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100% Master Leased 5 Brand Newly Built Building Portfolio 93 Units with 85 Apartments + 8 Offices 64,693 Square Feet
LichtensteinRE800-242-9888
596 East 170th StreetBuilt in 2014
20 Apartments + *13,080 Square Feet
2132 Mapes AvenueBuilt in 2013
10 Apartments8,779 Square Feet
2131 Mapes AvenueBuilt in 2019
22 Apartments + *16,512 Square Feet
1232 Fulton AvenueBuilt in 2015
8 Apartments6,838 Square Feet
1982 Belmont AvenueBuilt in 2019
25 Apartments + *19,484 Square Feet
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LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
LichtensteinRE is Proud to Introduce its Newest Exclusive 5 Building 93 Unit- Portfolio For Sale:85 Apartments and 8 Community Facility Offices Total64,693 Total Square Feet 1. 2132 Mapes Avenue Bronx, New York 104602. 2131 Mapes Avenue Bronx, New York 104603. 596 East 170th Street, Bronx, New York 104564. 1232 Fulton Avenue, Bronx, New York 104565. 1982 Belmont Avenue, Bronx, New York 10457
• 2 Elevator Buildings and 3 Walkup Buildings.• 2 Buildings are across the street from one another, making
management easier. The other 3 are very close to each other.• Every Apartment “Condominium Ready” & “AirBNB Ready” should fu-
ture mayoral administration legalize this use, as it is legal in other cities. • Every Building Newly Constructed 2019, 2018, 2015, 2014 and 2013.• NET LEASED NIRVANA Each building is virtually net leased for relaxed
passive ownership.• Phenomenally High Cap Rate, compared with others we have sold.
Properties Introduction
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a n a l y s i sFINANCIAL ANALYSIS
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FOR SALE: ASeller will Accept all Cash: $32,762,0807.00% Cap Rate Proforma Cap Rate: 7.5% 12% = Projected Proforma Future Cash On Cash ROI (Before CC&MCI)
9.91%True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Depreciation Tax Deduction Benefits 10.37%
14.47% Immediate Proforma Cash on Cash ROI 11.81% 16% = Projected Proforma Future Cash On Cash ROI (Before CC&MCI)
18.72%True Initial Cash On Cash Return on Equity Investment Net Income PLUS Principal Reduction 16.06% 20%
= Projected Proforma
28.42%
True Initial Cash On Cash Return on Equity Investment Net Income PLUS Principal Reduction PLUS Depreciation Tax Deduction Benefits 25.76%
13.32 = GRM Gross Income Multiplier Proforma GRM: 12.55 x RR$506 = Price Per Square Foot
$385,436 = Price Per UnitSubject Property Addresses Being Sold, Locations and Descriptions
Property Address:596 East 170th Street
1232 Fulton Avenue
2131 Mapes Avenue
2132 Mapes Avenue 1982 Belmont Avenue
City, State, Zipcode: Bronx, NY 10456 Bronx, NY 10456 Bronx, NY 10460 Bronx, NY 10460 Bronx, NY 10457Block & Lot # Block: 2931 Lot: 52 Block: 2612 Lot: 03 Block: 3110 Lot: 88 Block: 3111 Lot: 39 Block: 3079 Lot: 54DESCRIPTION:
7% CAP RATE “NET LEASED ” NEWLY BUILT 5 BRONX BUILDINGS with 85 APARTMENTS PLUS 8 OFFICES, RECREATIONAL &/OR COMMUNITY FACILITY
This Five Building Portfolio consists of Three 4 Story Walkup Residential Buildings and Two 7 Story Newly Built Elevator Buildings with a Total of 85 Apartments, Community Facility, Recreational Rooms and 30+/- parking spaces and are located in the Morrisania and Belmont Sections of the Bronx. These Properties are Net Leased to 1 Single Entity. 1232 Fulton Avenue has 8 Apartments, East 170th Street has 20 Apartments plus Recreational, Office & Community Facility. 2132 Mapes Avenue has 10 Residential Apartments plus 2 Recreational Office spaces. 2131 Mapes Avenue- a 7 Story Elevator Building has 22 Residential Apartments, a Large 600+/- square foot Recreational room and a 300+/- square foot Community Facility and 1982 Belmont Avenue, also a a 7 Story Elevator Building has 25 Residential Apartments, a Large 800+/- square foot Recreational room and a 660+/- square foot Community Facility. 2132 Mapes Avenue has a 421A Tax Abatement expiring in 2028. 2131 Mapes Avenue and 1982 Belmont Avenue are Brand New 2019 construction. All Properties will have a 30 year lease term with 3% Increases every 3 years, expiring in 2049. Total Existing Square footage for all 5 Buildings is 64,693 Square Foot with Maximum Potential Buildable Usable Floor Area Square Feet including buildable FAR Air Rights of 74,742 Square Feet.
