. The building falls in a residential zoning but the existing buildings non-conforming use is commercial.

• Multiple transportation options available, including the G Train, 3 blocks away on , as well as the and Buses located right outside the building.

ASKING PRICE: $16,500,000 ($388 per SF)

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 3 EXECUTIVE SUMMARY

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 4 EXECUTIVE SUMMARY

PROPERTY INFORMATION

Address 760 DeKalb Avenue, Bedford-Stuyvesant, Brooklyn, NY 11216

Location On the southwest corner of DeKalb and Tompkins Avenues.

Block & Lot 1780 / 133

Lot Size 149.83' x 67

Lot SF 10,039 sq. ft. (approx)

Building Size 149.83' x 62'

Building SF 42,500 sq. ft. (approx)

Zoning R6A

FAR 3.00

Available Air Rights (12,384) Overbuilt

Assessment ('19/'20) $1,013,983

R.E. Taxes ('19/'20) $106,843 Tax Class 4

STATION DISTANCE FROM PROPERTY

TRAIN LINE STATION WALKING DISTANCE

G Myrtle-Willoughby Avenue 4 Blocks / 6 Minutes

G Bedford-Nostrand Avenue 4 Blocks / 8 Minutes

J Kosciuszko Street 6 Blocks / 17 Minutes

Travel times estimated by Google Maps

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 5 EXECUTIVE SUMMARY

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 6 THE NEIGHBORHOOD

TRANSPORTATION nd 42nd ST - TIMES SQUARE 42 STREET – GRAND CENTRAL COURT SQUARE The subject property is an 12 minute train 21 Minutes 13 Minutes ride from and less than 20 19 Minutes 4 5 6 7 S E M G 7 minutes from Midtown via transfer. 1 2 3 7 A C E N Q R W S 760 DeKalb Avenue is conveniently METRO NORTH located within close proximity of multiple subway stations along G , J lines – 4 14 STREET - UNION SQUARE blocks to either Myrtle-Willoughby 12 Minutes Avenue or Bedford-Nostrand Avenue stations, and 6 blocks to Kosciuszko 4 5 6 L N Q R W Street station. 34th STREET – HERALD SQUARE 17 Minutes Multiple bus options are also available with the , B38, B43, , and B D F M N Q R W DELANCEY - ESSEX STREETS Q24, providing direct connections PATH 14 Minutes throughout Brooklyn and that is conveniently located within close F M J Z proximity to the property.

By car, there is easy access to Manhattan via the Manhattan Bridge, Williamsburg MARCY AVENUE Bridge, and . The 6 Minutes property is ideally situated in close FULTON CENTER STATION proximity to the Brooklyn-Queens 12 Minutes J Z M Expressway (Interstate 278), accessible within 1.4 miles of the property, 1 2 3 4 5 A C E J Z connecting to most major thoroughfares in Brooklyn and Queens. KOSCIUSZKO STREET The three major metropolitan airports, 6 Blocks / 17 Minutes John F. Kennedy (10 mi), LaGuardia (9.2 J mi), and Newark (16.1 mi) are located in the immediate Metropolitan area. JAY STREET - METRO TECH 7 Minutes MYRTLE-WILLOUGHBY AVENUE A C F R 4 Blocks / 6 Minutes G

HOYT-SCHERMERHORN STREETS BEDFORD-NOSTRAND AVENUE 6 Minutes 4 Blocks / 8 Minutes 760 DEKALB A C G G AVENUE

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 7 THE NEIGHBORHOOD

BEDFORD STUYVESANT

Bedford Stuyvesant is known for its diverse culture, beautiful brownstones, historic buildings and tree-lined blocks. Throughout the neighborhood, you can also expect to find many new developments and conversion projects both completed and under construction. This blend of new and old has generated an influx of popular restaurants and nightlife that have families, younger individuals, and investors flocking to the area. Some notable establishments include the Michelin recommended Saraghina on Halsey Street as well as the Michelin recommended L’Antagoniste on Boulevard offer fantastic dining options, while the Casablanca Cocktail Lounge, on Malcolm X Boulevard, and Bar LunAtico, on Halsey Street, offer authentic, small music venues covering all music genres.

