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FOR SALE: 427 River Avenue, Bronx, NY 10451
725,000 BSF DEVELOPMENT SITE MOTT HAVEN
PRICE: $120 M
There are approved plans, 421a is in place, and the site is located in an Opportunity Zone with Admission into Brownfield Cleanup Program (Up to $67.5M
Brownfield Tax Credit).
This is a 710 Luxury Apartment Units Multifamily Development, sitting on a 4.3 Acre Lot, Waterfront Location w/Exceptional Manhattan Views, with 724K BSF.
Buyer pays commission.
If interested, please ask me for 44 page package with photos.
FOR SALE: AVALON HOTEL NEW YORK CITY $68,999,000
We are pleased to present the exclusive offering for the sale of The Avalon Hotel – the former 100-key Avalon Hotel offering 65.5’ of frontage on East 32nd Street between Madison and 5th Avenues in the booming NoMad neighborhood of Manhattan. The 12-story, three-elevatored, 71,250 gross square foot
asset will be delivered 100% vacant - with no management or flag, thus offering investors a blank slate.
The average weighted room size is currently 400+ SF. Located in the forgiving C5-2 zoning district, options include continued use as a hotel or conversion to luxury office, residential, or student housing. Assuming office conversion where rents in the neighborhood regularly achieve $55 per rentable square
foot, the RSF will be roughly 85,500. Additionally, the site is ideal for users or large tenants looking to establish a flagship presence in one of New York City’s hottest neighborhoods.
NoMad has emerged as one of the trendiest locales in New York City. The transcending neighborhood was featured in the New York Times earlier this year, recognized for a revitalization that began in the early 2000’s centered around the neighborhood’s focal point – Madison Square Park. There are a multitude of factors contributing to the burgeoning allure of NoMad, culminating in the choice destination for cutting-edge companies, families, young professionals, and ultra-wealthy magnates.
Madison Square Park offers over 6-acres of serene open space featuring year-round entertainment that includes art exhibitions and concerts. Whole Foods recently announced that they will be opening a store at 63 Madison Avenue
(between East 27th & 28th Streets), just minutes from the property. Equinox announced they will be opening at 31 West 27th Street.
The side streets are lined with neighborhood institutions such as Blue Smoke and Scarpetta, while world-class restaurateurs have opened trendy new eateries including Kazunori, & Pizza, LamaLo, and Teisui. Already home to trendsetting hotels such as the Ace, the James, and the NoMad, at least four more ultra-luxury boutique hotels are currently under construction within a few blocks.
Office tenants have increasingly sought to relocate to the surrounding area, givenits proximity to Penn Station and Madison Square and Bryant Parks. Overall, the neighborhood has emerged as one of the few true live-work-play destinations in the city, attracting residents and employers alike as demand continues to outpace supply.
INVESTMENT HIGHLIGHTS
Tenant Influx: National tenants such as Whole Foods and Equinox as well as local boutiques are seeking to establish a footprint in the neighborhood.
Neighborhood Amenities: The streets
surrounding the offering are lined with boutique shops, restaurants, and cafes. Occupants of the building will enjoy convenient access to chic coffee shops such as Stumptown Coffee Roasters and a variety of Michelin star caliber dining
options.
PLEASE ASK FOR 32 PAGE PACKAGE IF INTERESTED.
FOR SALE: 412 HERKIMER ST, BROOKLYN, $28.5M
Area: Bedford-Stuyvesant (between Kingston Ave & Albany Ave)
NOI: $1,042,021 [Current] $1,318,778.38 [Pre-Covid]
Cap: 3.66% [Current] 4.62% [Pre-Covid]
Total Units: 40
Stories: 7
Built In: 2017
Building class: Elevator Apartment - Semi-fireproof without Stores (D1)
Building sqft: 37,825
Building dimensions: 49.67 ft x 145.58 ft
Lot sqft: 9,275
Lot dimensions: 50 ft x 185.5 ft
Stories: 7
Year built: 2017
Residential units: 40
Residential sqft: 37,825
Average residential unit size: 946
Zoning districts: R6A
412 Herkimer Street is an extremely stylish and modern new 2017 construction rental building. It features an elevator, laundry room, gym, game room, bike room, roof deck with sweeping views of Manhattan and located around the corner from the C train station at Kingston/Throop. The apartments have every modern amenity including stainless steel kitchen appliances, remote controlled HVAC units, sleek bathroom design and ample closet space.
Community Recreation Facilities | Package Room | Parking Available | Storage
Available | Virtual Doorman |
Roof Deck
Income & Expense
412 Herkimer II LLC ‐ 412 Herkimer Street Brooklyn, NY 11213
Operating Income & Expense
Income
Rent Income 1,461,597.00
Parking Income 24,000.00
Storage Income 14,880.00
Laundry Income 2,400.00
Total Operating Income 1,502,877.00
Expense
Electricity 24,000.00
Water & Sewer 15,000.00
Phone/Cable/Internet 3,800.00
Fire Alarm Monitoring 1,550.00
Property Tax 7,095.00 421‐a 15‐year abatement ‐ 2018‐2033
Insurance Expense 14,000.00
Elevator Maintenance 5,981.00
Repairs and Maintenance 20,000.00
Legal/Professional Fees 2,500.00
Management Fee 45,086.31 3%
Vacancy Factor 45,086.31 3%
Total Operating Expense 184,098.62
NOI ‐ Net Operating Income 1,318,778.38
FOR SALE: 598 UNITS THE LINCOLN, LINCOLN PARK, N.J. $16M
THE LINCOLN
16 Oliver St, Newark, NJ 07102
INVESTMENT OVERVIEW
We are pleased to present a tremendous development opportunity in Newark,
New Jersey's Lincoln Park redevelopment zone. Located on a .89 Acre parcel just blocks from downtown and Newark Penn Station, this proposed development is 22 stories, comprised of 19 floors of residential housing along with ground floor retail. Four and a half floors (one sub-level) of parking provide 300 spaces.
