760 DEKALB AVENUE BEDFORD-STUYVESANT, BROOKLYN, NY...B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 3...

760 DEKALB AVENUEBEDFORD-STUYVESANT, BROOKLYN, NY

B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 2

FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS

DJ JOHNSTONPartner, Senior Managing Director646 933 [email protected]

WILLIAM CHENGDirector646 933 [email protected]

MICHAEL MURPHYSenior Associate646 933 [email protected]

BEN RECHLERAssociate646 933 [email protected]

TABLE OF CONTENTS

I. EXECUTIVE SUMMARY 3

II. THE NEIGHBORHOOD 7

III. DUE DILIGENCE 10


133

• 42,500 SF Commercial Building with 220’ of wrap around frontage

on the corner of Tompkins Avenue and Dekalb Avenue, in the

neighborhood of Bedford-Stuyvesant, Brooklyn

• The building is 150’ x 62’ across 5 stories, offering light and air on 3

sides. A portion of the first floor has double height ceilings, perfect

for an auditorium, small gym, or common area.

• The building can be sub-divided, as there is a private entrance on

the corner, which would allow for a roughly 9,000 SF office that can

operate separately from the larger commercial space.

• The entire building was previously used as a school, with the

potential of 20 classrooms, 20 offices, a double height auditorium,

and a larger cafeteria. Preliminary plans and survey can be provided

upon request.

• The building was occupied as early as this year, but will be delivered

vacant, allowing for immediate occupancy, or to allow for a

renovation and/or reconfiguration of the existing structure.

• Alternative uses include medical facility, non-profit administration,

commercial offices, co-working, and student dormitory. The building

falls in a residential zoning but the existing buildings non-conforming

use is commercial.

• Multiple transportation options available, including the G Train, 3

blocks away on Nostrand Avenue, as well as the B38 and B43 Buses

located right outside the building.

EXECUTIVE SUMMARY

INVESTMENT HIGHLIGHTS TAX MAPDEKALB AVENUE

KOSCIUSZKO STREET

TO

MP

KIN

S A

VE

NU

EMA

RC

Y A

VE

NU

E

149.83’

67

’

ASKING PRICE:

$16,500,000 ($388 per SF)


EXECUTIVE SUMMARY


PROPERTY INFORMATION

STATION DISTANCE FROM PROPERTY TRAIN LINE STATION WALKING DISTANCE

G Myrtle-Willoughby Avenue 4 Blocks / 6 Minutes

G Bedford-Nostrand Avenue 4 Blocks / 8 Minutes

J Kosciuszko Street 6 Blocks / 17 Minutes

Travel times estimated by Google Maps

EXECUTIVE SUMMARY

Address 760 DeKalb Avenue, Bedford-Stuyvesant, Brooklyn, NY 11216

Location On the southwest corner of DeKalb and Tompkins Avenues.

Block & Lot 1780 / 133

Lot Size 149.83' x 67

Lot SF 10,039 sq. ft. (approx)

Building Size 149.83' x 62'

Building SF 42,500 sq. ft. (approx)

Zoning R6A

FAR 3.00

Available Air Rights (12,384) Overbuilt

Assessment ('19/'20) $1,013,983

R.E. Taxes ('19/'20) $106,843 Tax Class 4


EXECUTIVE SUMMARY


TRANSPORTATION

MYRTLE-WILLOUGHBY AVENUE4 Blocks / 6 Minutes

G

760 DEKALBAVENUE

BEDFORD-NOSTRAND AVENUE4 Blocks / 8 Minutes

G

KOSCIUSZKO STREET6 Blocks / 17 Minutes

J

The subject property is an 12 minute train ride from Manhattan and less than 20 minutes from Midtown via transfer.

760 DeKalb Avenue is conveniently located within close proximity of multiple

subway stations along G , J lines – 4 blocks to either Myrtle-Willoughby Avenue or Bedford-Nostrand Avenue stations, and 6 blocks to Kosciuszko Street station.

Multiple bus options are also available with the B15, B38, B43, B44, B46 and Q24, providing direct connections throughout Brooklyn and Queens that is conveniently located within close proximity to the property.

By car, there is easy access to Manhattan via the Manhattan Bridge, Williamsburg Bridge, and Brooklyn Bridge. The property is ideally situated in close proximity to the Brooklyn-Queens Expressway (Interstate 278), accessible within 1.4 miles of the property, connecting to most major thoroughfares in Brooklyn and Queens.