Bedford-Stuyvesant’s proximity to transportation, exciting cultural elements, new beautiful living spaces and exciting, wide-ranging nightlife possibilities makes Bedford-Stuyvesant one of City’s most unique & exciting neighborhoods.

Proximity to transportation, the neighborhoods character, new development in the area, and exciting new retail popping up throughout the neighborhood are just a few of the factors drawing investors and residents to Bedford-Stuyvesant.

THE FOUNDING Originally settled by freed slaves who were among the first to purchase land for homes, Bedford-Stuyvesant is an area where Brooklynites have effectively negotiated the difficult balance between protecting meaningful historic places and developing and reshaping public resources.

Over the years, many of Bedford-Stuyvesant’s residents have transplanted their own cultures and experiences to the historically rich community, although it was occupied by British troops after the Revolutionary War’s Battle of Brooklyn. Innovations in transportation accelerated a growth in population. In 1836 the Brooklyn and Jamaica Railroad traversed Atlantic Street, which is now Atlantic Avenue. By 1873 the population had reached 14,000 and included Irish, German, Scottish, Dutch American, and African-American residents.

GROWTH YEARS Bedford-Stuyvesant became more accessible from Manhattan upon completion of the Brooklyn Bridge (1883) and the elevated railroad (1885). The grandeur of the area around Bedford Corners and its thoroughfare, Stuyvesant Avenue, lured middle- and upper-class residents, notably F.W. Woolworth of the five-and-ten-cent stores and Abraham Abraham of Abraham & Straus. By 1920 the population had reached 45,000, and during the next decade the numbers of residents in the area rose dramatically, with an especially large increase after the subway reached the area in 1936.

New immigrants poured into the neighborhood from Europe, the southern US, and the Caribbean. (Novelist and essayist Paule Marshall often includes descriptions of her family’s Caribbean American lifestyle and the brownstones of Bed-Stuy in her writing.) Around this time many began referring to Bedford and Stuyvesant Heights by their current, combined name.

In 1950 Bedford-Stuyvesant had a peak population of 250,00. The population declined progressively, by 46.7% overall, between 1950 and 1980 to reach a low of 133,377. Since then, it has steadily increased to its current level of about 144,000. Increases have been notable in the northeast quadrant, along , and along the southern side of Lafayette Ave.

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 8 THE NEIGHBORHOOD

RETAIL MAP

RESTAURANTS & BARS 1 Project Parlor 2 Samurai Papa 3 Marcy & Myrtle 4 Sally’s 5 KLEINBERG'S 6 BKLYN Blend 7 Rocco Pizza 8 New Hardee 9 Burly Coffee 10 Mary's Coffee Shop

LIFESTYLE 1 The Home Depot 2 Family Dollar 3 Duane Reade 4 Key Food Supermarkets 5 M&D Mini Market 6 Lincoln Market 7 Natural Mini Market 8 Greene Organic Deli Corp 9 Family Dollar 10 Associated Supermarkets 760 DEKALB CULTURE & ENTERTAINMENT AVENUE 1 Bedford-Stuyvesant YMCA 2 Crazy Legs Skate Club 3 Kosciuszko Pool 4 Tompkins Park Senior Center 5 Herbert Von King Park 6 CrossFit Outbreak Bed Stuy 7 Brooklyn Stuy Dome Powered by Game Over 8 Pulaski Playground 9 Jesse Owens Playground 10 GYM X Boxing

