Exclusive Offering Memorandum 221 CALYER STREET Greenpoint, Brooklyn ±3,780 Square Foot, Three-Story Walk-Up Apartment Building - 6 Free Market Units 221 CALYER STREET 221 CALYER STREET Executive Summary 3 Financial Information 4 Exterior Photos 5 Interior Photos 6 Location Description 7 Transportation Map 9 Confidentiality & Disclaimer 10 CONTACTS Benjamin Tapper Gary Meese Senior Director, Principal Senior Director, Financial Services [email protected] [email protected] 646.658.7334 646.658.7351 EASTERN CONSOLIDATED | 355 LEXINGTON AVENUE | NEW YORK, NY 10017 | WWW.EASTERNCONSOLIDATED.COM Executive Summary As exclusive agent, Eastern Consolidated is pleased to present for sale 221 Calyer Street, Greenpoint, Brooklyn (the “Property”), a ±3,780 square foot, three-story walk-up apartment building. The Property is located on the north side of Calyer Street between Eckford Street and McGuinness Boulevard. The ±28’ foot wide building contains six 2 bedroom/1 bathroom apartments, all of which are free market. The apartments have been renovated over the course of the last 10 years including individual apartment renovations as well as structural, mechanical and common area capital expenditure upgrades. All of the apartments are currently rented at an average monthly rent of ±$1,983 or approximately $42 per square foot. The offering presents an opportunity for investors to acquire a multifamily in great physical condition with upside due to the in-place below market rents. The Property is very well located in the highly sought-after Williamsburg-Greenpoint submarket in North Brooklyn and is 3 blocks from the Greenpoint Avenue G train station at Manhattan Avenue. The Property is a short walking distance to McCarren Park, McGolrick Park and waterfront parks along the East River, and an array of neighborhood amenities including specialty retail, markets and restaurants. Address 221 Calyer Street, Greenpoint, Brooklyn, New York 11222 Location North side of Calyer Street between Eckford Street & McGuinness Boulevard Block & Lot 2576 / 30 Lot Dimensions ±28’ x ±75’ Lot Area ±2,100 square feet Building Dimensions ±28’ x ±45’ Building Area ±3,780 square feet Stories 3 Transportation Subway: 3 blocks from the Greenpoint Avenue G train subway station at Manhattan Avenue Bus: 2 blocks from B24 MTA bus service at Greenpoint Avenue and McGuinness Boulevard 3 Blocks from B43 and B62 bus service at Greenpoint Avenue and Manhattan Avenue Zoning R6B GREENPOINT AVE Real Estate Taxes (18/19) $8,109 In-Place Projected Total Income $142,800 $183,000 Total Expenses $26,472 $28,164 Net Operating Income $116,328 $154,656 McGUINNESS BLVD ECKFORD ST Asking Price $3,800,000 Cap Rate 3.1% 4.1% $ PSF $1,005 30 CALYER STREET N 3 221 Calyer Street Executive Summary Financial Information Property & Area Summary Block / Lot 2576 / 30 Zoning District R6B Building Class C2 [5-6 Families] Lot Dimensions 28' x 75' Tax Class 2A Lot Area 2,100 Building Dimensions 28' x 45' Building Footprint 1,260 Residential Use Community Facility Stories 3 FAR 2.0 2.0 Existing Building Height 34' ZFA 4,200 4,200 Gross SF 3,780 Residential Unit Count 6 Max Base / Loss Factor (Est.) 10% Unused Dev Rights 420 Building Height Rentable SF 3,402 40' / 50' Rent Roll In-place In-place PROJECTED Unit Estimated RSF Tenant Status Layout Monthly Rent Annual Rent $ / SF Lease Expiration MONTHLY RENT 1L 567 Occupied FM 2 BR/1 BA (Backyard) $2,200 $26,400 $46.56 2/28/2019 $2,750 1R 567 Occupied FM 2 BR/1 BA $1,750 $21,000 $37.04 4/30/2018 $2,500 2L 567 Occupied FM 2 BR/1 BA $1,900 $22,800 $40.21 2/28/2019 $2,500 2R 567 Occupied FM 2 BR/1 BA $1,950 $23,400 $41.27 9/30/2018 $2,500 3L 567 Occupied FM 2 BR/1 BA $2,100 $25,200 $44.44 9/30/2018 $2,500 3R 567 Occupied FM 2 BR/1 BA $2,000 $24,000 $42.33 4/30/2018 $2,500 Total 3,402 $11,900 $142,800 $42 $15,250 Average Monthly Rent $1,983 $2,542 Income & Expenses Income In-Place Projected Projected Rents Blended Rate $ PSF Residential Income $142,800 $183,000 $54 Total Income $142,800 $183,000 Expenses Amount $ / SF / Unit / Month Amount Real Estate Taxes (2018/2019) $8,109 $2.15 $8,352 Water & Sewer $857 $0.23 $883 Insurance $4,645 $1.23 $4,784 Common Area Electric $458 $0.12 $472 Heating $3,074 $0.81 $3,166 Superintendent $3,600 $300 $3,708 Repairs & Maintenance $1,445 $0.38 $1,488 Management Fee (3%) $4,284 $1.13 $5,490 Total Expenses $26,472 $28,344 Operating Expense Ratio --> 18.5% 15.5% Net Operating Income $116,328 $154,656 4 221 Calyer Street Financial Information Exterior Photos Rear garden 5 221 