1203-1225 Jerome Avenue, Bronx NY

CONFIDENTIAL OFFERING MEMORADUM

1203-1225 Jerome Avenue Bronx, NY 10452

Retail Building / Development Site For Sale

ASKING PRICE: $3,950,000

For further information or inspection, please contact exclusive sales agents:Paul J. Massey Jr. CEO/Founding [email protected]

David R. SimoneFirst Vice President of [email protected]

Massey Knakal Realty Services275 Madison Avenue, Third Floor

New York, New York 10016T: 212-696-2500F: 212-696-0333

www.masseyknakal.com

CONFIDENTIALITY & CONDITIONS

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire an interest in 1203-1225 Jerome Avenue, Bronx NY 10452 ("The Property").

This Confidential Memorandum contains brief, selected information pertaining to the business and affairs of Owner, and has been prepared by Massey Knakal Realty Services, primarily from information supplied by Owner. Although this Confidential Memorandum has been reviewed by representatives of the Owner, it does not purport to be all-inclusive or to contain all of the information which a prospective purchaser may desire. Neither Owner, or Massey Knakal Realty Services, nor any of their officers, employees or agents make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Confidential Memorandum or any of its contents, and no legal liability is assumed or to be implied with respect thereto.

By acknowledgment of your receipt of the Confidential Memorandum, you agree that the memorandum and its contents are confidential, that you will hold and treat it in the strictest of confidence, that you will not directly or indirectly, disclose or permit anyone else to disclose this memorandum or its contents to any person, firm or entity without prior written authorization of Owner, and that you will not use, or permit to be used, this memorandum or its contents in any fashion or manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited.

Owner and Massey Knakal Realty Services expressly reserve the right, at their sole discretion, to reject any or all proposals or expressions or interest in the building, and to terminate discussions with any party at any time with or without notice.

If you do not wish to pursue negotiations leading to this acquisition, kindly return this confidential memorandum to Massey Knakal Realty Services.

This Confidential Memorandum shall not be deemed a representation of the state of affairs to the property or constitute an indication that there has been no change in the business of affairs or the property since the date of preparation of this memorandum.

1203-1225 Jerome Avenue, Bronx NY

I- EXECUTIVE SUMMARY

II- NEIGHBORHOOD DESCRIPTIONNeighborhood CharacterTransportation Information/MapsDemographic Data

III- PROPERTY SUMMARYProperty InformationTax Map

IV- DUE DILIGENCE Zoning InformationViolations

V- PROPERTY PHOTOGRAPHS

I- EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

IntroductionMassey Knakal Realty Services has been exclusively retained by ownership to handle the sale of 1203-1225 Jerome Avenue, Bronx NY 10452 (Block: 2506 Lot: 62), a retail building / development site located on the northwest corner of Jerome Avenue and Edward L Grand Highway.

Overview1203-1225 Jerome Avenue is a 25,375 SF site that lies within an C8-3* zoning district, which permits commercial and manufacturing facility development. The site currently consists of a funeral home building, 2 retail stores and 1 parking lot. * A small portion of the property is zoned R7-1/C2-4.

Development PotentialThe current zoning allows for a development potential of approximately 50,750 SF for commercial or manufacturing.

ConclusionThe availability of a development site of this size and location is an uncommon occurrence in today’s marketplace. All buildable square footage figures and potential uses should be independently checked and verified.

For additional information, please contact exclusive agents:

Paul J. Massey Jr. David R. SimoneCEO/Founding Partner First Vice President of Sales212-660-7711 212-660-7725

[email protected]@masseyknakal.com

ASKING PRICE: $3,950,000

II- NEIGHBORHOOD DESCRIPTION

NEIGHBORHOOD DESCRIPTION

Higbridge, BRONXHighbridge is a residential neighborhood geographically located in the north west Bronx, New York City. The neighborhood is part of Bronx Community Board 4. Its boundaries, starting from the north and moving clockwise are: the Cross-Bronx Expressway to the north, Jerome Avenue to the east, East 161st Street to the south, and the Harlem River to the west. Ogden Avenue is the primary thoroughfare through Highbridge. The local subway is the 4 line; operating along Jerome Avenue. Zip codes include 10452. The area is patrolled by the 44th Precinct located at 2 E 169th Street in Concourse.

