BESEN INVESTMENT SALES TEAM Amit Doshi Executive Director (212) 951-8401 [email protected] Shallini Mehra Senior Director (212) 951-8414 [email protected] Paul J. Nigido Senior Financial Analyst (646) 424-5350 [email protected] Carine Citadelle Marketing Associate (646) 472-8750 [email protected] Besen & Associates 381 Park Avenue South New York, NY 10016 Tel: 212.689-8488 Fax: 212.689-9518 BESEN INVESTMENT SALES TEAM Greg Corbin Executive Managing Director (646) 424-5077 [email protected] Aaron Kline Director (646) 472-8747 [email protected] Miguel Jauregui Director (212) 951-8402 [email protected] Brandon Serota Associate (646) 472-8732 [email protected] Jacob C. Lenchner Associate (646) 424-5061 [email protected] Besen & Associates 381 Park Avenue South New York, NY 10016 Tel: (212) 689-8488 Fax: (212) 689-9518 TABLE OF CONTENTS 15 PROPERTY OVERVIEW 11 EXECUTIVE SUMMARY FINANCIAL OVERVIEW 22 PROPERTY PHOTOS EXECUTIVE SUMMARY 11 “LINC” PROGRAM OVERVIEW PROPERTY OVERVIEW 15 LOCATION MAPS PROPERTY PHOTOS FINANCIAL OVERVIEW 41 INCOME/EXPENSE REPORTS RENT ROLLS 4341 Tiebout & Evergreen | 9 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 118 Units | 108,445± Square Feet 2240-2242 Tiebout Avenue, Bronx, NY 10457 2240-2242 Tiebout Avenue, Bronx, NY 10457 consists of a 5-story building with 45,445± SF and 57 units. Built on a 130’ x 100’ lot, the property is situated on the west side of Tiebout Avenue between East 183rd Street and East 182nd Street, four short blocks from 182-183 Street [B, D] subway line. Improvements include new mailboxes, repointed bricks, new boiler and flashed rubber roof. The property is ideally located near Fordham University, New York Botanical Garden, St. Barnabas Hospital, and the Bronx Zoo. Within walking distance of the Property is the Grand Concourse, the 183rd Street [4] subway station, and the Bx41 MTA Bus which runs north and south along Webster Avenue. 1160 Evergreen Avenue, Bronx, NY 10472 1160 Evergreen Avenue, Bronx, NY 10472 consists of a 6-story elevator building with 63,000± SF and 61 units. Built on a 150’ x 100’ lot, the property is located between Westchester and Watson Avenues. Improvements include new mailboxes, repointed bricks, new boiler and flashed rubber roof. The residents are well served by public transportation, with the [6] subway station two short blocks away, and a network of bus lines along Westchester Avenue. Easy access to the Sheridan Expressway (I- 895) and the Bruckner Expressway (I-278). The Soundview route of NYC Ferry by Hornblower will connect communities in the Bronx and the Upper East Side with job centers in Lower Manhattan. Asking Price: $23,000,000 $18,700,000 $158,500 / Unit | 5.0% Cap Rate | 10.9x Rent | $172 / Sq. Ft. Average Monthly Rent: $1,185.60 Tiebout & Evergreen | 12 LINC PROGRAM APARTMENTS Under the LIVING IN COMMUNITIES (LINC) Program, the City of New York pays directly to landlords a portion of the monthly rent for apartments (“LINC Rent Payment”) on behalf of the eligible LINC Program client (“Program Tenant”). The Program Tenant is responsible for payment to the Landlord, of a monthly rent contribution to cover the remaining portion of the rent under the Lease and Rider not covered by the LINC Rent Payment and a Public Assistance shelter allowance, if any. LINC provides a security voucher in the event of tenant’s default in lieu of the money. The following tenants participate in the 5-Year LINC Program: 2240 Tiebout Avenue 5 YEAR LINC APT # RENT FREEZE RENT FREEZE EXPIRATION* PROGRAM EXP. 2B No Freeze - 08/31/21 2D No Freeze - 06/30/21 2E Freeze 01/31/19 01/31/22 3D No Freeze - 06/30/21 3E No Freeze - 06/30/21 4A No Freeze - 06/30/21 4B Freeze 01/31/19 01/31/22 4D Freeze 03/31/19 03/31/22 4E Freeze 01/31/19 01/31/22 5A No Freeze - 09/30/21 5B No Freeze - 10/31/21 5D No Freeze - 10/31/21 5E No Freeze - 07/31/21 6E No Freeze - 10/31/21 2242 Tiebout Avenue 5 YEAR LINC APT # RENT FREEZE RENT FREEZE EXPIRATION* PROGRAM EXP. 1E No Freeze - 10/31/21 2C Freeze 06/30/20 06/30/23 2D No Freeze - 08/31/21 2E No Freeze - 08/31/21 3A No Freeze - 09/30/21 3B No Freeze - 08/31/21 3C Freeze 01/31/19 01/31/22 3D Freeze 01/31/19 01/31/22 3E No Freeze - 09/30/21 4B Freeze 11/30/18 11/30/21 1160 Evergreen Avenue 5 YEAR LINC APT # RENT FREEZE RENT FREEZE EXPIRATION* PROGRAM EXP. 1G No Freeze - 12/31/21 1K No Freeze - 09/30/21 3C No