97 Grand Avenue and 96 Steuben Street
EXCLUSIVE OFFERING MEMORANDUM
97 Grand Avenue and 96 Steuben Street BROOKLYN, NY 11205
EXCLUSIVE OFFERING MEMORANDUM
CLINTON HILL New Construction: 2012 Two Elevator Buildings, 60,282 Sq. Ft. 62 Apartments and 31 Parking Spaces
This Exclusive Opportunity Is Brought To You By The Corbin Group
Greg Corbin Executive Managing Director Direct (646) 424-5077 Cell (917) 406-0406 [email protected]
Miguel Jauregui Director Direct (212) 951-8402 Cell (818) 644-0600 [email protected]
Saadya Notik Senior Associate Direct (646) 424-5315 Cell (206) 819-6317 [email protected]
Aaron Kline Associate Direct (646) 472-8747 Cell (914) 482-4635 [email protected]
Fritz Richter Associate Direct (646) 424-5061 Cell (914) 406-9257 [email protected]
Carisa Cotera Team Administrator Direct (646) 604-7020 Cell (920) 427-8746 [email protected]
Jared Rehberg Marketing Manager Direct (646) 424-5067 Cell (646) 419-0440 [email protected]
NEIGHBORHOOD CLINTON HILL AREA OVERVIEW Nestled south of Williamsburg and to the northeast of Park Slope, lies the charming neighborhood of Clinton Hill. It caters to Pratt Institute artists, St. Joseph’s College students and affluent young professionals alike. Brooklynites take pride in this affable neighborhood. Clinton Hill boasts an eclectic mix of apartment buildings, mansions, brownstones and brick row houses that cater to its diverse population.
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CONFIDENTIALITY
The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective purchaser of the following property: 97 Grand Avenue and 96 Steuben Street, Brooklyn, NY 11205 and is not to be used for any other purpose or made available to any other person without the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including inspections. This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers. In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of purchasing the Property described herein. Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner’s obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or agreements on behalf of Owner. This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety.
NEIGHBORHOOD
OFFERING SUMMARY Located in Prime Clinton Hill, just 6.5 miles from midtown Manhattan, 97 Grand Avenue and 96 Steuben Street are in close proximity to the best of Brooklyn’s retail, restaurant, and entertainment offerings. The two elevator buildings include a total of 60,282 square feet, 62 apartments and 31 indoor parking spaces. Constructed in 2012, the subject properties enjoy the benefits of a 421-A tax abatement and are nestled among eight other new-construction buildings. Both buildings have rooftop lounges featuring unobstructed 360 degree views of the Brooklyn and Manhattan skylines. The property is 30 minutes from JFK, 22 minutes from LaGuardia Airport, and 6.5 miles from Grand Central Station.
Clinton Hill is just south of Williamsburg and east of Downtown Brooklyn. “When it comes to neighborhoods, Clinton Hill plays crowd favorite. Celebrated for its diversity of people, restaurants, and activities, Clinton Hill caters to Pratt Institute students and ambitious professionals alike. Artsy but not over-the-top and cool but not unapproachable, this laidback neighborhood deserves its amiable reputation. Add accessibility to Clinton Hill’s affability, and it’s easy to understand why this neighborhood has so many fans.” – AirBNB
ASKING PRICE: $43,000,000 |4
PROPERTY OVERVIEW
97 Grand Avenue & 96 Steuben Street Neighborhood
Clinton Hill
