221 Devoe Street Brooklyn, NY 11211
221 Devoe Street Brooklyn, NY 11211
Exclusive Listing
EAST WILLIAMSBURG VALUE-ADD OPPORTUNITY By: Justin Zeitchik
1
ADDRESS:
221 DEVOE STREET, BROOKLYN, NY 11211 BETWEEN BUSHWICK AVE AND OLIVE STREET
DESCRIPTION: PRIME VALUE ADD OPPORTUNIITY IN RAPIDLY EMERGING NEIGHBORHOOD OF EAST WILLIAMSBURG.A THREE STORY, WALK UP, APARTMENT BUILDING CONSISTING OF THREE UNITS AND AN ADDITIONAL 1,625 SF OF AIR RIGHTS.
LOT SIZE:
25’ X 100’
LOT AREA:
2,500 SF
BUILT SIZE:
25’ X 45’
BUILT SF:
3,375 SF
ZONING:
R6B
F.A.R:
2
ASSESSMENT: $16,297 2916/68
ASKING PRICE: $2,400,000
($480/BSF)
REMARKS: THE BOTTOM FLOOR IS OWNER OCCUPIED AND THE 2ND & 3RD FLOOR ARE ON ONE YEAR LEASES. THE PROPERTY PRESENTS TREMENDOUS VALUE ADD OPPORTUNITY TO EXTEND THE BACK OF THE BUILDING AND CONVERT TO A SIX FAMILY APARTMENT BUILDING. THE BUILDING IS LOCATED THREE BLOCKS FROM THE GRAHAM AVE [L] TRAIN STATION.
Investment Summary Company Overview
BLOCK/LOT:
TAXES (15/16): $2,879
2
221 DEVOE STREET PROJECTED RENT ROLL APT
ROOMS
STATUS
RENT/MO
1F
5-DUPLEX
FM-PROJECTED
$
4,200
$
50,400
1B
5-DUPLEX
FM-PROJECTED
$
4,200
$
50,400
2F
5
FM-PROJECTED
$
3,650
$
43,800
2B
5
FM-PROJECTED
$
3,650
$
43,800
3F
5
FM-PROJECTED
$
3,650
$
43,800
3B
5
FM-PROJECTED
$
3,650
$
43,800
TOTAL
20
$ 23,000
RENT/YR
$ 276,000
Rent Roll Overview Company 3
Confidential Agreement This Offering Memorandum has been prepared exclusively by EPIC Commercial Realty on behalf of Ownership, the (“Owner”), regarding the potential purchase of the properties described herein at 221 Devoe Street, Brooklyn, NY 11211 (“Property”). The materials and information contained in this Offering Memorandum do not purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All materials have been developed by EPIC Commercial Realty , the Owners and other sources and are subject to variation.
No representation is made by EPIC Commercial Realty or the Owners as to the accuracy or completeness of the information contained herein and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, EPIC Commercial Realty and the Owners and their employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information.
The Owners and EPIC Commercial Realty each expressly reserve the right, in their sole discretion, to reject any and all expressions of interest or offer regarding the Property and/or terminate discussions with any entity at any time with or without notice. The Owners shall have no legal commitment or obligation to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the properties has been fully executed, delivered and approved by the Owners and its legal counsel and any conditions to the Owners’ obligations there under have been satisfied or waived. EPIC Commercial Realty is not authorized to make any representations or agreements on behalf of the Owners. This Offering Memorandum and its contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein called the “Contents”) are of a confidential nature. By accepting the Offering Memorandum, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the Offering Memorandum or any of its contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of the Owners or EPIC Commercial Realty , (iv) not to use the Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of EPIC Commercial Realty, and (v) to return it to EPIC Commercial Realty immediately upon request of EPIC Commercial Realty or the Owners. If you have no further interest in the Property, please return the Offering Memorandum forthwith. No inspections of the Property are permitted unless accompanied by the Owners or a representative from EPIC Commercial Realty
Confidentiality Agreement Company Overview
Further, EPIC Commercial Realty the Owners and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owners since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon request to interested and qualified investors.