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Property and Land Lot Size, Square Footage, Zoning, etc. 596 East 170th Street 1232 Fulton Avenue 2131 Mapes Avenue 2132 Mapes Avenue 1982 Belmont Avenue
Year Built: 2014 2015 2019 2013 2019Zoning District: R5A R6 R7-1 R7-1 R2
E-Designation: None Historic District: None Landmark: None
Building Class:(C1) Over Six Families Without Stores
(C1) Over Six Families Without Stores
(C1) Over Six Families Without Stores
(C1) Over Six Families Without Stores
(D7) Elevator Apartment - Semi-Fireproof with Stores
Width Building Built: 56 27 33 33 50
Depth Building Built: 75 64 72 66 68
Square Footage of Building's Base Dimensions: 4,200 1,728 2,376 2,178 3,400Width Frontage Lot Land: 56.81 27 33.04 33.04 50
Depth Deep Lot Land: 119.25 99 145.27 145.18 109.42
Square Footage of Land's Lot Size: 6,775 2,673 4,800 4,797 5,375 19,044Maximum Potential Buildable Usable Rentable Floor Area Square Feet including buildable FAR Air Rights 74,742 16,830 6,408 16,512 16,502 18,490 74,742UNUSED BUILDABLE ADDITIONAL SQUARE FOOTAGE (Or SF Over FAR) 10,049 3,750 -430 0 7,723 -994 11,043Projected Additional Units If Buyer Adds Unused FAR after Closing Assuming Each Unit is 750 SF 5 -1 0 10 -1 15TOTAL EXISTING USABLE BUILDING SQUARE FOOTAGE NOW: 64,693 13,080 6,838 16,512 8,779 19,484 64,693Office/Recreational/Community Facility 8 3 0 2 1 2 8 30 Car Parking Spaces Total 30 10 0 8 0 12 30Layout of Apartment Units and Estimated Comparable Rentals of Different Unit Sizes:
# of Each APARTMENT LAYOUTS:Market Value Each Apartment Layout Comparable Quality Rental Apartments Rooms Baths 596 East 170th Street 1232 Fulton Avenue 2131 Mapes Avenue 2132 Mapes Avenue 1982 Belmont Avenue Total # of Rooms
24 Studio 1 Bathroom 2.0 1.00 6.00 1.00 11.00 2.00 4.00 4832 1 Bedroom 1 Bathroom 3.0 1.00 9.00 1.00 9.00 2.00 11.00 9629 2 Bedroom 1 Bathroom 4.0 1.00 5.00 6.00 2.00 6.00 10.00 11685 TOTAL Apartments On Owner's Rent Roll Listed As Rented With # of Rooms 20.00 8.00 22.00 10.00 25.00 260260 TOTAL NUMBER OF ROOMS 59.00 29.00 57.00 34.00 81.00 260.00
Layout Summary: (24 Studios), (32/1 Bedrooms), (29/2 Bedrooms)0 # of Rent Controlled Apartments 0% % of Total
20 # of Rent Stabilized Apartments* 24% % of Total E170th Per DHCR, No registration on file for 1232 Fulton Ave.0 # of Free Market Rent Decontrolled Destabilized Apartments 0% % of Total
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Financial Overview A B C
Income: (to be delivered at closing)Tenants # of Units
PROJECTED TOTAL AT CLOSING
YEAR 2 PROJECTED COMBINED
Six Year Future Projected Gross Annual Income As Per
Lease AgreementsRESIDENTIAL INCOME: 596 East 170th Street 1232 Fulton Avenue 2131 Mapes Avenue 2132 Mapes Avenue 1982 Belmont Avenue COMBINED
85 TOTAL NUMBER OF APARTMENTS 20 8 22 10 25 85 85
85 TOTAL NUMBER OF APARTMENTS Occupied Apartments at Closin 100%Occupancy Rate 20 8 22 10 25 85 85 85
INCOME PROJECTED AT CLOSING: Occupied Apartments 85 $600,000 $240,000 $540,000 $300,000 $780,000 $2,460,000 $2,460,000 $2,609,814