Block/Lot
1893/04
Lot Size/Built
Est. 75’ x 200’ irr.
Stories
7 (Grand) & 8 (Steuben)
Total Apartments & Rooms
62 & 201
Layout
1 Studio, 46 one Beds, 14 two Beds , 1 three Bed
Total Parking Spaces
31
Zoning
R7A
FAR (Built/Allowed)
4.08/4
Assessment & Taxes (2016)
$2,761,996 $355,828
PROPERTY PHOTOS
97 Grand Avenue
96 Steuben Street
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PROPERTY PHOTOS 97 GRAND AVENUE: EXTERIOR
PROPERTY PHOTOS 97 GRAND AVENUE: BIRD’S EYE VIEW
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PROPERTY PHOTOS
PROPERTY PHOTOS 97 GRAND AVENUE: LOBBY
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PROPERTY PHOTOS 97 GRAND AVENUE: INTERIOR
PROPERTY PHOTOS 97 GRAND AVENUE: INTERIOR
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PROPERTY PHOTOS 96 STEUBEN STREET: EXTERIOR
PROPERTY PHOTOS 96 STEUBEN STREET: BIRD’S EYE VIEW
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PROPERTY PHOTOS 96 STEUBEN STREET: LOBBY
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PROPERTY PHOTOS 96 STEUBEN STREET: INTERIOR
PROPERTY PHOTOS 96 STEUBEN STREET: INTERIOR
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FINANCIALS 97 GRAND AVENUE: RENT ROLL NO
TENANT NAME
RENT/MO
LEGAL RENT
BDRM
LXP
SQFT
STAT
1A
Birkhoff, Courtney
$3,500.00
$7,883.34
2
1B
Nayeon, Kim
$4,500.00
$9,833.35
3
06/30/17
656
Pref
MTM
1,331
Pref
1C
Rodriguez, Kacie
$2,757.02
$5,050.00
1
05/31/16
655
Pref
2A
Lim, Sun Young
$3,718.00
$6,733.35
2
08/21/16
983
Pref
2B
Parish, Catherine
$3,818.88
$6,733.35
2
06/14/16
1,077
Pref
Yarritu, Sergio
$4,343.98
$6,733.35
1
2C 2D
06/14/16
656
Pref
Park, Soolan
$2,480.40
$5,050.00
1
07/14/16
982
Pref
3A
Yassin, Sara
$3,900.00
$6,733.35
2
09/30/16
983
Pref
3B
Karani, Hetal
$3,870.00
$6,733.35
2
06/14/16
1,077
Pref
3C
VACANT
$3,850.00
$7,866.68
1
N/A
656
Proj
3D
Maranto, Julia
$2,532.40
$5,050.00
1
07/31/16
982
Pref
4A
Salira Thavibhaga
$3,785.00
$6,666.68
2
07/31/16
983
Pref
4B
Woo, Jaeha
$3,500.00
$7,866.68
2
04/30/17
1,077
Pref
4C
Cannon, Lameke
$3,998.80
$6,733.35
1
08/31/16
656
Pref
4D
Alexis Karafelis
$2,584.40
$5,050.00
1
06/30/16
982
Pref
5A
Rich, Micah
$3,500.00
$7,883.34
2
05/31/17
983
Pref
5B
Zhang, Hanyi
$3,708.00
$6,666.68
2
02/14/17
1,077
Pref
5C
Chen, Jiayi
$3,500.00
$7,883.34
1
06/14/17
656
Pref
5D
Miller, Emily
$2,650.00
$5,000.00
1
06/30/16
982
Pref
6A
Whitten, Stephanie
$2,850.00
$5,900.00
2
10/14/16
635
Pref
6B
Posch, Hannah
$2,958.00
$5,000.00
2
06/30/16
635
Pref
6C
Jewell, Neonu
$3,500.00
$6,666.68
1
03/31/17
637
Pref
6D
Sanghani, Mrinalini
$3,244.50
$5,050.00
1
08/31/16
649
Pref
7A
Haddad, Chanah
$2,700.00
$5,912.00
2
08/31/16
635
Pref
7B
VACANT
$3,850.00
$5,050.00
2
N/A
676
Proj
7C
Smith, William
$3,051.00
$5,050.00
1
07/14/16
637
Pref
7D
Crozier, Brice
$3,275.00
$5,000.00
1
07/14/16
661
Pref
Monthly Total
$91,925
$171,779
Annual Total
$1,103,105
$2,061,346
22,599
FINANCIALS 96 STEUBEN STREET: RENT ROLL NO
TENANT NAME
RENT/MO
LEGAL RENT
BDRM
LXP
SQFT
STAT
1A
Bee, Troy
$2,700.00
$5,912.50
1
05/31/18
431
Pref
1B
Draben, Lether
$2,856.00
$5,000.00
1
04/30/17
595
Pref
1C
Mccraw, Justin
$2,200.00
$3,333.34
Studio
06/30/16
1,079
Pref
2A
Crocker, Clayton
$3,120.00
$5,050.00
1
01/31/17
665
Pref
2B
Babajide, Akinloye
$2,704.00
$5,000.00
1
03/31/17
662
Pref
2C
Yan, Yiwen
$2,704.00
$5,000.00
1
12/31/16
596
Pref
2D
Falk, Jason
$2,626.00
$5,050.00
1
12/31/16
698
Pref
2E
Liu, Yachen
$3,150.00
$5,900.00
1
06/30/17
692
Pref
3A
Fang, Zihan
$3,100.00
$5,900.00
1
07/14/17
665
Pref
$5,900.00
3B
Stahl, Gabriel
$3,100.00
1
06/30/17
662
Pref
3C