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 9 New construction under New MIH construction Basic Quality Mandatory R6A R6A regulations under R6A regulations HousingDUE envelope DILIGENCEInclusionary Housing envelope R6A , created in 1987, ZONING R6A contextual districts New construction under New MIH construction Basic Quality Mandatory R6Aare medium density districts designed R6A regulations under R6A regulations Housing envelope Inclusionary R6A is a contextual district where the Quality Housingto produce bulk Quality regulations Housing are buildings mandatory. Housing envelope that are seven or eight stories tall. Several These regulations produce high lot coverage, R6Asix- contextualto eight-story districts apartment, created buildingsin 1987, set at or near the street line. Designed to be compatiblebulk regulations, with olderincluding buildings high lot found in are medium density districts designed medium-density neighborhoods, R6A districtscoverage are mapped allowances, in the Bronx,street wall Brooklyn location and to produce Queens. Parts of Kingsbridge in the Bronx andrules Williamsburg and maximumQuality in Housing Brooklynbase height buildings are rules typical that are seven or eight tall. Several R6A areas. ensure the constructionstories of buildings thatbulk eitherregulations, maintain including or establish high alot scale The floor area ratio (FAR) in R6A districts is coverage3.0. Above allowances, a minimum street base wall height location of 40 feet, the building must set back by at least 10similar feet on to aolder wide buildings street and in medium 15 feet on a densityrules and neighborhoods. maximum base ese height districts rules narrow street before rising to its maximum heightensure of the70 constructionfeet, or 75 feet of if providing a qualifying ground floor. To preserve the traditionalare oen, streetscape, but not exclusively, the streetbuildings mappedwall of a new that either maintain or establish a scale building can be no closer to the street line thanalong any wideadjacent streets street. R6A wall Districts , but canneed be not be farther than 10 feet. The area between a building’sfoundsimilar instreet to Spuyten older wall buildings Duyvil,and the Williamsbridgein street medium line must be planted. R6A buildings must have interior amenitiesdensity neighborhoods. for the residents ese pursuant districts to the Quality Housing Program. and Belmont, e Bronx; Williamsburg, Bedford-Stuyvesant,are oen, but not exclusively, and Crown mapped Heights, Brooklyn;along wide around streets .Sugar R6A DistrictsHill, Manhattan; can be Higher maximum FAR and heights are availablefound forin Spuyten buildings Duyvil, participating Williamsbridge in the Inclusionary Housing Program or that provide certainand in Jamaica,senior facilities. Queens. and Belmont, e Bronx; Williamsburg, Off-street parking is generally required for 50Bedford-Stuyvesant, percent of a building’s and Crown dwelling Heights, units, but requirements are lower for income-restrictedBrooklyn; housing around units Sugar(IRHU) Hill, and Manhattan; are further modified in certain areas, such as within the andTransit in Jamaica,Zone and Queens. the Manhattan Core, or for lots less than 10,000 square feet. Parking can be waived if five or fewer spaces are required. Off-street parking is not allowed in front of a building.

Source: The Department of City Planning website. www1.nyc.gov. January 2018.

Jamaica, Queens

Jamaica, Queens Medium Density Contextual Residence District Lot Lot Rear Lot Coverage FAR Base Building # of DU Required Parking R6A Area Width Yard Corner Other Lot Height Height Stories Factor Basic IRHU min. min. min.Medium max. Density max. min.–max. Contextual (w/QGF) max.Residence (w/QGF) max. District (w/QGF) min. Basic 3.00 40–60 (65) ft 70 (75) ft n/a (7) Lot Lot Rear Lot Coverage FAR Base Building # of DU 50%Required of Parking25% of Mandatory Inclusionary 1,700 sf 18 ft 30 ft 100% 65% 680 R6A Area Width Yard Corner Other Lot 3.60 40–65Height ft 80Height (85) ftStories 8 Factor BasicDU IRHU Housing min. min. min. max. max. min.–max. (w/QGF) max. (w/QGF) max. (w/QGF) min. Basic 3.00 40–60 (65) ft 70 (75) ft n/a (7) 50% of 25% of Mandatory Inclusionary 1,700 sf 18 ft 30 ft 100% 65% 680 Williamsburg, Brooklyn 3.60 40–65 ft 80 (85) ft 8 DU IRHU Housing 96 B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 10 Williamsburg, Brooklyn

96 DUE DILIGENCE

TAX BILL - 760 DEKALB AVENUE

November 16, 2019 Statement Details Har Nevo II LLC 760 Dekalb Ave. 3-01780-0133 Page 2

Billing Summary Activity Date Due Date Amount Outstanding charges including interest and payments $0.00 Finance-Property Tax 01/01/2020 $53,305.10 Adopted Tax Rate $233.20 Total amount due $53,538.30