Average Rent Per Month Per Apartment: Estimated $2,500 $2,500 $2,045 $2,500 $2,600 $2,412 $2,412 $2,559Residential Rent Per Square Foot Per Year Total Residential Square Footage: 64,693 $45.87 $35.10 $32.70 $34.17 $40.03 $38.03 $38.03 $40.34
Square Feet
Residential Vacancy & Collection Allowance: 0% $0 $0 $0 $0 $0 $0 $0 $0
EGI EFFECTIVE GROSS INCOME (EGI) After Vacancy & Collection Allowance: $600,000 $240,000 $540,000 $300,000 $780,000 $2,460,000 $2,460,000 $2,609,814EXPENSES: (Estimated Ordinary Operating Expenses) 596 E 170th Street 1232 Fulton Avenue 2131 Mapes Avenue* 2132 Mapes Avenue 1982 Belmont Avenue COMBINEDNYC Tax Class 2 Tax Rate: 2019 12.6120% 12.6120% 12.6120% 12.6120% 12.6120% 12.6120% 12.6120% 12.6120%
2019 Real Estate Taxes: Before Abatements & Exemptions $48,081 $35,772 $5,280 $52,405 $5,551 $147,089 $147,089 $147,089*NYC R.E. Taxable Assessment Valuation 2019 $381,233 $283,637 $41,861 $415,515 $44,010 $1,166,256
NYC Water Sewer Account Number:
NO MORE TAX ABATEMENT (solely for the
construction timeframe) THIS WAS ABANDONED
AND NO LONGER AVAILABLE:
Real Estate Taxes have not changed in years before construction and same now after development, PAST 5 YEARS with
Special Initiatives Program (SIP $-35,772) Taxes =$0. It is suggested
that Buyer buy the LLC
NYCDOF shows 2018-2019 Assessed Value of $41,861 with taxes of only $5,280 BUT THIS
WILL CHANGE AFTER NEW ASSESSED VALUE. Consult tax
certiorari.
421 TAX ABATEMENT Expiring in 2028.
2019 421-A Abatement of $43,638 so taxes paid now is
$8,767.
Buyer must perform its own due diligence with regard to the real estate taxes.
Expenses: (As Per Seller) -$43,638* Real Estate Taxes: $48,081 $0 $65,000 $8,767 $5,551 $127,398 $127,398 $127,398Water & Sewer: Per Seller Paid by Ownership Entity $24,000 $5,000 $0 $6,000 $35,000 $35,000 $35,000Water & Sewer:Per Seller (Tenant Reimburses Landlord*) -$24,000 -$5,000 $0 -$6,000 ($35,000) ($35,000) ($35,000)Insurance: $39,300 as per Seller, but Jacob Klein Insurance Associates can offer these insurance premiums combined for $25,000+- $9,831 $3,567 $10,858 $5,000 $10,000 $39,256 $39,256 $39,256Heating Fuel: Master Tenant Pays. $0 $0 $0 $0 $0 $0 $0 $0Utilities: Electricity: Master Tenant Pays Others $0 $0 $0 $0 $0 $0 $0 $0Labor Payroll: Master Tenant Pays $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0Management Fee (Estimate For New Buyer) Master Tenant Pays 0% $0 $0 $0 $0 $0 $0 $0 $0TOTAL ORDINARY OPERATING EXPENSES: (Estimated) $57,912 $3,567 $75,858 $13,767 $15,551 $166,654 $166,654 $166,654Expenses Per Unit Per Year ($1,961) ($1,961) ($1,961)Expenses Per Square Foot Per Year $2.58 $2.58 $2.58Expenses As Percentage of EGI 7% 7% 6%
NOI BDS: $542,088 $236,433 $464,142 $286,233 $764,449 $2,293,346 $2,293,346 $2,443,160
Repair & Maintenance: Master Tenant Pays majority. Landlord pays roof, structure, infrastructure plumbing, electric, servicing on demand heating units but these are brand new buildings.