Phongpetra, Nisha
$2,652.00
$5,050.00
1
11/30/16
596
Pref
3D
Malphurs, Gregory
$2,678.00
$5,050.00
1
11/30/16
698
Pref
3E
Wang, ZI
$2,700.00
$5,000.00
1
01/31/17
692
Pref
4A
Deng, Shu Qi
$3,302.00
$5,000.00
1
12/31/16
665
Pref
$5,900.00
4B
VACANT
$3,250.00
1
N/A
662
Proj
4C
Duarte Cabral, Marie
$2,750.00
$5,900.00
1
04/30/16
596
Pref
4D
Hart, Jennafer
$2,750.00
$5,900.00
1
06/30/17
698
Pref
4E
Kleemann, Katalin
$2,808.00
$5,050.00
1
10/14/16
692
Pref
5A
VACANT
$3,250.00
$5,000.00
1
N/A
665
Proj
5B
Decaneas, Alex
$3,150.00
$5,000.00
1
06/30/16
662
Pref
5C
Wang, Qing
$2,750.00
$5,250.00
1
11/14/16
596
Pref
5D
Bailly, Watson
$2,625.00
$5,000.00
1
03/31/17
698
Pref
5E
Gordon, Daniel
$2,550.00
$5,000.00
1
04/30/17
692
Pref
6A
Sandell, Amelia
$2,858.00
$5,000.00
1
05/31/16
665
Pref
6B
Ancor, Igor
$3,200.00
$5,900.00
1
07/31/17
662
Pref
6C
Amendolara, Damon
$2,754.00
$5,000.00
1
04/30/17
596
Pref
6D
Lutz, Charles
$2,850.00
$5,900.00
1
04/30/17
698
Pref
6E
Singh, Deep
$2,860.00
$5,000.00
1
05/31/17
692
Pref
7A
Lew, Mira
$3,900.00
$6,666.68
2
06/30/16
776
Pref
7B
Zhao, Yunhan
$2,750.00
$5,900.00
1
07/31/17
523
Pref
7C
Novodvorskiy, Yuriy
$2,700.00
$5,000.00
1
09/30/16
470
Pref
7D
Levari, Yaron
$2,654.00
$5,100.00
1
05/31/16
470
Pref
8A
Hogan, Michelle
$3,100.00
$5,900.00
1
04/30/16
537
Pref
8B
Mangan, Susan
$3,016.00
$5,050.00
2
11/30/16
1,131
Pref
8C
Sato, Chiaki
$3,394.13
$5,100.00
1
03/31/17
850
Pref
Monthly Total
$101,511
$185,662
Annual Total
$1,218,134
$2,227,950
23,427
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FINANCIALS 97 GRAND AVENUE & 96 STEUBEN STREET: PARKING NO
TENANT
RENT/MO
LXP
P1
Posch, Hannah N.
$200.00
07/01/14
P2
VACANT
$200.00
NA / Proj
P3 P4
VACANT
NA / Proj
VACANT
$200.00 $200.00
P5
VACANT
$200.00
NA / Proj
P6
Allen, Edward
$200.00
11/30/16
P7
Allen, Edward
$200.00
11/30/16
P8
Cannon, Lameke
$200.00
08/31/16
P9
VACANT
$200.00
NA / Proj NA / Proj
NA / Proj
VACANT
$200.00
P11
Jewell, Neonu
$200.00
03/31/17
P12
Babajide, Akinloye
$150.00
03/31/17
P13
Sandell, Amelia
$200.00
06/30/16
P14
VACANT
$200.00
NA / Proj 03/31/17
P10
Sato, Chiaki
$150.00
P16
VACANT
$200.00
NA / Proj
P17
VACANT
$200.00
NA / Proj
P18
Bailly, Watson
$150.00
03/31/17
P15
Draben, Lether
$150.00
P20
Inc, Zipcar
$275.00
04/30/17 MTM
P21
Inc, Zipcar
$275.00
MTM
P22
Inc, Zipcar
$275.00
MTM
P23
Inc, Zipcar
$275.00
MTM MTM
P19
Inc, Zipcar
$275.00
P25
Inc, Zipcar
$275.00
MTM
P26
Inc, Zipcar
$275.00
MTM
P27
Inc, Zipcar
$275.00
MTM
P28
P24
Inc, Zipcar
$275.00
MTM
P29
Inc, Zipcar
$275.00
MTM
P30
Inc, Zipcar
$275.00
MTM
P31
Inc, Zipcar
$275.00
MTM
Monthly Total
$6,900
Annual Total
$82,800
FINANCIALS ANNUAL INCOME & EXPENSE STATEMENT REVENUE
IN-PLACE
LEGAL
97 Grand Avenue
$1,103,105
$2,061,348
96 Steuben Street
$1,218,134
$2,227,944
$82,800
$82,800
$2,404,038
$4,372,092
Parking
Gross Income ESTIMATED EXPENSES
IN-PLACE
Real Estate Taxes (2016)
$29,805
Water & Sewer
$24,303
Payroll
$26,400
Gas
$4,860
Insurance
$46,830
Utilities
$42,648
Phone and Internet
$2,562
Management (3%)
$72,121
Repairs, Maintenance
$37,200
Misc
$16,544
Total Expenses
Net Operating Income
INCOME METRICS
$303,273
$2,100,766
RENT/SF/YEAR
RENT/UNIT/MONTH
97 Grand Avenue (27 Units)
$48.67
$3,396.67
96 Steuben Street (35 Units)
$51.98
$2,896.03
$50.43
$3,152.48
Average
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FINANCIALS PROPERTY TAX BENEFIT 421A EXEMPTION INFORMATION Address
97 Grand Avenue & 96 Steuben Street Brooklyn, NY 11205
Block/Lot
1893/04
Number of Buildings
2
Number of Stories
7 (Grand) / 8 (Steuben)
Lot Size
Est. 75’ x 200’ irr.