How We Calculated Your Property Tax For July 1, 2019 Through June 30, 2020 Overall Tax class 4 - Commercial Or Industrial Tax Rate Original tax rate billed 10.5140% New Tax rate 10.5370% Estimated Market Value $3,557,000 Taxes Billable Assessed Value $1,013,983 Taxable Value $1,013,983 x 10.5370% Tax Before Abatements and STAR $106,843.40 $106,843.40 Annual property tax $106,843.40

Original property tax billed in June 2019 $106,610.20 Change In Property Tax Bill Based On New Tax Rate $233.20

If you own income producing property, you must file a Real Property Income and Expense Statement or a Claim of Exclusion unless you are exempt by law. The deadline to file is June 3, 2020. Failure to file will result in penalties and interest, which will become a lien on your property if they go unpaid. To see if you are exempt from this requirement and to learn more, please visit nyc.gov/rpie.

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 11 Home banking payment instructions:

1. Log into your bank or online bill pay website. 2. Add the new payee: NYC DOF Property Tax. Enter your account number, which is your boro, block and lot, as it appears here: 3-01780-0133 . You may also need to enter the address for the Department of Finance. The address is P.O. Box 680, Newark NJ 07101-0680. 3. Schedule your online payment using your checking or savings account.

Did your mailing address change? If so, please visit us at nyc.gov/changemailingaddress or call 311.

When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction. 0.17' 20.00' 0.17' 80.00' 20.00' 100.00' 0.17' 0.17'

DUE DILIGENCE

SURVEY 0.17' 20.00' 0.17' 80.00' 20.00' 100.00' 0.17' 200.00' 0.17'

100.00' 0.17' 80.00' 20.00' 0.17'

33.00' 67.00'

49.83' 25' 0.17' 20.00' 0.17' 149.83' 149.83' 200.00' 80.00' 20.00' 100.00' 149.83' 0.17' 0.17' 100.00' 0.17'

80.00' 20.00' 0.17' 100.00' OUT LOT OUT 0.17' 20.00' 0.17' 33.00' 67.00' 80.00' 20.00' 100.00' 0.17' 0.17'

108.00' 67.00' DE KALB AVENUE

KOSCIUSKO STREET 25'

49.83' 25' 175.00' TOMPKINS AVENUE 149.83' 149.83' 149.83'

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 12

100.00' OUT LOT OUT

200.00' 108.00' 67.00' DE KALB AVENUE KOSCIUSKO STREET 25' 200.00' Records of: Earl B. Lovell - S.P. Belcher Inc. 100.00'

77-15 164 Street, Fresh Meadows, NY 11366 0.17' 80.00' 20.00'100.00' 0.17' 0.17' Tax Block: 1780 Tel: 718-591-6600 Tel: 212-732-1575 175.00' 80.00' 20.00' 0.17' Tax Lots: 33 & 133 [email protected] Fax: 631-930-3292 www.nylandsurveyor.com 33.00' 33.00'67.00' 67.00' Ramzan AlliTOMPKINS License No. 050457 AVENUE

49.83' 25'

49.83' 25'

Records of: Earl B. Lovell - S.P. Belcher Inc. 149.83' 77-15 164 Street, Fresh Meadows, NY149.83' 11366

Tax Block: 1780 Tel: 718-591-6600 Tel: 212-732-1575 149.83' Tax Lots: 33 & 133 [email protected] Fax: 631-930-3292 149.83'

www.nylandsurveyor.com 149.83' 100.00' 149.83'

RamzanLOT OUT Alli License No. 050457

100.00' OUT LOT OUT

108.00' 67.00' DE KALB AVENUE

KOSCIUSKO STREET 25'

175.00'108.00' 67.00' DE KALB AVENUE

KOSCIUSKO STREET 25' TOMPKINS AVENUE 175.00' TOMPKINS AVENUE

Records of: Earl B. Lovell - S.P. Belcher Inc. 77-15 164 Street, Fresh Meadows, NY 11366 Tax Block: 1780 Tel: 718-591-6600 Tel: 212-732-1575 Tax Lots: 33 & 133 [email protected] Fax: 631-930-3292 www.nylandsurveyor.com

Ramzan Alli License No. 050457

Records of: Earl B. Lovell - S.P. Belcher Inc. 77-15 164 Street, Fresh Meadows, NY 11366 Tax Block: 1780 Tel: 718-591-6600 Tel: 212-732-1575 Tax Lots: 33 & 133 [email protected] Fax: 631-930-3292 www.nylandsurveyor.com

Ramzan Alli License No. 050457 DUE DILIGENCE

PROPOSED PLANS - FIRST FLOOR

For more detail plans, please visit our Data Room link provided on page 14.