The neighborhood takes its name from the High Bridge built in 1848 by Irish immigrants to carry Croton Aqueduct water across the Harlem River. Up until the late 1960's, the residents of Highbridge were predominately of Irish and Eastern European descent. They have since been replaced by large numbers of Hispanics and African Americans.

Highbridge is dominated by 5 and 6-story tenement buildings, older multi-unit homes, vacant lots, and newly constructed subsidized attached multi-unit townhouses and apartment buildings. A significant percentage of the original housing stock was structurally damaged by arson and eventually razed by the city. The total land area is roughly one square mile. The terrain is elevated and very hilly. Stair streets connect areas located at different elevations.

After a wave of arson ravaged the low income communities of New York City throughout the 1970s, many if not most residential structures in Highbridge were left seriously damaged or destroyed. The city began to rehabilitate many formally abandoned tenement style apartment buildings and designate them low income housing beginning in the late 1970s. Also many subsidized attached multi-unit townhouses and newly constructed apartment buildings have been or are being built on vacant lots across across the neighborhood.

Public Transportation: Bx11: to Simpson St. Station or George Washington Bridge Bus Terminal (via 170th St).Bx13: to George Washington Bridge Bus Terminal or Yankee Stadium-161st Street station (via Ogden Av). Bx35: to Simpson St. Station or George Washington Bridge Bus Terminal (via 167th St.).

NEIGHBORHOOD CHARACTER- Bronx Today

Starting in the mid-'80s, New York City started pouring some $500 million a year into affordable housing--more than the next 50 largest U.S. cities combined. Much of that money went into the South Bronx. Equally important, city officials used the money effectively, avoiding the terrible mistakes of old-style top-down "urban renewal." They provided both funding and expertise for the nonprofits and CDCs who have received most of the credit for the borough's revival.

The result is that the south Bronx today has returned as a vibrant community. It is different from the old South Bronx, with considerable lower population densities. Most new buildings are single family houses or two and three story multi-family units. Vacant land has been built upon and disused buildings have been refurbished. The resurrection of the South Bronx represents by far the most significant renewal of a derelict tract of urban land in the United States.

In 2004, Related acquired the Bronx Terminal Market lease from Strategic Development Concepts, Inc. and entered into a Memorandum of Understanding with the City of New York and the New York City Economic Development Corporation outlining the developmental responsibilities of the respective parties and calling for the redevelopment of the Bronx Terminal Market site along with the adjacent Bronx House of Detention. The newly constructed Gateway Center at Bronx Terminal Market will house approximately 1 million square feet of retail space consisting of four newly constructed multi-tiered buildings and on building to be restored due to its historical significance. Four of the buildings are slated to provide a mix of major retail and specialty shops. The fifth building is planned as a large, multi-level 2,600 space parking garage. The City of New York will also be constructing a waterfront park in connection with the project. By all accounts, the redevelopment of the Bronx Terminal Market should contribute to the resurgence of the Bronx and the revitalization of the immediate neighborhood. The Gateway Center at Bronx Terminal Market should be a powerful magnet that should encourage other businesses to invest and should also provide a modern, attractive, environmentally-friendly design that should beautify the area.