Current Tax Year
July 1, 2016 - June 30, 2017
Building Class
D1 – Elevator Apartment Building
Tax Class
2
Zoning
R7A
Market Assessed Value
$7,164,000
Assessed Value
$2,911,040
Land Assessed Value
$697,950
Benefit Name
Newly Constructed Multiple Dwelling (Code 5113)
Benefit Type
Completion
Amount
$2,679,686
Current Year
5 of 15
Start Date
July 1, 2012
End Date
June 30, 2027
Base Year Assessed Value
$231,354
MAPS AREA
Subject Property
MAPS AERIAL VIEW
Williamsburg Waterfront
Navy Yard Broadway Triangle
Metro Tech Subject Property
Barclays Center
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MAPS RETAIL
97 Grand Avenue
96 Steuben Street
MAPS NEW CONSTRUCTION: BIRD’S EYE VIEW 97 Grand Ave.
8) 163 Washington Ave. 7) 74 Grand Ave.
1) 105 Grand Ave.
2) 100 Steuben St. 96 Steuben St. 3) 536 Myrtle Ave.
4) 111 Steuben St.
5) 524 Myrtle Ave.
6) 531 Myrtle Ave.
New Construction Legend #
Address
Year Built
Details
1
105 Grand Ave.
2012
36 apartments, 30,000 SF
2
100 Steuben St.
Under Construction
41 apartments, 6 stories
3
536 Myrtle Ave.
2009
142,036 SF retail
4
111 Steuben St.
2008
48,000 SF mixed-use
5
524 Myrtle Ave.
Under Construction
92+ apartments plus 20,755 SF of retail
6
531 Myrtle Ave.
Under Construction
27 apartments, 33,000 SF, 5 stories
7
74 Grand Ave.
2007
62 apartments, 72,760 SF
8
163 Washington Ave.
2010
49 apartments, 49,417 SF mixed-use
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MAPS POINTS OF INTEREST: LEGEND
MAPS POINTS OF INTEREST: AREA MAP
| 30
MAPS BUS
MAPS SUBWAY
| 32
MAPS NEW CONSTRUCTION: AREA
533 Myrtle Ave.
97 Grand Ave.
111 Steuben St.
524 Myrtle Ave.
135 Emerson Pl.
112 Emerson Pl.
96 Steuben St.
180 Franklin Ave.
MAPS PLOT & ZONING
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PROPERTY PHOTOS 97 GRAND AVENUE: BIRD’S EYE VIEW
PROPERTY PHOTOS 96 STEUBEN STREET: BIRD’S EYE VIEW
| 36
PROPERTY PHOTOS ROOF COMMON AREA
PROPERTY PHOTOS ROOF COMMON AREA
| 38
PROPERTY PHOTOS ROOF VIEWS
PROPERTY PHOTOS PARKING
| 40
PROPERTY PHOTOS SPRINKLER AND WATER SYSTEM
PROPERTY PHOTOS ELECTRIC & GAS METER ROOMS
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RENDERINGS ARCHITECTURAL RENDERINGS
RENDERINGS ARCHITECTURAL RENDERINGS
96 Steuben Street: Layout
97 Grand Avenue: Layout
Flr
Stu
1Br
2Br
Total
Flr
1Br
2Br
3Br
Total
1st
1
2
NA
3
1st
1
1
1
3
2nd
5
NA
NA
5
2nd
2
2
NA
4
3rd
5
NA
NA
5
3rd
2
2
NA
4
4th
5
NA
NA
5
4th
2
2
NA
4
5th
5
NA
NA
5
5th
2
2
NA
4
6th
5
NA
NA
5
6th
2
2
NA
4
7th
3
1
NA
4
7th
2
2
NA
4
8th
3
NA
NA
3
Total
13
13
1
27
Total
32
3
NA
35
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ZONING R7A OVERVIEW
The contextual Quality Housing regulations, which are mandatory in R7A districts, typically produce high lot coverage, seven- and eight-story apartment buildings, blending with existing buildings in many established neighborhoods. R7A districts are mapped along Prospect Park South and Ocean Parkway in Brooklyn, Jackson Heights in Queens, and in Harlem and along the avenues in the East Village in Manhattan. The floor area ratio (FAR) in R7A districts is 4.0. Above abase height of 40 to 65 feet, the building must set back to a depth of 10 feet on a wide street and 15 feet on a narrow street before rising to a maximum height of 80 feet. In order to preserve the traditional streetscape, the street wall of a new building can be no closer to the street line, than any building within 150 feet on the same block, but need not be farther than 15 feet. Buildings must have interior amenities for the residents pursuant to the Quality Housing Program. Off-street parking is not allowed in front of a building. Parking is required for 50% of all dwelling units. *Note: Data taken from NYC Department of City Planning.