The three major metropolitan airports, John F. Kennedy (10 mi), LaGuardia (9.2 mi), and Newark (16.1 mi) are located in the immediate Metropolitan area.

MARCY AVENUE6 Minutes

J Z M

14 STREET - UNION SQUARE12 Minutes

4 5 6 L N Q R W

42nd STREET – GRAND CENTRAL21 Minutes

4 5 6 7 S

METRO NORTH

HOYT-SCHERMERHORN STREETS6 Minutes

A C G

34th STREET – HERALD SQUARE 17 Minutes

B D F M N Q R W

PATH

COURT SQUARE13 Minutes

E M G 7

DELANCEY - ESSEX STREETS14 Minutes

F M J Z

THE NEIGHBORHOOD

42nd ST - TIMES SQUARE19 Minutes

1 2 3 7 A C E N Q R W S

FULTON CENTER STATION12 Minutes

1 2 3 4 5 A C E J Z

JAY STREET - METRO TECH

7 Minutes

A C F R


Bedford Stuyvesant is known for its diverse culture, beautiful brownstones, historic buildings and tree-lined blocks. Throughout the neighborhood, you can also expect to find many new developments and conversion projects both completed and under construction. This blend of new and old has generated an influx of popular restaurants and nightlife that have families, younger individuals, and investors flocking to the area. Some notable establishments include the Michelin recommended Saraghina on Halsey Street as well as the Michelin recommended L’Antagoniste on Malcolm X Boulevard offer fantastic dining options, while the Casablanca Cocktail Lounge, on Malcolm X Boulevard, and Bar LunAtico, on Halsey Street, offer authentic, small music venues covering all music genres.

Bedford-Stuyvesant’s proximity to transportation, exciting cultural elements, new beautiful living spaces and exciting, wide-ranging nightlife possibilities makes Bedford-Stuyvesant one of New York City’s most unique & exciting neighborhoods.

Proximity to transportation, the neighborhoods character, new development in the area, and exciting new retail popping up throughout the neighborhood are just a few of the factors drawing investors and residents to Bedford-Stuyvesant.

THE FOUNDINGOriginally settled by freed slaves who were among the first to purchase land for homes, Bedford-Stuyvesant is an area where Brooklynites have effectively negotiated the difficult balance between protecting meaningful historic places and developing and reshaping public resources.

Over the years, many of Bedford-Stuyvesant’s residents have transplanted their own cultures and experiences to the historically rich community, although it was occupied by British troops after the Revolutionary War’s Battle of Brooklyn. Innovations in transportation accelerated a growth in population. In 1836 the Brooklyn and Jamaica Railroad traversed Atlantic Street, which is now Atlantic Avenue. By 1873 the population had reached 14,000 and included Irish, German, Scottish, Dutch American, and African-American residents.

GROWTH YEARSBedford-Stuyvesant became more accessible from Manhattan upon completion of the Brooklyn Bridge (1883) and the elevated railroad (1885). The grandeur of the area around Bedford Corners and its thoroughfare, Stuyvesant Avenue, lured middle- and upper-class residents, notably F.W. Woolworth of the five-and-ten-cent stores and Abraham Abraham of Abraham & Straus. By 1920 the population had reached 45,000, and during the next decade the numbers of residents in the area rose dramatically, with an especially large increase after the subway reached the area in 1936.

New immigrants poured into the neighborhood from Europe, the southern US, and the Caribbean. (Novelist and essayist Paule Marshall often includes descriptions of her family’s Caribbean American lifestyle and the brownstones of Bed-Stuy in her writing.) Around this time many began referring to Bedford and Stuyvesant Heights by their current, combined name.

In 1950 Bedford-Stuyvesant had a peak population of 250,00. The population declined progressively, by 46.7% overall, between 1950 and 1980 to reach a low of 133,377. Since then, it has steadily increased to its current level of about 144,000. Increases have been notable in the northeast quadrant, along Broadway, and along the southern side of Lafayette Ave.