The Gateway Center at the Bronx Terminal Market will be situated in the heart of an area the Bloomberg Administration is committed to revitalizing with new jobs and new amenities. To the east of the project, Related is building The Hub Retail and Office Center, a $56.7 million mixed-use complex that will create about 230 construction jobs and 224 new permanent jobs. To the north, a new Yankee Stadium will bring a new waterfront park and esplanade along the Harlem River, and significant streetscape, traffic and infrastructure improvements. Also in Hunts Point, the Bloomberg Administration has worked closely with community leaders to create the Hunts Point Vision Plan, a comprehensive initiative designed to promote a sustainable and working community. In addition to committing more than $27 million in capital funds to carry out the Vision Plan’s initial goals, the City has already invested a total of $110 million at the new Fulton Fish Market at Hunts Point and the Hunts Point Produce Market.

The new Yankee Stadium will be served by the same station complex as the current stadium: 161st Street- Yankee Stadium of the New York City Subway. The stadium will also be served by multiple bus lines and have ferry service. A new Metro-North station serves commuters from Manhattan via Grand Central Terminal and 125th Street, from New York’s northern suburbs, and from Connecticut.

NEIGHBORHOOD MAP

1203-1225 Jerome Avenue

TRANSPORTATION MAP-SUBWAY


TRANSPORTATION MAP-BUS


DEMOGRAPHIC DATA

DEMOGRAPHIC DATA con’t

III- PROPERTY SUMMARY

PROPERTY SUMMARY

Location: The subject property is located on the northwest corner of Jerome Avenue and Edward L Grand Highway

Block/Lot: 2506/62

Zoning: C8-3*

Commercial F.A.R: 2.0

Community Facility F.A.R.: 6.5

Community Facility Buildable S.F.: 164,937.5 S.F. (Approx.)

Approximate Lot Size: 25,375 S.F. (Approx.)

Commercial Buildable S.F.: 50,750 S.F. (Approx.)

Assessment: $ 358,830 (09/10)

R.E. Taxes: $ 38,079 (09/10)

ASKING PRICE: $3,950,000Investment Highlights:The subject property is a 25,375 S.F. development site located on the northwest corner of Jerome Avenue and Edward L Grand Highway in the Bronx. The zoning for the property is C8-3*, which permits commercial and manufacturing development. The site allows for the construction of 50,750 S.F of commercial or manufacturing space. The site currently consists of a funeral home building, 2 retail stores and 1 parking lot. All Buildable square footage should be independently verified. * A small portion of the property is zoned R7-1/C2-4

*A small portion of the property is zoned R7-1/C2-4

TAX MAP

The subject property is located on the north west corner of Jerome Avenue and Edward L Grand Highway.

Address:1203-1225 Jerome Avenue Bronx, NY 10452

Block/Lot: 2506/62

IV- DUE DILIGENCE INFORMATION

DUE DILIGENCE

New York City’s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot (“floor to area ratio”); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between the building and the lot line; and the amount of parking required.

1203-1225 Jerome Avenue Bronx, NY 10452 is zoned C8-3; FAR: 2.0/2.0* A small portion of the property is zoned R7-1/C2-4


ZONING INFORMATIONExcerpt from the Department of City Planning

ZONING INFORMATION con’tExcerpt from the Department of City Planning

C8-3 Description

The C8-3 district allows commercial and community facility uses in Use Groups 4 through 14 and 16. The most prevalent uses in C8districts are automotive and heavy commercial uses such as auto repair and showrooms, warehouses, gas stations and car washes. Residential uses are not permitted. The maximum commercial FAR in C8-3 districts is 2.0. Community facilities are permitted an FAR of 6.5. There is no maximum building height, and the building envelope is regulated by the sky exposure plane. Off-street parking requirements vary with the use, but generally most uses require one accessory parking space per 1,000 square feet of commercial space.

ZONING INFORMATION con’tExcerpt from the Department of City Planning

DEPARTMENT OF BUILDINGS-1203-1225 Jerome Ave

Certificate of Occupancy

V- PROPERTY PHOTOGRAPHS

AERIAL PHOTOGRAPH


PROPERTY PHOTOGRAPHS con’t

ATTRACTIONS: Yankee Stadium

ATTRACTIONS: Gateway Center at Bronx Terminal Market

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