ZONING R7A OVERVIEW
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RELEVENT NEWS
RELEVENT NEWS
| 48
THE CORBIN GROUP
Greg Corbin Executive Managing Director Direct (646) 424-5070 [email protected]
Miguel Jauregui Director Direct (212) 951-8402 [email protected]
Saadya Notik Senior Associate Direct (646) 424-5315 [email protected]
Aaron Kline Associate Direct (646) 472-8747 [email protected]
Fritz Richter Associate Direct (646) 424-5061 [email protected]
Carisa Cotera Team Administrator Direct (646) 604-7020 [email protected]
Besen & Associates 381 Park Avenue South, 15th Floor New York, NY 10016 Tel (212) 689-8488 | Fax (212) 689-9518 www.besengroup.com
97 Grand Avenue and 96 Steuben Street BROOKLYN, NY 11205
EXCLUSIVE OFFERING MEMORANDUM
CLINTON HILL New Construction: 2012 Two Elevator Buildings, 60,282 Sq. Ft. 62 Apartments and 31 Parking Spaces
This Exclusive Opportunity Is Brought To You By The Corbin Group
Greg Corbin Executive Managing Director Direct (646) 424-5077 Cell (917) 406-0406 [email protected]
Miguel Jauregui Director Direct (212) 951-8402 Cell (818) 644-0600 [email protected]
Saadya Notik Senior Associate Direct (646) 424-5315 Cell (206) 819-6317 [email protected]
Aaron Kline Associate Direct (646) 472-8747 Cell (914) 482-4635 [email protected]
Fritz Richter Associate Direct (646) 424-5061 Cell (914) 406-9257 [email protected]
Carisa Cotera Team Administrator Direct (646) 604-7020 Cell (920) 427-8746 [email protected]
Jared Rehberg Marketing Manager Direct (646) 424-5067 Cell (646) 419-0440 [email protected]
NEIGHBORHOOD CLINTON HILL AREA OVERVIEW Nestled south of Williamsburg and to the northeast of Park Slope, lies the charming neighborhood of Clinton Hill. It caters to Pratt Institute artists, St. Joseph’s College students and affluent young professionals alike. Brooklynites take pride in this affable neighborhood. Clinton Hill boasts an eclectic mix of apartment buildings, mansions, brownstones and brick row houses that cater to its diverse population.
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CONFIDENTIALITY
The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective purchaser of the following property: 97 Grand Avenue and 96 Steuben Street, Brooklyn, NY 11205 and is not to be used for any other purpose or made available to any other person without the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including inspections. This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers. In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of purchasing the Property described herein. Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner’s obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or agreements on behalf of Owner. This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety.
NEIGHBORHOOD
OFFERING SUMMARY Located in Prime Clinton Hill, just 6.5 miles from midtown Manhattan, 97 Grand Avenue and 96 Steuben Street are in close proximity to the best of Brooklyn’s retail, restaurant, and entertainment offerings. The two elevator buildings include a total of 60,282 square feet, 62 apartments and 31 indoor parking spaces. Constructed in 2012, the subject properties enjoy the benefits of a 421-A tax abatement and are nestled among eight other new-construction buildings. Both buildings have rooftop lounges featuring unobstructed 360 degree views of the Brooklyn and Manhattan skylines. The property is 30 minutes from JFK, 22 minutes from LaGuardia Airport, and 6.5 miles from Grand Central Station.