Freeze - 12/31/21 3D Freeze 04/01/19 03/31/22 4D Freeze 04/30/20 04/30/23 4J Freeze 06/30/20 06/30/23 6A Freeze 04/30/19 04/30/22 6D Freeze 04/30/19 04/30/22 6G Freeze 01/31/19 01/31/22 *Once the rent freeze expires, the rent goes up according to the RGB renewal increase at that time. Tiebout & Evergreen | 13 50 Orange Street, Brooklyn, NY 11201 | 14 PROPERTY OVERVIEW 2240-2242 Tiebout Avenue PROPERTY OVERVIEW - 2240-2242 Tiebout Avenue Neighborhood: Fordham Block / Lot: 3143 / 150 Lot & Built Size: 130’ x 100’ (Built: 130’ x 87’) Square Feet 45,445± SF Stories 5-Story Building (C1) Total Apartments 57 Units Zoning District: R7-1 Tax Class: 2 FAR (Built / Allowed): 3.50 / 3.44 Real Estate Taxes & Assessment: $968,760 / $123,216 (2018/2019) LOCATION MAP University Heights - Hudson 2240-2242 Tiebout Avenue Tremont Tiebout & Evergreen | 17 AERIAL MAP 2240-2242 Tiebout Avenue 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 and Bronx Community Board 7. 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 and ​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. Tiebout & Evergreen | 19 ZONING - R7-1 TRANSPORTATION at 182nd-183rd Sts 0.19 miles at Fordham Rd 0.52 miles at 183rd St 0.39 miles at Burnside Av 0.57 miles at Fordham Rd 0.4 miles MTA Bus Service Tiebout & Evergreen | 21 PROPERTY PHOTOS PROPERTY PHOTOS Tiebout & Evergreen | 23 PROPERTY PHOTOS PROPERTY PHOTOS Tiebout & Evergreen | 25 50 Orange Street, Brooklyn, NY 11201 | 26 PROPERTY OVERVIEW 1160 Evergreen Avenue PROPERTY OVERVIEW - 1160 Evergreen Avenue Neighborhood: Soundview Block / Lot: 3738 / 27 Lot & Built Size: 150’ x 100’ (Built: 150’ x 84’) Square Feet 63,000± SF Stories 6-Story Elevator Building (D1) Total Apartments 61 Units Zoning District: R6 Tax Class: 2 FAR (Built / Allowed): 4.20 / 2.43 Real Estate Taxes & Assessment: $864,360 / $109,937 (2018/2019) LOCATION MAP 1160 Evergreen Avenue Tiebout & Evergreen | 29 AERIAL MAP 1160 Evergreen Avenue LOCATION OVERVIEW Soundview is a working-class neighborhood geographically located in the Clason Point section of the borough of the Bronx in New York City. The neighborhood is part of Bronx Community Board 9. Its boundaries, starting from the North and moving clockwise are the Cross-Bronx Expressway to the North, White Plains Road to the East, Lacombe Avenue to the South, and the Bronx River to the West. The Bruckner Expressway bisects the neighborhood horizontally along the center and the Bronx River Parkway runs north to south. Soundview Avenue is the primary thoroughfare through Soundview. The local subway are the 6 and <6>​ trains, operating along Westchester Avenue. Zip codes include 10472 and 10473. The area is patrolled by the 43rd Precinct located at 900 Fteley Avenue. New York City Housing Authority (NYCHA) property in the area is patrolled by P.S.A. 8 at 2794 Randall Avenue in the Throggs Neck section of the Bronx. The studios for News 12 The Bronx are located here. Tiebout & Evergreen | 31 ZONING - R6 R6 zoning districts are widely mapped in built-up, medium-density areas in Brooklyn, Queens and the Bronx. The character of R6 districts can range from neighborhoods with a diverse mix of building types and heights to large-scale “tower in the park” developments such as Ravenswood in Queens and Homecrest in Brooklyn. Developers can choose between two sets of bulk regulations. Standard height factor regulations, introduced in 1961, produce small multifamily buildings on small zoning lots and, on larger lots, tall buildings that are set back from the street. Optional Quality Housing regulations produce high lot coverage buildings within height limits that often reflect the scale of older, pre-1961 apartment buildings in the neighborhood. Height Factor Regulations Buildings developed pursuant to height factor regulations are often tall buildings set back from the street and surrounded by open space and on-site parking. The floor area ratio (FAR) in R6 districts ranges from 0.78 (for a single-story building) to 2.43 at a typical height of 13 stories; the open space ratio (OSR) ranges from 27.5 to 37.5. Generally, the more open space, the taller the building. In the diagram, for example, 81% of the zoning lot with the 13-story building is required to be open space (2.43 FAR × 33.5 OSR). Thus, the maximum floor area ratio 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.