NET INCOME Before Debt Service Annually: NOI BDS (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.)
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A) PRICING METRICS 596 East 170th Street 1232 Fulton Avenue 2131 Mapes Avenue 2132 Mapes Avenue 1982 Belmont Avenue PROJECTED TOTAL AT CLOSING YEAR 2 PROJECTED COMBINEDSix Year Future Projected
Gross Annual Income
PRICE Seller will Accept All Cash $7,744,113 $3,377,614 $6,630,600 $4,089,046 $10,920,707 $32,762,080 $32,762,080 $32,762,080
A) 7.00% 7.0% 7.5%GRM = Gross Rent Multiplier 13.32 13.32 12.55Price Per Unit $385,436 $385,436 $385,436Price Per Square Foot $506 $506 $506
B) B) True Value To Efficient Hands On Self Managed Buyers, but All Lenders, Appraisers will not value it based on the following:
NOI BDS: $542,088 $236,433 $464,142 $286,233 $764,449 $2,293,346 $2,293,346 $2,443,160B) Add Back Vacancy, Collection, TILC, Replacement Reserves & Management Fee $0 $0 $0
B) NET INCOME CURRENT PROJECTED (Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.) $2,293,346 $2,293,346 $2,443,1607.00% 7.00% 7.46%
$953,079 $953,079 $953,079$3,246,424 $3,246,424 $3,396,238
B2) ROE w/Deprec: 9.91% 9.91% 10.37%
Depreciation Annual Tax Deduction Benefit As An Add Back to Determine Total Return Benefits Straight Line 27.5 Years After Deducting 20% of Purchase Price For Land Value
Total Initial Return NOIADS Plus Depreciation Tax Deductions
True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Depreciation Tax Deduction Benefits: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error)
A) Cap Rate: (All Cash Purchase Cash On Cash Return On Investment Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.)
NET INCOME Before Debt Service Annually: NOI BDS (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.)
B) Cap Rate All Cash Purchase; Cash On Cash Return On Investment (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.)
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C1) PROJECTED POSSIBLE POTENTIAL FUTURE RESALE PROFITABILITY:596 East 170th Street 1232 Fulton Avenue
2131 Mapes Avenue2132 Mapes Avenue
1982 Belmont AvenuePROJECTED TOTAL
AT CLOSING
YEAR 2 PROJECTED COMBINED
Six Year Future Projected Gross Annual Income As
Per Lease AgreementsC1) Projected Resale Value of Property: Projected Resale Cap Rate: 5.00% $45,866,912 $45,866,912 $48,863,192
Projected Resale Profit: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) $13,104,832 $13,104,832 $16,101,112Projected Resale Profit Markup: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) 40% 40% 49%
133% 133% 164%
Projected Cash On Cash Return on Equity Investment:(Projected Resale Profit Divided by Cash Equity Required Over Proposed Financing Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.)
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D2) POSSIBLE NEW FINANCING: (Subject to lender approval & closing.)
Optional Possible PRE-APPROVED FINANCING offered via 1% MORTGAGE BROKER FEE to ANDREW LICHTENSTEIN, INC. at closing.5 Year US Treasury Index Yield (SWAP) 1.85% As of Date: 6/17/2019 subject to change until rate locked.