Clinton Hill is just south of Williamsburg and east of Downtown Brooklyn. “When it comes to neighborhoods, Clinton Hill plays crowd favorite. Celebrated for its diversity of people, restaurants, and activities, Clinton Hill caters to Pratt Institute students and ambitious professionals alike. Artsy but not over-the-top and cool but not unapproachable, this laidback neighborhood deserves its amiable reputation. Add accessibility to Clinton Hill’s affability, and it’s easy to understand why this neighborhood has so many fans.” – AirBNB
ASKING PRICE: $43,000,000 |4
PROPERTY OVERVIEW
97 Grand Avenue & 96 Steuben Street Neighborhood
Clinton Hill
Block/Lot
1893/04
Lot Size/Built
Est. 75’ x 200’ irr.
Stories
7 (Grand) & 8 (Steuben)
Total Apartments & Rooms
62 & 201
Layout
1 Studio, 46 one Beds, 14 two Beds , 1 three Bed
Total Parking Spaces
31
Zoning
R7A
FAR (Built/Allowed)
4.08/4
Assessment & Taxes (2016)
$2,761,996 $355,828
PROPERTY PHOTOS
97 Grand Avenue
96 Steuben Street
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PROPERTY PHOTOS 97 GRAND AVENUE: EXTERIOR
PROPERTY PHOTOS 97 GRAND AVENUE: BIRD’S EYE VIEW
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PROPERTY PHOTOS
PROPERTY PHOTOS 97 GRAND AVENUE: LOBBY
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PROPERTY PHOTOS 97 GRAND AVENUE: INTERIOR
PROPERTY PHOTOS 97 GRAND AVENUE: INTERIOR
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PROPERTY PHOTOS 96 STEUBEN STREET: EXTERIOR
PROPERTY PHOTOS 96 STEUBEN STREET: BIRD’S EYE VIEW
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PROPERTY PHOTOS 96 STEUBEN STREET: LOBBY
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PROPERTY PHOTOS 96 STEUBEN STREET: INTERIOR
PROPERTY PHOTOS 96 STEUBEN STREET: INTERIOR
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FINANCIALS 97 GRAND AVENUE: RENT ROLL NO
TENANT NAME
RENT/MO
LEGAL RENT
BDRM
LXP
SQFT
STAT
1A
Birkhoff, Courtney
$3,500.00
$7,883.34
2
1B
Nayeon, Kim
$4,500.00
$9,833.35
3
06/30/17
656
Pref
MTM
1,331
Pref
1C
Rodriguez, Kacie
$2,757.02
$5,050.00
1
05/31/16
655
Pref
2A
Lim, Sun Young
$3,718.00
$6,733.35
2
08/21/16
983
Pref
2B
Parish, Catherine
$3,818.88
$6,733.35
2
06/14/16
1,077
Pref
Yarritu, Sergio
$4,343.98
$6,733.35
1
2C 2D
06/14/16
656
Pref
Park, Soolan
$2,480.40
$5,050.00
1
07/14/16
982
Pref
3A
Yassin, Sara
$3,900.00
$6,733.35
2
09/30/16
983
Pref
3B
Karani, Hetal
$3,870.00
$6,733.35
2
06/14/16
1,077
Pref
3C
VACANT
$3,850.00
$7,866.68
1
N/A
656
Proj
3D
Maranto, Julia
$2,532.40
$5,050.00
1
07/31/16
982
Pref
4A
Salira Thavibhaga
$3,785.00
$6,666.68
2
07/31/16
983
Pref
4B
Woo, Jaeha
$3,500.00
$7,866.68
2
04/30/17
1,077
Pref
4C
Cannon, Lameke
$3,998.80
$6,733.35
1
08/31/16
656
Pref
4D
Alexis Karafelis
$2,584.40
$5,050.00
1
06/30/16
982
Pref
5A
Rich, Micah
$3,500.00
$7,883.34
2
05/31/17
983
Pref
5B
Zhang, Hanyi
$3,708.00
$6,666.68
2
02/14/17
1,077
Pref
5C
Chen, Jiayi
$3,500.00
$7,883.34
1
06/14/17
656
Pref
5D
Miller, Emily
$2,650.00
$5,000.00
1
06/30/16
982
Pref
6A
Whitten, Stephanie
$2,850.00
$5,900.00
2
10/14/16
635
Pref
6B
Posch, Hannah
$2,958.00
$5,000.00
2
06/30/16
635
Pref
6C
Jewell, Neonu
$3,500.00
$6,666.68
1
03/31/17
637
Pref
6D
Sanghani, Mrinalini
$3,244.50
$5,050.00
1
08/31/16
649
Pref
7A
Haddad, Chanah
$2,700.00
$5,912.00
2
08/31/16
635
Pref
7B
VACANT
$3,850.00
$5,050.00
2
N/A
676
Proj
7C
Smith, William
$3,051.00
$5,050.00
1
07/14/16
637
Pref
7D
Crozier, Brice
$3,275.00
$5,000.00
1
07/14/16
661
Pref
Monthly Total
$91,925
$171,779
Annual Total
$1,103,105
$2,061,346
22,599
FINANCIALS 96 STEUBEN STREET: RENT ROLL NO
TENANT NAME
RENT/MO
LEGAL RENT
BDRM
LXP
SQFT
STAT
1A
Bee, Troy
$2,700.00
$5,912.50
1
05/31/18
431
Pref
1B
Draben, Lether
$2,856.00
$5,000.00
1
04/30/17
595
Pref
1C
Mccraw, Justin
$2,200.00
$3,333.34
Studio
06/30/16
1,079
Pref
2A
Crocker, Clayton
$3,120.00
$5,050.00
1
01/31/17
665
Pref
2B
Babajide, Akinloye
$2,704.00
$5,000.00
1
03/31/17
662
Pref
2C
Yan, Yiwen
$2,704.00
$5,000.00
1
12/31/16
596
Pref
2D
Falk, Jason
$2,626.00
$5,050.00