BEDFORD STUYVESANT

THE NEIGHBORHOOD


THE NEIGHBORHOOD

RETAIL MAP

RESTAURANTS & BARS

1 Project Parlor

2 Samurai Papa

3 Marcy & Myrtle

4 Sally’s

5 KLEINBERG'S

6 BKLYN Blend

7 Rocco Pizza

8 New Hardee

9 Burly Coffee

10 Mary's Coffee Shop

CULTURE & ENTERTAINMENT

1 Bedford-Stuyvesant YMCA

2 Crazy Legs Skate Club

3 Kosciuszko Pool

4 Tompkins Park Senior Center

5 Herbert Von King Park

6 CrossFit Outbreak Bed Stuy

7 Brooklyn Stuy Dome Powered by Game Over

8 Pulaski Playground

9 Jesse Owens Playground

10 GYM X Boxing

LIFESTYLE

1 The Home Depot

2 Family Dollar

3 Duane Reade

4 Key Food Supermarkets

5 M&D Mini Market

6 Lincoln Market

7 Natural Mini Market

8 Greene Organic Deli Corp

9 Family Dollar

10 Associated Supermarkets 760 DEKALBAVENUE


R6A is a contextual district where the Quality Housing bulk regulations are mandatory. These regulations produce high lot coverage, six- to eight-story apartment buildings set at or near the street line. Designed to be compatible with older buildings found in medium-density neighborhoods, R6A districts are mapped in the Bronx, Brooklyn and Queens. Parts of Kingsbridge in the Bronx and Williamsburg in Brooklyn are typical R6A areas.

The floor area ratio (FAR) in R6A districts is 3.0. Above a minimum base height of 40 feet, the building must set back by at least 10 feet on a wide street and 15 feet on a narrow street before rising to its maximum height of 70 feet, or 75 feet if providing a qualifying ground floor. To preserve the traditional streetscape, the street wall of a new building can be no closer to the street line than any adjacent street wall , but need not be farther than 10 feet. The area between a building’s street wall and the street line must be planted. R6A buildings must have interior amenities for the residents pursuant to the Quality Housing Program.

Higher maximum FAR and heights are available for buildings participating in the Inclusionary Housing Program or that provide certain senior facilities.

Off-street parking is generally required for 50 percent of a building’s dwelling units, but requirements are lower for income-restricted housing units (IRHU) and are further modified in certain areas, such as within the Transit Zone and the Manhattan Core, or for lots less than 10,000 square feet. Parking can be waived if five or fewer spaces are required. Off-street parking is not allowed in front of a building.

Source: The Department of City Planning website. www1.nyc.gov. January 2018.

ZONING R6A

DUE DILIGENCE

Williamsburg, Brooklyn

Jamaica, Queens

Basic Quality Housing envelope

Mandatory Inclusionary Housing envelope

New construction under R6A regulations

New MIH construction under R6A regulations

Medium Density Contextual Residence District

R6ALot

AreaLot

WidthRear Yard

Lot Coverage FAR Base Height

Building Height

# of Stories

DU Factor

Required Parking

Corner Other Lot Basic IRHUmin. min. min. max. max. min.–max. (w/QGF) max. (w/QGF) max. (w/QGF) min.

Basic1,700 sf 18 ft 30 ft 100% 65%

3.00 40–60 (65) ft 70 (75) ft n/a (7)680

50% of DU

25% of IRHUMandatory Inclusionary

Housing3.60 40–65 ft 80 (85) ft 8

96

R6A contextual districts, created in 1987, are medium density districts designed to produce Quality Housing buildings that are seven or eight stories tall. Several bulk regulations, including high lot coverage allowances, street wall location rules and maximum base height rules ensure the construction of buildings that either maintain or establish a scale similar to older buildings in medium density neighborhoods. �ese districts are o�en, but not exclusively, mapped along wide streets. R6A Districts can be found in Spuyten Duyvil, Williamsbridge and Belmont, �e Bronx; Williamsburg, Bedford-Stuyvesant, and Crown Heights, Brooklyn; around Sugar Hill, Manhattan; and in Jamaica, Queens.

R6A

Williamsburg, Brooklyn

Jamaica, Queens

Basic Quality Housing envelope

Mandatory Inclusionary Housing envelope

New construction under R6A regulations

New MIH construction under R6A regulations

Medium Density Contextual Residence District

R6ALot

AreaLot

WidthRear Yard

Lot Coverage FAR Base Height

Building Height

# of Stories

DU Factor

Required Parking

Corner Other Lot Basic IRHUmin. min. min. max. max. min.–max. (w/QGF) max. (w/QGF) max. (w/QGF) min.

