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Exclusive Offering Memorandum Terracrg Has Been Retained to Exclusively Represent Ownership in the Sale of 105 Broadway in Williamsburg

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Exclusive Offering Memorandum Terracrg Has Been Retained to Exclusively Represent Ownership in the Sale of 105 Broadway in Williamsburg 105 A Exclusive Offering Memorandum TerraCRG has been retained to exclusively represent ownership in the sale of 105 Broadway in Williamsburg. For more information, please contact exclusive agents: Ofer Cohen Dan Marks Founder & CEO Partner [email protected] [email protected] Daniel Lebor Mike Hernandez Dir. of Business Development Associate Vice President [email protected] [email protected] Matthew Trotter Mike Rafter Senior Associate Associate [email protected] [email protected] Asking Price: $3,000,000 718-489-8333 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 party 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. 105 Broadway Williamsburg Brooklyn 3 The Offering TerraCRG is pleased to present for sale a four-story, loft Over the last decade, Williamsburg has become one of building of approximately 5,000 SF (above grade) located the city’s most popular neighborhoods in which to live, at 105 Broadway in Williamsburg. work and play. Since the 2005 rezoning, over 10,000 luxury residential units have been developed and The block-through building, which is located in a C4-3 occupied, and there are more than 5,800 units in the commercial district (R6 residential district equivalent) Williamsburg development pipeline. At the same time, can be entered from both Broadway and South 6th the area has also been developing as a major office Street. It is comprised of four, full-floor units each of market. Exciting startups, creative services firms, as well approximately 1,250 SF and a cellar. The units on the as major tech companies and established corporations second and fourth floors along with the cellar will be are committing to Williamsburg and its talented, local delivered vacant. The units on the first and third floors workforce. are occupied as residences and have been granted Loft Law status. The new owner will need to complete the This location benefits from an array of attractions. Loft Law legalization process which will result in a Notable restaurants, bars and nightlife venues nearby multifamily or mixed-use building comprised of 50% rent include Peter Luger Steakhouse, Marlow & Sons, stabilized residential units, and 50% unregulated, Motorino Pizzeria, Meadowsweet, Loose Rouge, Baby’s market-rate residential or commercial space. (See pages All Right, Bembe, and TBA Brooklyn. City Acres Market, a 6-7 for further information regarding the Loft Law grocery store and food market, is just a few blocks away legislation process.) and provides both local and organic products. This section of Broadway is developing into a vibrant The property is a short walk to the J, M and Z subway retail corridor that supports the emerging live-work lines at the Marcy Avenue Station and about a 10- neighborhood of South Williamsburg. The property minute walk to the East River Ferry on Kent Avenue, benefits from its walking-distance proximity to the heart making for a Manhattan commute of just a few minutes. of Williamsburg, the Williamsburg waterfront and a The property is also only a short walk from the large, gourmet supermarket; iconic views from local neighborhood-changing Domino Sugar Factory streets of the Williamsburg Bridge and Manhattan; development, which will include more than 2,800 access to the Williamsburg Bridge walkway; and, one- apartments and a waterfront park, and 420 Kent, stop subway access to Manhattan via the J, M and Z located at the west end of Broadway, four blocks away. trains from the Marcy Avenue Subway Station, which is This highly-anticipated, ODA-designed development, will just four blocks East. include an 80,000 SF park and 400- foot-long esplanade just south of the Williamsburg Bridge, connecting this section of the waterfront to the Domino Sugar Refinery development to the North. 