1
12/31/16
698
Pref
2E
Liu, Yachen
$3,150.00
$5,900.00
1
06/30/17
692
Pref
3A
Fang, Zihan
$3,100.00
$5,900.00
1
07/14/17
665
Pref
$5,900.00
3B
Stahl, Gabriel
$3,100.00
1
06/30/17
662
Pref
3C
Phongpetra, Nisha
$2,652.00
$5,050.00
1
11/30/16
596
Pref
3D
Malphurs, Gregory
$2,678.00
$5,050.00
1
11/30/16
698
Pref
3E
Wang, ZI
$2,700.00
$5,000.00
1
01/31/17
692
Pref
4A
Deng, Shu Qi
$3,302.00
$5,000.00
1
12/31/16
665
Pref
$5,900.00
4B
VACANT
$3,250.00
1
N/A
662
Proj
4C
Duarte Cabral, Marie
$2,750.00
$5,900.00
1
04/30/16
596
Pref
4D
Hart, Jennafer
$2,750.00
$5,900.00
1
06/30/17
698
Pref
4E
Kleemann, Katalin
$2,808.00
$5,050.00
1
10/14/16
692
Pref
5A
VACANT
$3,250.00
$5,000.00
1
N/A
665
Proj
5B
Decaneas, Alex
$3,150.00
$5,000.00
1
06/30/16
662
Pref
5C
Wang, Qing
$2,750.00
$5,250.00
1
11/14/16
596
Pref
5D
Bailly, Watson
$2,625.00
$5,000.00
1
03/31/17
698
Pref
5E
Gordon, Daniel
$2,550.00
$5,000.00
1
04/30/17
692
Pref
6A
Sandell, Amelia
$2,858.00
$5,000.00
1
05/31/16
665
Pref
6B
Ancor, Igor
$3,200.00
$5,900.00
1
07/31/17
662
Pref
6C
Amendolara, Damon
$2,754.00
$5,000.00
1
04/30/17
596
Pref
6D
Lutz, Charles
$2,850.00
$5,900.00
1
04/30/17
698
Pref
6E
Singh, Deep
$2,860.00
$5,000.00
1
05/31/17
692
Pref
7A
Lew, Mira
$3,900.00
$6,666.68
2
06/30/16
776
Pref
7B
Zhao, Yunhan
$2,750.00
$5,900.00
1
07/31/17
523
Pref
7C
Novodvorskiy, Yuriy
$2,700.00
$5,000.00
1
09/30/16
470
Pref
7D
Levari, Yaron
$2,654.00
$5,100.00
1
05/31/16
470
Pref
8A
Hogan, Michelle
$3,100.00
$5,900.00
1
04/30/16
537
Pref
8B
Mangan, Susan
$3,016.00
$5,050.00
2
11/30/16
1,131
Pref
8C
Sato, Chiaki
$3,394.13
$5,100.00
1
03/31/17
850
Pref
Monthly Total
$101,511
$185,662
Annual Total
$1,218,134
$2,227,950
23,427
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FINANCIALS 97 GRAND AVENUE & 96 STEUBEN STREET: PARKING NO
TENANT
RENT/MO
LXP
P1
Posch, Hannah N.
$200.00
07/01/14
P2
VACANT
$200.00
NA / Proj
P3 P4
VACANT
NA / Proj
VACANT
$200.00 $200.00
P5
VACANT
$200.00
NA / Proj
P6
Allen, Edward
$200.00
11/30/16
P7
Allen, Edward
$200.00
11/30/16
P8
Cannon, Lameke
$200.00
08/31/16
P9
VACANT
$200.00
NA / Proj NA / Proj
NA / Proj
VACANT
$200.00
P11
Jewell, Neonu
$200.00
03/31/17
P12
Babajide, Akinloye
$150.00
03/31/17
P13
Sandell, Amelia
$200.00
06/30/16
P14
VACANT
$200.00
NA / Proj 03/31/17
P10
Sato, Chiaki
$150.00
P16
VACANT
$200.00
NA / Proj
P17
VACANT
$200.00
NA / Proj
P18
Bailly, Watson
$150.00
03/31/17
P15
Draben, Lether
$150.00
P20
Inc, Zipcar
$275.00
04/30/17 MTM
P21
Inc, Zipcar
$275.00
MTM
P22
Inc, Zipcar
$275.00
MTM
P23
Inc, Zipcar
$275.00
MTM MTM
P19
Inc, Zipcar
$275.00
P25
Inc, Zipcar
$275.00
MTM
P26
Inc, Zipcar
$275.00
MTM
P27
Inc, Zipcar
$275.00
MTM
P28
P24
Inc, Zipcar
$275.00
MTM
P29
Inc, Zipcar
$275.00
MTM
P30
Inc, Zipcar
$275.00
MTM
P31
Inc, Zipcar
$275.00
MTM
Monthly Total
$6,900
Annual Total
$82,800
FINANCIALS ANNUAL INCOME & EXPENSE STATEMENT REVENUE
IN-PLACE
LEGAL
97 Grand Avenue
$1,103,105
$2,061,348
96 Steuben Street
$1,218,134
$2,227,944
$82,800
$82,800
$2,404,038
$4,372,092
Parking
Gross Income ESTIMATED EXPENSES
IN-PLACE
Real Estate Taxes (2016)
$29,805
Water & Sewer
$24,303
Payroll
$26,400
Gas
$4,860
Insurance
$46,830
Utilities
$42,648
Phone and Internet
$2,562
Management (3%)
$72,121
Repairs, Maintenance
$37,200
Misc
$16,544
Total Expenses
Net Operating Income
INCOME METRICS
$303,273
$2,100,766
RENT/SF/YEAR
RENT/UNIT/MONTH
97 Grand Avenue (27 Units)
$48.67
$3,396.67
96 Steuben Street (35 Units)
$51.98
$2,896.03
$50.43
$3,152.48
Average
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FINANCIALS PROPERTY TAX BENEFIT 421A EXEMPTION INFORMATION Address
97 Grand Avenue & 96 Steuben Street Brooklyn, NY 11205
Block/Lot
1893/04
Number of Buildings
2
Number of Stories
7 (Grand) / 8 (Steuben)
Lot Size
Est. 75’ x 200’ irr.