4
Epic Commercial Realty 580 Broadway, Suite 1107 New York, NY 10012 Tel: (212) 226-9000 Justin Zeitchik Investment Sales Associate (646) 278-4642 [email protected]
5
Exclusive Listing
EAST WILLIAMSBURG VALUE-ADD OPPORTUNITY By: Justin Zeitchik
1
ADDRESS:
221 DEVOE STREET, BROOKLYN, NY 11211 BETWEEN BUSHWICK AVE AND OLIVE STREET
DESCRIPTION: PRIME VALUE ADD OPPORTUNIITY IN RAPIDLY EMERGING NEIGHBORHOOD OF EAST WILLIAMSBURG.A THREE STORY, WALK UP, APARTMENT BUILDING CONSISTING OF THREE UNITS AND AN ADDITIONAL 1,625 SF OF AIR RIGHTS.
LOT SIZE:
25’ X 100’
LOT AREA:
2,500 SF
BUILT SIZE:
25’ X 45’
BUILT SF:
3,375 SF
ZONING:
R6B
F.A.R:
2
ASSESSMENT: $16,297 2916/68
ASKING PRICE: $2,400,000
($480/BSF)
REMARKS: THE BOTTOM FLOOR IS OWNER OCCUPIED AND THE 2ND & 3RD FLOOR ARE ON ONE YEAR LEASES. THE PROPERTY PRESENTS TREMENDOUS VALUE ADD OPPORTUNITY TO EXTEND THE BACK OF THE BUILDING AND CONVERT TO A SIX FAMILY APARTMENT BUILDING. THE BUILDING IS LOCATED THREE BLOCKS FROM THE GRAHAM AVE [L] TRAIN STATION.
Investment Summary Company Overview
BLOCK/LOT:
TAXES (15/16): $2,879
2
221 DEVOE STREET PROJECTED RENT ROLL APT
ROOMS
STATUS
RENT/MO
1F
5-DUPLEX
FM-PROJECTED
$
4,200
$
50,400
1B
5-DUPLEX
FM-PROJECTED
$
4,200
$
50,400
2F
5
FM-PROJECTED
$
3,650
$
43,800
2B
5
FM-PROJECTED
$
3,650
$
43,800
3F
5
FM-PROJECTED
$
3,650
$
43,800
3B
5
FM-PROJECTED
$
3,650
$
43,800
TOTAL
20
$ 23,000
RENT/YR
$ 276,000
Rent Roll Overview Company 3
Confidential Agreement This Offering Memorandum has been prepared exclusively by EPIC Commercial Realty on behalf of Ownership, the (“Owner”), regarding the potential purchase of the properties described herein at 221 Devoe Street, Brooklyn, NY 11211 (“Property”). The materials and information contained in this Offering Memorandum do not purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All materials have been developed by EPIC Commercial Realty , the Owners and other sources and are subject to variation.
No representation is made by EPIC Commercial Realty or the Owners as to the accuracy or completeness of the information contained herein and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, EPIC Commercial Realty and the Owners and their employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information.
The Owners and EPIC Commercial Realty each expressly reserve the right, in their sole discretion, to reject any and all expressions of interest or offer regarding the Property and/or terminate discussions with any entity at any time with or without notice. The Owners shall have no legal commitment or obligation to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the properties has been fully executed, delivered and approved by the Owners and its legal counsel and any conditions to the Owners’ obligations there under have been satisfied or waived. EPIC Commercial Realty is not authorized to make any representations or agreements on behalf of the Owners. This Offering Memorandum and its contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein called the “Contents”) are of a confidential nature. By accepting the Offering Memorandum, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the Offering Memorandum or any of its contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of the Owners or EPIC Commercial Realty , (iv) not to use the Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of EPIC Commercial Realty, and (v) to return it to EPIC Commercial Realty immediately upon request of EPIC Commercial Realty or the Owners. If you have no further interest in the Property, please return the Offering Memorandum forthwith. No inspections of the Property are permitted unless accompanied by the Owners or a representative from EPIC Commercial Realty
Confidentiality Agreement Company Overview
Further, EPIC Commercial Realty the Owners and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owners since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon request to interested and qualified investors.
4
Epic Commercial Realty 580 Broadway, Suite 1107 New York, NY 10012 Tel: (212) 226-9000 Justin Zeitchik Investment Sales Associate (646) 278-4642 [email protected]
5