4 105 Broadway The 5,000 SF building is located in Williamsburg between Bedford Avenue and Berry Street. ADDRESS & DIMENSIONS Address: 105 Broadway Brooklyn, NY 11249 Neighborhood: Williamsburg Cross Streets: Berry St/Bedford Ave Block-Lot: 2471-9 ~ Lot Dimensions (irreg.) : 26.00 ft x 58.08 ft ~ Lot SF: 1,363 Inclusionary Housing Area: No Zoning: C4-3 (R6 equiv.) Residential FAR: 2.43 Commercial FAR: 3.40 Community Facility FAR: 4.80 ~ FAR as Built: 3.67 BUILDING INFORMATION Building Class: S3 ~ Building Dimensions (irreg.): 26.00 ft x 58.08 ft Stories: 4 Units: 4 ~ Building SF Above Grade: 5,000 ~ Cellar SF: 1,250 ~ Total Building SF: 6,250 TAX INFORMATION Tax Class: 2A Billable Assessed Value (18/19): $114,678 Taxes (18/19): $14,586 5 105 Broadway The projected NOI after legalization is $179,830. PROJECTED INCOME - AFTER LEGALIZATION Unit Floor Status Rentable SF $/SF Monthly Rent Annual Rent 1 Ground RS 1,250 $ 22 $ 2,251 $ 27,010 2 Second FM 1,250 $ 65 $ 6,771 $ 81,250 3 Third RS 1,250 $ 19 $ 2,026 $ 24,309 4 Fourth FM 1,250 $ 65 $ 6,771 $ 81,250 Totals 5,000 $ 43 $ 17,818 $ 213,818 RS = Rent Stabilized, FM = Free Market ESTIMATED EXPENSES Basis Annual Expense Taxes (Actual 18/19) $ 14,586 Water & Sewer $/SF $ 0.25 $ 1,250 Insurance $/SF $ 1.00 $ 5,000 Heating (Tenant Paid) $/SF $ - $ - Electric (Tenant Paid) $/SF $ - $ - Cleaning & Maintenance $/Month $ 200 $ 2,400 Repairs $/Unit/Year $ 550 $ 2,200 Management % of Annual Rent 4% $ 8,553 Total $ 33,989 PROJECTED NET OPERATING INCOME AFTER LEGALIZATION Gross Annual Income $ 213,818 Less Expenses $ 33,989 NOI $ 179,830 6 105 Broadway 105 Broadway has two IMD tenants that occupy the ground- and third-floor units. The second- and fourth-floor units will be delivered vacant. Status of Units After Legalization 105 Broadway is an IMD building with two IMD tenants – the tenant that occupies the ground-floor unit and the tenant that occupies the third-floor unit. The second-floor unit, the fourth-floor unit and the cellar, will be delivered vacant. Once the Loft Law legalization process is completed, the Loft-Law units will be removed from the Loft Board’s jurisdiction and become traditional, rent-stabilized units. The non-Loft-Law units will be unregulated, free-market units and can be converted to any use permitted under the building’s zoning. 105 Broadway is located in a C4-3 zoning district, which has a residential zoning equivalent of R6. Legal Rents For Rent Stabilized Units The Loft Law authorizes owners to increase their IMD tenants’ rents as the phases of the legalization process are completed per the schedule below. In the case of 105 Broadway, the base rent for the calculation of the initial regulated rent for each IMD tenant is the historic rent being paid by each tenant as of June 2010. ESTIMATED INITIAL REGULATED RENTS OF IMD UNITS FOLLOWING LEGALIZATION (UNITS 1 AND 3) Unit Monthly Rent Alteration Alteration Article 7-B Renewal Lease Initial as of June 2010 Application Permit Compliance Rent Increase* Regulated Rent Permitted Rent Increases 3% 3% 4% 2%** 1 $ 2,000 $ 2,060 $ 2,122 $ 2,207 $ 2,251 $ 2,251 3 $ 1,800 $ 1,854 $ 1,910 $ 1,986 $ 2,026 $ 2,026 * Once final CO is issued and new rent stabilized lease is signed ** Estimated Additionally, an owner may file for further rent increases based on the costs of code compliance. The owner must file for such increases within nine months of obtaining the final CO. 7 105 Broadway The Loft Law Legalization Process The New York City Loft Law and the New York City Loft Board, established when the Loft Law was enacted, provides the legal framework for the conversion of lofts – units within commercial or manufacturing buildings with a history of residential use – to legal and safe residential use. The Law created a new classification of building in New York city know as an interim multiple dwelling (“IMD”), which is essentially a building that lacks a residential certificate of occupancy (“CO”) consistent with its use as a residential building. The Loft Law legalization process has four phases which are Phase I – Beginning Legalization Process Phase III – Completing Work, Obtaining a CO summarized in the chart to the right: • Owner files alteration application and plans • Owner completes all work to obtain final CO with Department of Buildings (“DOB”). and resolves any open DOB applications and • DOB issues Objection Sheet and list of removes any DOB or Environmental Control requirements. Requirements include Board violations. obtaining Loft Board Certification. • Owner requests CO inspection from DOB. • Owner completes Narrative Statements DOB requests Loft Board review and approval process which allows occupants to review to issue CO. details of work to be performed. Loft Board • DOB issues final CO. holds Narrative Statement conference with owner and tenants to resolve issues relating to proposed legalization work. • DOB approves owner’s plans when all issues resolved and plans certified by the Loft Board. Phase II – Obtaining Work Permit, Beginning Phase IV – Setting Legal Rents, Removing Building Construction, Documenting Article 7-B Compliance From Loft Board Jurisdiction (Fire Safety) • Work permit issued and filed by owner with • Owner may apply for rent increase based on the Loft Board.
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