Current Tax Year
July 1, 2016 - June 30, 2017
Building Class
D1 – Elevator Apartment Building
Tax Class
2
Zoning
R7A
Market Assessed Value
$7,164,000
Assessed Value
$2,911,040
Land Assessed Value
$697,950
Benefit Name
Newly Constructed Multiple Dwelling (Code 5113)
Benefit Type
Completion
Amount
$2,679,686
Current Year
5 of 15
Start Date
July 1, 2012
End Date
June 30, 2027
Base Year Assessed Value
$231,354
MAPS AREA
Subject Property
MAPS AERIAL VIEW
Williamsburg Waterfront
Navy Yard Broadway Triangle
Metro Tech Subject Property
Barclays Center
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MAPS RETAIL
97 Grand Avenue
96 Steuben Street
MAPS NEW CONSTRUCTION: BIRD’S EYE VIEW 97 Grand Ave.
8) 163 Washington Ave. 7) 74 Grand Ave.
1) 105 Grand Ave.
2) 100 Steuben St. 96 Steuben St. 3) 536 Myrtle Ave.
4) 111 Steuben St.
5) 524 Myrtle Ave.
6) 531 Myrtle Ave.
New Construction Legend #
Address
Year Built
Details
1
105 Grand Ave.
2012
36 apartments, 30,000 SF
2
100 Steuben St.
Under Construction
41 apartments, 6 stories
3
536 Myrtle Ave.
2009
142,036 SF retail
4
111 Steuben St.
2008
48,000 SF mixed-use
5
524 Myrtle Ave.
Under Construction
92+ apartments plus 20,755 SF of retail
6
531 Myrtle Ave.
Under Construction
27 apartments, 33,000 SF, 5 stories
7
74 Grand Ave.
2007
62 apartments, 72,760 SF
8
163 Washington Ave.
2010
49 apartments, 49,417 SF mixed-use
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MAPS POINTS OF INTEREST: LEGEND
MAPS POINTS OF INTEREST: AREA MAP
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MAPS BUS
MAPS SUBWAY
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MAPS NEW CONSTRUCTION: AREA
533 Myrtle Ave.
97 Grand Ave.
111 Steuben St.
524 Myrtle Ave.
135 Emerson Pl.
112 Emerson Pl.
96 Steuben St.
180 Franklin Ave.
MAPS PLOT & ZONING
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PROPERTY PHOTOS 97 GRAND AVENUE: BIRD’S EYE VIEW
PROPERTY PHOTOS 96 STEUBEN STREET: BIRD’S EYE VIEW
| 36
PROPERTY PHOTOS ROOF COMMON AREA
PROPERTY PHOTOS ROOF COMMON AREA
| 38
PROPERTY PHOTOS ROOF VIEWS
PROPERTY PHOTOS PARKING
| 40
PROPERTY PHOTOS SPRINKLER AND WATER SYSTEM
PROPERTY PHOTOS ELECTRIC & GAS METER ROOMS
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RENDERINGS ARCHITECTURAL RENDERINGS
RENDERINGS ARCHITECTURAL RENDERINGS
96 Steuben Street: Layout
97 Grand Avenue: Layout
Flr
Stu
1Br
2Br
Total
Flr
1Br
2Br
3Br
Total
1st
1
2
NA
3
1st
1
1
1
3
2nd
5
NA
NA
5
2nd
2
2
NA
4
3rd
5
NA
NA
5
3rd
2
2
NA
4
4th
5
NA
NA
5
4th
2
2
NA
4
5th
5
NA
NA
5
5th
2
2
NA
4
6th
5
NA
NA
5
6th
2
2
NA
4
7th
3
1
NA
4
7th
2
2
NA
4
8th
3
NA
NA
3
Total
13
13
1
27
Total
32
3
NA
35
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ZONING R7A OVERVIEW
The contextual Quality Housing regulations, which are mandatory in R7A districts, typically produce high lot coverage, seven- and eight-story apartment buildings, blending with existing buildings in many established neighborhoods. R7A districts are mapped along Prospect Park South and Ocean Parkway in Brooklyn, Jackson Heights in Queens, and in Harlem and along the avenues in the East Village in Manhattan. The floor area ratio (FAR) in R7A districts is 4.0. Above abase height of 40 to 65 feet, the building must set back to a depth of 10 feet on a wide street and 15 feet on a narrow street before rising to a maximum height of 80 feet. In order to preserve the traditional streetscape, the street wall of a new building can be no closer to the street line, than any building within 150 feet on the same block, but need not be farther than 15 feet. Buildings must have interior amenities for the residents pursuant to the Quality Housing Program. Off-street parking is not allowed in front of a building. Parking is required for 50% of all dwelling units. *Note: Data taken from NYC Department of City Planning.
ZONING R7A OVERVIEW
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RELEVENT NEWS
RELEVENT NEWS
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THE CORBIN GROUP
Greg Corbin Executive Managing Director Direct (646) 424-5070 [email protected]
Miguel Jauregui Director Direct (212) 951-8402 [email protected]
Saadya Notik Senior Associate Direct (646) 424-5315 [email protected]
Aaron Kline Associate Direct (646) 472-8747 [email protected]
Fritz Richter Associate Direct (646) 424-5061 [email protected]
Carisa Cotera Team Administrator Direct (646) 604-7020 [email protected]
Besen & Associates 381 Park Avenue South, 15th Floor New York, NY 10016 Tel (212) 689-8488 | Fax (212) 689-9518 www.besengroup.com