Calyer Street Exterior Photos Interior Photos 6 221 Calyer Street Interior Photos Location Description Greenpoint is located on the East River waterfront in North Brooklyn and is bordered by Newtown Creek and Long Island City to the north, Williamsburg the south, the Brooklyn-Queens Expressway to the east and the East River. Greenpoint has a rich history with a longstanding Polish community and much of the neighborhood today retains the same character as in the past. In 2005, the New York City Department of City Planning approved a rezoning of 175 blocks in Greenpoint and Williamsburg, which has proven to be a tremendous catalyst for the neighborhoods resurgence and popularity. Following the rezoning, which was designed to enhance the areas mix of uses and density, development has occurred along the waterfront, on vacant infill sites and underutilized former industrial/warehouse buildings throughout the neighborhood. In addition to many large scale developments, much of the neighborhood’s existing housing stock consisting of multifamily walk-up buildings, rowhouses, brownstones and mid-rise, pre-war apartment buildings have been renovated. Some of the larger, mixed-use developments coming to the market include Greenpoint Landing – a 22-acre, 10-building development with 5,000 apartments along the waterfront, 145 West Street, 77 Commercial Street, 93 DuPont Street, 161 West Street and 21 India Street will collectively bring an additional 3,000 apartments to the market in the coming years. With substantial development adding to the housing stock, population growth has catalyzed shifts in the neighborhood’s retail landscape as national brands, new restaurants and nightlife venues complement independent specialty retailers that have previously dominated the area. The is now an array of galleries, boutiques, music venues, bars, and restaurants that have made Greenpoint one of the most popular neighborhoods in all of the outer Boroughs. The neighborhood also features access to an enviable park system that includes McCarren Park and Pool, McGolrick Park, Transmitter Park, American Playground and soon-to-be-expanded Bushwick Inlet Park along the East River waterfront. The Property is easily accessible with convenient access to the G train, which has two stops in the neighborhood at Greenpoint Avenue and Nassau Avenue, an East River Ferry stop at India Street. The Property is also located in proximity to McGuinness Boulevard, a primary link to Long Island City, Queens via the Pulaski Bridge, the Brooklyn-Queens Expressway (I-278) and Long Island Expressway (I-495). 221 CALYER STREET 7 221 Calyer Street Location Description F R A K N KENT STREET L I N S T R E T E STREET NAME G GREE NPOINT AVENUE Mom & Pop’s Organic Market Western Union MILTO Mr. BERRY Kween Kargo Bike N M STREET DNA Footware y C L Speedwa E G M Lucas Electronics E O U A C Polonia Books N I NN N K A F H Upright Coffee R O E A D R T Biedronka S ter T D hea ce T S S Nu Dan N A Natural Cleaners O BL T rding o S E Thump Rec B STREE N Petland Discounts R T T O ios E Stud A R U E V E L T E E E N T V U A E R Auto D Cafe Riveria Parts Store T CALYER STREE 221 CALYER STREET Manhattan Avenue, Greenpoint Transmitter Park, Greenpoint East River Ferry, Greenpoint 8 221 Calyer Street Kent Street, Greenpoint Historic District Location Description k a r ORCHARD Wakeeld PELHAM t m BEACH Wakeeld BAY A 241 St PARK WESTCHESTER B 2 A YC EASTCHESTER THE BRONX H E S TE T R S Eastchester B Nereid Av A 33 R V 2 Dyre Av O 2•5 A D 5 Riverdale W A Woodlawn 233 St Y New York City Subway 2•5 Baychester Av CO-OP M 5 225 St 22 ST CITY O h 2 with bus and railroad connections t S r • o 2 5 H O N - L o U r t Van Cortlandt Park e 219 St BAYCHESTER M Key THE • 242 St VAN Wood lawn 2 5 Y V 1 A CORTLANDT P A I K 4 E N W W K CITY Thesubwa y operates 24 hours a Local service only P Y D PARK D RIVERDALE Gun Hill Rd R Gun Hill Rd BRONX Y Williams U A E A W O B Y ISLAND Rush hour line L S day, but not all lines operate at all P • O 5 K RK 2 5 V W All trains stop (local I Bridge A K E A S R P P P W N N O M A extension B T A times.Call our Travel Information H N E R H D L and express service) D VAN CORTLANDT Mosholu Pkwy E Norwood I LE E O T D P E G L E A Center at 511 for more information S D E A N 238 St I 4 A D R 205 St 231 ST P N C V B L U 1 A in English or Spanish (24 hours) or E Pelham Bay Park V N A H A I D L KINGSBRIDGE I A N I A N P Y Burke Av 6 ask an agent for help in all other V W B S S R IR • R E N 2 5 D Accessible 231 St D R languages (6AM to 10PM).