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Great for User GFI REALTY EXCLUSIVE OFFERING KENSINGTON CORNER SINGLE-STORY RETAIL BUILDING SEVEN COMMERCIAL UNITS ADDITIONAL 6,185 SF OF AIR RIGHTS AVAILABLE Great For User 102-114 Cortelyou Road Brooklyn, NY Income: $204,133 Expenses: $39,485 NOI: $164,648 Price Reduction: $2,700,000 $2,500,000 CAP Rate: 6.6% EY/34152 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway, 41st Floor | New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice GFI REALTY EXCLUSIVE OFFERING - KENSINGTON CORNER SINGLE-STORY RETAIL BUILDING SEVEN COMMERCIAL UNITS ADDITIONAL 6,185 SF OF AIR RIGHTS AVAILABLE 102-114 Cortelyou Road (aka 665 McDonald Avenue) Location: Southeast corner of Cortelyou Road Brooklyn, NY 11218 and McDonald Avenue Property Description : GFI Realty Services, LLC is pleased to present the exclusive offering of 102-114 Cortelyou Road (aka 665 McDonald Avenue), a corner retail building located in the Kensington section of Brooklyn. The property is comprised of eight commercial units. The building was constructed in 1925 and totals approximately 4,375 sf. The parcel has a community facility FAR of 2.4 allowing for an additional 6,185 sf of buildable air rights. The asset features 110’ of frontage on Cortelyou Road and is located just a few blocks off of Ocean Parkway. The property is great for owner/user. The property is ideally situated on a heavily trafficked thoroughfare and a short distance away from the commercial corridors on Church and 18th Avenues. Nearby public transportation is served by the F and G subway lines. Block/Lot 5385/1 Assessment $256,500 Year Built 1925 Lot Size 40 x 110 Built 40 x 110 (approx. 4,375 sf) Rentable SF 4,500 SF Zoning M1-1, OP FAR as Built 0.99 FAR/Facility FAR 1.0/2.4 Facility Air Rights 6,185 Buildable SF Total Max. Buildable SF 10,560 Buildable SF Tax Class 4 Mortgage Delivered free and clear Income: Commercial $ 202,670 Water Contribution $ 900 Real Estate Tax Reimbursement $ 563 Effective Gross Income: $ 204,133 Estimated Expenses: Real Estate Taxes (19/20) $ 28,485 Water & Sewer $ 1,000 Electric Tenant Pays Heat $ 3,500 Insurance $ 6,500 Total Expenses: $ 39,485 NOI: $ 164,648 Price Reduction: $2,700,000 $2,500,000 CAP Rate: 6.60% EY/34152 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway,140 41 Broadway,st Floor | New 41 York,st Floor NY |10005 New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice GFI REALTY EXCLUSIVE OFFERING - KENSINGTON CORNER SINGLE-STORY RETAIL BUILDING SEVEN COMMERCIAL UNITS ADDITIONAL 6,185 SF OF AIR RIGHTS AVAILABLE 102-114 Cortelyou Road (aka 665 McDonald Avenue) Location: Southeast corner of Cortelyou Road Brooklyn, NY 11218 and McDonald Avenue Rent Roll: 102-114 Cortelyou Road, Brooklyn, NY Water Unit Tenant Rent Approx. SF Rent PSF LXP Charge 102- Corner Unit w/ Vacant (Projected) $ 4,000.00 950 $50.53 Bsmt Access 104* Hairdresser (Soleimy Hernandez) $ 2,142.45 600 $42.85 8/31/2022 106 Owner Occupied $ 2,100.00 600 $42.00 108 Owner Occupied $ 2,100.00 600 $42.00 110 Construction Office (Mohammed Ifran) $ 1,565.77 $ 25.00 600 $31.32 8/31/2019 112 Mike's VIP Barber Shop Inc. $ 1,630.97 $ 25.00 600 $32.62 7/31/2021 114 Mr Savings Inc. $ 2,000.00 600 $40.00 6/30/2024 114B B&G Imports, Inc. $ 1,300.00 $ 25.00 3500 $4.46 9/30/2019 Total Monthly Income $ 16,839.19 $ 75.00 Total Annual Income $ 202,070.28 $ 900.00 *Unit 104 Pays 15% of Tax Increase Over Base Year TRANSIT MAP The property is walking distance to the F and G trains. 