The information contained herein represents a vision of what a developer could build on this parcel. Designs from two architectural firms were utilized to present the layouts proposed in the package.
This property is also located in a qualified Opportunity Zone, providing an investor/developer with the added benefit of taking advantage of tax incentives. Currently, the lot is occupied by two buildings (5 commercial tenants) and a parking lot, each generating income for a new buyer while they pursue approvals.
The Lincoln Park redevelopment zone plan has approved this lot for taller office and mixed-use buildings with a minimum of three stories. There is no maximum to the number of stories permitted. The development zone primarily limits building
heights to 6 stories or less. This property sits in the Mulberry mixed use district, which is the only district that has no limitations on permitted height.
Newark, New Jersey's resurgence is not limited to the numerous commercial and residential developments in the downtown area. In fact, multi-million dollar investments are being made to improve the public transportation systems (Newark Penn tation/Newark Liberty Airport), public spaces (Mulberry commons/Riverwalk), and revitalize cultural structures (Symphony Hall
If interested please request package including photos.
20 units HARTFORD CONNECTICUT
Price: $1.5M
We are pleased to present the sale of the multi-family investment property located at 82 Gillett Street in Hartford, Connecticut (the “Property”). The Property is improved by a three-story, brick building and contains twenty (20), 1-Bedroom/1-Bathroom units with 16,550 square feet of living area on a 0.24-acre parcel. The Property features off-street parking and offers eight (8) covered
spaces. with a paved lot in the rear of the building and the exterior has been well-maintained.
The Property is well-located on a densely populated residential street in the Asylum Hill neighborhood of Hartford. The Property is 1-mile from downtown Hartford, and the location offers convenient access to Farmington Avenue and Albany Avenue (US Route 44), area highways, public transportation, numerous public schools, parks, retail, and entertainment amenities.
CONVENIENT LOCATION
The Property is well-located in Hartford’s Asylum Hill neighborhood. The location offers convenient access to Farmington Avenue and Albany Avenue (US Route 44), the area’s primary retail corridors, Interstate 84, Interstate 91, and US Route 6. Downtown Hartford and the Central Business District are 1 mile from the Property.
Public transportation along the municipal bus line is a short walk from the Property along Asylum and Farmington Avenues. Additionally, Hartford’s Union Station with service on Amtrak and the Hartford Line is 1 mile away.
Asylum Hill is a densely developed, residential neighborhood centered around Asylum and Farmington Avenues. The area is home to numerous public schools, parks, retail shops, and entertainment amenities for residents. Keney Park (Hartford’s largest park) and Pope Park are both 1-mile from the Property.
VALUE ADD POTENTIAL
With below-market rents, the opportunity exists to increase rents to market
rates and significantly increase the income of the Property. Six of the units
are on month-to-month leases, and four of the units are vacant, providing
the ability to increase income, as well as drive rental rates over the long-
term through improved management and programmatic upgrades to unrenovated unit interiors.
OFF-STREET PARKING
The Property offers ample off-street parking with eight (8) covered parking
spaces.
STRONG RENTAL DEMOGRAPHICS & DEMAND
An impressive 168,800+ people live within 3 miles of the Property with
an average household income of $95,188. Hartford is a renter-dominated
market with a homeownership rate of 23.8%, well below the national
average of 65.9%.
412 Herkimer Street, Brooklyn, NY 11213
Block & Lot: 1871-30
Area: Bedford-Stuyvesant (between Kingston Ave & Albany Ave)
Purchase Price: $28.5M
NOI: $1,042,021 [Current] $1,318,778.38 [Pre-Covid]
Cap: 3.66% [Current] 4.62% [Pre-Covid]
Total Units: 40
Stories: 7
Built In: 2017
Building class: Elevator Apartment - Semi-fireproof without Stores (D1)
Building sqft: 37,825
Building dimensions: 49.67 ft x 145.58 ft
Lot sqft: 9,275
Lot dimensions: 50 ft x 185.5 ft
Stories: 7
Year built: 2017
Residential units: 40
Residential sqft: 37,825
Average residential unit size: 946
Zoning districts: R6A
412 Herkimer Street is an extremely stylish and modern new 2017 construction rental building. It features an elevator, laundry room, gym, game room, bike room, roof deck with sweeping views of Manhattan and located around the corner from the C train station at Kingston/Throop. The apartments have every modern amenity including stainless steel kitchen appliances, remote controlled HVAC units, sleek bathroom design and ample closet space.
Community Recreation Facilities | Package Room | Parking Available | Storage Available | Virtual Doorman |Roof Deck
Income & Expense
412 Herkimer II LLC ‐ 412 Herkimer Street Brooklyn, NY 11213
Income
Rent Income 1,461,597.00
Parking Income 24,000.00
Storage Income 14,880.00
Laundry Income 2,400.00
Total Operating Income $1,502,877.00
Expenses:
Electricity 24,000.00
Water & Sewer 15,000.00
Phone/Cable/Internet 3,800.00
Fire Alarm Monitoring 1,550.00
Property Tax 7,095.00 421‐a 15‐year abatement ‐ 2018‐2033
Insurance Expense 14,000.00
Elevator Maintenance 5,981.00
Repairs and Maintenance 20,000.00
Legal/Professional Fees 2,500.00
Management Fee 45,086.31 3%
Vacancy Factor 45,086.31 3%
NOI ‐ Net Operating Income 1,318,778.38
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