Basic1,700 sf 18 ft 30 ft 100% 65%

3.00 40–60 (65) ft 70 (75) ft n/a (7)680

50% of DU

25% of IRHUMandatory Inclusionary

Housing3.60 40–65 ft 80 (85) ft 8

96

R6A contextual districts, created in 1987, are medium density districts designed to produce Quality Housing buildings that are seven or eight stories tall. Several bulk regulations, including high lot coverage allowances, street wall location rules and maximum base height rules ensure the construction of buildings that either maintain or establish a scale similar to older buildings in medium density neighborhoods. �ese districts are o�en, but not exclusively, mapped along wide streets. R6A Districts can be found in Spuyten Duyvil, Williamsbridge and Belmont, �e Bronx; Williamsburg, Bedford-Stuyvesant, and Crown Heights, Brooklyn; around Sugar Hill, Manhattan; and in Jamaica, Queens.

R6A


TAX BILL - 760 DEKALB AVENUE

Statement Details

Did your mailing address change?If so, please visit us at nyc.gov/changemailingaddress or call 311.

When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronicfund transfer from your account or to process the payment as a check transaction.

Home banking payment instructions:

1. Log into your bank or online bill pay website.2. Add the new payee: NYC DOF Property Tax. Enter your account number, which is your boro,

block and lot, as it appears here: 3-01780-0133 . You may also need to enter the address for theDepartment of Finance. The address is P.O. Box 680, Newark NJ 07101-0680.

3. Schedule your online payment using your checking or savings account.

November 16, 2019Har Nevo II LLC760 Dekalb Ave.

3-01780-0133Page 2

Billing Summary Activity Date Due Date AmountOutstanding charges including interest and payments $0.00Finance-Property Tax 01/01/2020 $53,305.10

Adopted Tax Rate $233.20Total amount due $53,538.30

How We Calculated Your Property Tax For July 1, 2019 Through June 30, 2020

OverallTax class 4 - Commercial Or Industrial Tax Rate Original tax rate billed 10.5140% New Tax rate 10.5370%Estimated Market Value $3,557,000

TaxesBillable Assessed Value $1,013,983Taxable Value $1,013,983 x 10.5370%Tax Before Abatements and STAR $106,843.40 $106,843.40Annual property tax $106,843.40

Original property tax billed in June 2019 $106,610.20Change In Property Tax Bill Based On New Tax Rate $233.20

If you own income producing property, you must file a Real Property Income and Expense Statement or a Claim ofExclusion unless you are exempt by law. The deadline to file is June 3, 2020. Failure to file will result in penalties andinterest, which will become a lien on your property if they go unpaid. To see if you are exempt from this requirement andto learn more, please visit nyc.gov/rpie.

DUE DILIGENCE


SURVEY

DUE DILIGENCE

TOMPKINS AVENUE

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TREE

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25'49.8

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149.8

3'

100.00'80.00' 20.00' 0

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67.00'33.00'

67.00'149.8

3'

108.00'

0.1

7'

0.1

7'

20.00' 100.00'80.00'

20.00'0.1

7'

0.1

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Ramzan Alli License No. 050457

77-15 164 Street, Fresh Meadows, NY 11366Tel: 718-591-6600 Tel: 212-732-1575

[email protected] Fax: 631-930-3292www.nylandsurveyor.com

Tax Block: 1780Tax Lots: 33 & 133

Records of: Earl B. Lovell - S.P. Belcher Inc.

200.00'

TOMPKINS AVENUE

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TREE

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25'49.8

3'

100.0

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175.00'

149.8

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149.8

3'

100.00'80.00' 20.00' 0

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67.00'

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20.00' 100.00'80.00'

20.00'0.1

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0.1

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200.00'

TOMPKINS AVENUE

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25'49.8

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149.8

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67.00'33.00'

67.00'

14

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20.00' 100.00'80.00'

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200.00'

TOMPKINS AVENUE

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200.00'


PROPOSED PLANS - FIRST FLOOR

DUE DILIGENCE

For more detail plans, please visit our Data Room link provided on page 14.


PROPOSED PLANS - THIRD FLOOR

DUE DILIGENCE

For more detail plans, please visit our Data Room link provided on page 14.