102-114 Cortelyou Road EY/34152 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway,140 41 Broadway,st Floor | New 41 York,st Floor NY |10005 New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice GFI REALTY EXCLUSIVE OFFERING - KENSINGTON CORNER SINGLE-STORY RETAIL BUILDING SEVEN COMMERCIAL UNITS ADDITIONAL 6,185 SF OF AIR RIGHTS AVAILABLE 102 -114 Cortelyou Road (aka 665 McDonald Avenue) Location: Southeast corner of Cortelyou Road Brooklyn, NY 11218 and McDonald Avenue ZONING MAP 102-114 Cortelyou Road The M1 district is often a buffer between M2 or M3 districts and adjacent residential or commercial districts. Light industries typically found in M1 areas include woodworking shops, auto storage and repair shops, and wholesale service and storage facilities. In theory, nearly all industrial uses can locate in M1 areas if they meet the more stringent M1 performance standards. Offices, hotels and most retail uses are also permitted. Certain community facilities, such as hospitals, are allowed in M1 districts only by special permit, but houses of worship are allowed as-of-right. In M1-5A and M1-5B districts mapped in SoHo/NoHo, artists may occupy joint living-work quarters as an industrial use in loft buildings. Other than M1 districts paired with residence districts in Special Mixed Use Districts M1-D, M1-5M and M1-6M districts are the only manufacturing districts in which residences are permitted. In M1-D districts, limited new residential uses with a maximum FAR of 1.65 are permitted only by City Planning Commission authorization. In M1-5M and M1-6, space in an industrial building may be converted to dwelling units, provided a specified amount of floor area is preserved for particular industrial and commercial uses. Conversion to dwellings is also allowed, with restrictions, in the Special Tribeca Mixed use District. Floor area ratios in M1 districts range from 1.0 to 10.0 and building height and setbacks are controlled by sky exposure planes which may be penetrated by towers in certain districts. Although new industrial buildings are usually low-rise structures that fit within sky exposure planes, commercial and community facility buildings can be constructed as towers in M1-3 through M1-6 districts. In the highest density manufacturing district, M1-6, an FAR of 12 can be achieved with a bonus for a public plaza. Except along district boundaries, no side yards are required. Rear yards at least 20 feet deep are usually required, except within 100 feet of a corner. EY/34152 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway,140 41 Broadway,st Floor | New 41 York,st Floor NY |10005 New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice GFI REALTY EXCLUSIVE OFFERING - KENSINGTON CORNER SINGLE-STORY RETAIL BUILDING SEVEN COMMERCIAL UNITS ADDITIONAL 6,185 SF OF AIR RIGHTS AVAILABLE 102 -114 Cortelyou Road (aka 665 McDonald Avenue) Location: Southeast corner of Cortelyou Road Brooklyn, NY 11218 and McDonald Avenue NEIGHBORHOOD DESCRIPTION • Kensington is bordered by McDonald Avenue and 36th Street to the west, Caton Avenue to the north, Coney Island Avenue to the east, and Foster Avenue to the south. • Property is walking distance the B, F, G, and Q lines. • It is also within close proximity to the Prospect Park. NEIGHBORHOOD MAP Victorian Homes Kensington Branch of Brooklyn Public Library EY/34152 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy 140 Broadway,140 41 Broadway,st Floor | New 41 York,st Floor NY |10005 New York, NY 10005 thereof, and it is submitted subject to errors, change of price, rental or other p: 212-668-1444 | f: 212-668-1655 | gfirealty.com p: 212-668-1444 | f: 212-668-1655 | gfirealty.com conditions, prior to sale, lease or financing, or withdrawal without notice GFI REALTY EXCLUSIVE OFFERING - KENSINGTON CORNER SINGLE-STORY RETAIL BUILDING SEVEN COMMERCIAL UNITS ADDITIONAL 6,185 SF OF AIR RIGHTS AVAILABLE 102 -114 Cortelyou Road (aka 665 McDonald Avenue) Location: Southeast corner of Cortelyou Road Brooklyn, NY 11218 and McDonald Avenue PROPERTY MAP For Commercial Financing Contact: Will Watkins Daniel Lerer Senior Director of Finance Director, Finance Licensed Real Estate Salesperson Licensed Real Estate Salesperson P.
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