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 13 DUE DILIGENCE

PROPOSED PLANS - THIRD FLOOR

For more detail plans, please visit our Data Room link provided on page 14.

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 14 DUE DILIGENCE

DATA ROOM

IE E V W R

D U E E C N DILIG E

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 15 CONFIDENTIALITY & CONDITIONS

The information contained in this offering memorandum (“Offering Memorandum”) is proprietary and strictly confidential. This Offering Memorandum was prepared by and is the property of B6 Real Estate Advisors LLC (“B6”) and has been reviewed by the owner (the “Owner”) of the Property. It is furnished solely for the purpose of review by a prospective purchaser of the Property and is not to be used for any other purposes or made available to any person without the express written consent of the Owner or B6. By accepting this Offering Memorandum, the party in possession hereof agrees to return it to B6 immediately upon request of B6 or Owner. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of B6 and Owner. Each prospective purchaser and/or broker proceeds at his, her or its own risk.

You have the obligation to keep this Offering Memorandum, and any various papers, documents, legal instruments, studies, leases, brochures, computer output, and other materials concerning the Property (all of the aforementioned information is collectively referred to as “Evaluation Material”) confidential. Certain Evaluation Materials, including any leases, are described in summary form. The summaries do not purport to be complete nor accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents.

The information in this Offering Memorandum has been compiled from sources deemed to be reliable and does not purport to be all-inclusive or to contain all of the information which a prospective purchaser may desire. Neither B6 nor the Owner makes any representation or warranty whatsoever regarding the accuracy, veracity, or completeness of the information provided herein and each of Owner and B6 (and their agents, advisors and representatives) expressly disclaim any and all liability for representations or warranties, express or implied, contained in this Offering Memorandum or the Evaluation Material or for omissions therefrom. Financial projections and information contained herein and in any Evaluation Material, shall not be relied upon, are provided for general reference purposes only, and are based on assumptions relating to (and subject to) the general economy, market conditions, competition, and other factors beyond control and, therefore, are subject to material change, volatility or variation. A prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property. This includes legal, tax, environmental, engineering and other as deemed necessary relative to a purchase of the Property. This Offering Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. This Offering Memorandum does not constitute an offer of securities.

The Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party, at any time, with or without written notice. The Owner and B6 reserve the right to negotiate with one or more prospective purchasers at any time. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by B6. Only a fully-executed real estate purchase agreement, approved by the Owner, and executed and delivered to Owner and a prospective purchaser shall bind the property. In no event shall a prospective purchaser have any claims against the Owner or B6 or any of their affiliates, officers, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

The terms and conditions set forth above apply to this Offering Memorandum in its entirety.

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 16 B6 REAL ESTATE ADVISORS 1040 Avenue of the Americas, 8th Floor New York, NY 10018 B6REALESTATEADVISORS.COM

FOR MORE INFORMATION, PLEASE CONTACT ONE THE FOLLOWING INDIVIDUALS

DJ JOHNSTON WILLIAM CHENG MICHAEL MURPHY BEN RECHLER Partner, Senior Managing Director Director Senior Associate Associate 646 933 2619 646 933 2623 646 933 2639 646 933 2657 [email protected] [email protected] [email protected] [email protected]

FOR FINANCING INFORMATION, PLEASE CONTACT ONE THE FOLLOWING INDIVIDUALS

STEVEN SPERANDIO DYLAN KANE PETER CABRERA SAMUEL WHITNEY Partner, Senior Managing Director Managing Director Associate Associate 646 933 2638 646 933 2671 646 933 2643 646 933 2649 [email protected] [email protected] [email protected] [email protected]