DUE DILIGENCE

DATA ROOM

DU

EDILIGEN

CE

REVIEW

https://b6realestateadvisors-my.sharepoint.com/personal/wcheng_b6realestate_com/_layouts/15/onedrive.aspx?id=%2Fpersonal%2Fwcheng%5Fb6realestate%5Fcom%2FDocuments%2FData%20Room%2F760%20DeKalb%20Avenue&originalPath=aHR0cHM6Ly9iNnJlYWxlc3RhdGVhZHZpc29ycy1teS5zaGFyZXBvaW50LmNvbS86ZjovZy9wZXJzb25hbC93Y2hlbmdfYjZyZWFsZXN0YXRlX2NvbS9FcmRBTUs4d2F3TkJpdFlWcFdZX0k0d0IySlRrbjZrTkVDQWhFa0x6VG93d2V3P3J0aW1lPWFUcW40SFhTMTBn


The information contained in this offering memorandum (“Offering Memorandum”) is proprietary and strictly confidential. This Offering Memorandum was prepared by and is the property of B6 Real Estate Advisors LLC (“B6”) and has been reviewed by the owner (the “Owner”) of the Property. It is furnished solely for the purpose of review by a prospective purchaser of the Property and is not to be used for any other purposes or made available to any person without the express written consent of the Owner or B6. By accepting this Offering Memorandum, the party in possession hereof agrees to return it to B6 immediately upon request of B6 or Owner. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of B6 and Owner. Each prospective purchaser and/or broker proceeds at his, her or its own risk.

You have the obligation to keep this Offering Memorandum, and any various papers, documents, legal instruments, studies, leases, brochures, computer output, and other materials concerning the Property (all of the aforementioned information is collectively referred to as “Evaluation Material”) confidential. Certain Evaluation Materials, including any leases, are described in summary form. The summaries do not purport to be complete nor accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents.

The information in this Offering Memorandum has been compiled from sources deemed to be reliable and does not purport to be all-inclusive or to contain all of the information which a prospective purchaser may desire. Neither B6 nor the Owner makes any representation or warranty whatsoever regarding the accuracy, veracity, or completeness of the information provided herein and each of Owner and B6 (and their agents, advisors and representatives) expressly disclaim any and all liability for representations or warranties, express or implied, contained in this Offering Memorandum or the Evaluation Material or for omissions therefrom. Financial projections and information contained herein and in any Evaluation Material, shall not be relied upon, are provided for general reference purposes only, and are based on assumptions relating to (and subject to) the general economy, market conditions, competition, and other factors beyond control and, therefore, are subject to material change, volatility or variation. A prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property. This includes legal, tax, environmental, engineering and other as deemed necessary relative to a purchase of the Property. This Offering Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. This Offering Memorandum does not constitute an offer of securities.

The Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party, at any time, with or without written notice. The Owner and B6 reserve the right to negotiate with one or more prospective purchasers at any time. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by B6. Only a fully-executed real estate purchase agreement, approved by the Owner, and executed and delivered to Owner and a prospective purchaser shall bind the property. In no event shall a prospective purchaser have any claims against the Owner or B6 or any of their affiliates, officers, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

The terms and conditions set forth above apply to this Offering Memorandum in its entirety.

CONFIDENTIALITY & CONDITIONS

FOR MORE INFORMATION, PLEASE CONTACT ONE THE FOLLOWING INDIVIDUALS

DJ JOHNSTONPartner, Senior Managing Director646 933 [email protected]

WILLIAM CHENGDirector646 933 [email protected]

MICHAEL MURPHYSenior Associate646 933 [email protected]

BEN RECHLERAssociate646 933 [email protected]

FOR FINANCING INFORMATION, PLEASE CONTACT ONE THE FOLLOWING INDIVIDUALS

STEVEN SPERANDIOPartner, Senior Managing Director646 933 [email protected]

DYLAN KANEManaging Director646 933 [email protected]

PETER CABRERAAssociate646 933 [email protected]

SAMUEL WHITNEYAssociate646 933 [email protected]

B6 REAL ESTATE ADVISORS1040 Avenue of the Americas, 8th FloorNew York, NY 10018B6REALESTATEADVISORS.COM

760 DEKALB AVENUE BEDFORD-STUYVESANT, BROOKLYN, NY...B6 REAL ESTATE ADVISORS | 760 DEKALB AVENUE 3...

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