Spread of 1.8% to 2% 1.95%
FIXED INTEREST RATE: 3.80% FIRST 12 MONTHS INTEREST ONLY YEAR 2+ AMORTIZING
Amortization Schedule in Years 30 A B CFirst Mortgage Offer Proposed by Lender of Mortgage Broker Andrew Lichtenstein, Inc. $22,933,456 $22,933,456 $22,933,456Loan to Purchase Price 596 East 170th Street 1232 Fulton Avenue 2131 Mapes Avenue 2132 Mapes Avenue 1982 Belmont Avenue 70% 70% 70%
NOI BDS: $542,088 $236,433 $464,142 $286,233 $764,449 $2,293,346 $2,293,346 $2,443,160D2) DS: Debt Service Principal & Interest Payments Annually: (Projected Estimate Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error) ($871,471) ($1,282,321) ($1,282,321)
Rate Constant: [Formula: Annual Debt Service P & I Divided By Mortgage Amount Borrowed] 3.80% 5.59% 5.59%DSCR = Debt Service Coverage Ratio [Formula: NABDS/Annual Debt Service] (2.63) (1.79) (1.91)Debt Yield: [Formula: NABDS/Lender's Proposed First Mortgage] 10.00% 10.00% 10.65%LTV (Estimated Based on Cap Rate PROJECTED RESALE VALUE, & I&E Above): 50% 50% 47%
NOI ADS: $1,421,874 $1,011,024 $1,160,838D2) $9,828,624 $9,828,624 $9,828,624
D2) ROI: 14% 10% 12%D2)Amort. Add Back Principal Reduction Amortization Equity Buildup: $418,082 $418,082 $418,082
D2) $1,839,956 $1,429,106 $1,578,920
D2) ROE: 19% 15% 16%$953,079 $953,079 $953,079
Total Initial Return NOIADS Plus Amortization Plus Depreciation Tax Deductions $2,793,035 $2,382,185 $2,531,999B2) ROE w/Deprec: 28.42% 24.24% 25.76%
True Initial Cash On Cash Return on Equity Investment: Net Income PLUS Amortization Principal Reduction: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error)
Choice of maximum LTV determines maximum amortization schedule:Choice of LTV: A) 70% LTV maximum with 30 year amortization. Non-recourse less than <60%LTVOr Personal guarantee required >= 60%LTV.Interest Only: Maximum 12 months limited to 59% LTV. Or, Choice of :B) Up to 75%LTV 25 year Amortization is required.Choice of Term: A) Term: 5 year fixed balloon termOR B) 10 year fixed
NET INCOME Before Debt Service Annually: NOI BDS (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.)
NET INCOME AFTER DEBT SERVICE From Proposed New Financing: NOI ADS: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)
Cash Equity Required to Buy Over And Above Proposed New Financing Herein: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable, etc. Subject to Change & Error)
ROI: Initial Cash On Cash Return on Investment With Proposed New Financing: (Cash Flow Divided by Equity Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty If Applicable etc. Subject to Change & Error)
TRUE INITIAL TOTAL RETURN: NOIADS PLUS AMORTIZATION PRINCIPAL REDUCTION From DEBT SERVICE: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty If Applicable, etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)
Depreciation Annual Tax Deduction Benefit As An Add Back to Determine Total Return Benefits Straight Line 27.5 Years After Deducting 20% of Purchase Price For Land Value
True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Amortization Principal Reduction PLUS Depreciation Tax Deduction Benefits: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error)
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Highlights, Notes, Remarks, Comments, Conditions and Some Known Violations:Property Condition: ExcellentNotes, Remarks, Comments: ● NYC Homeless Services
2 Year to 11-17-2016 HRA MOU Memorandum of Understanding.$56/Person/Night X 29 rooms = Up to $592,760
Highlights: ● Brand New & 2 to 3 year old Buildings ● Properties are Net Leased so Minimal Operating Expenses for Buyer
● 421A Tax Abatements 596 E170th Street 1232 Fulton Avenue 2131 Mapes Avenue 2132 Mapes Avenue 1982 Belmont AvenueViolations: A Class HPD Housing Violations: 4 0 4 0 0 0As of Date: B Class HPD Housing Violations: 2 0 2 0 0 0
6/19/2019 C Class HPD Housing Violations: 1 0 1 0 0 0I Class HPD Housing Violations: 0 0 0 0 1 0Total Number of HPD Housing Violations: 8 0 7 0 1 0# of Open DOB Department of Building Violations: 0 0 0 0 0 0
# of Open ECB Environmental Control Board Violations: 0 0 0 0 0 0# of Open Complaints: 0 0 0 0 0 0
To be removed from this list just call 800-242-9888, fax or email REMOVE and tell us the fax number or email address this was sent to, or Click Here
Seller's Required Terms and Conditions of Sale: All Cash. Unconditional agreement of sale to be signed by buyer upon completion of buyer’s due diligence with 10% non-refundable deposit closing in “As Is” condition, subject to any and all violations, without any contingencies except good marketable insured title at closing. Buyer must sign Broker ALI's Buyer Registration NCCFA Non-Circumvention and Conditional Andrew Lichtenstein, Inc. 1% Financing brokerage Agreement and if Buyer requires property inspection and receipt of confidential seller due diligence this shall be made available to only bona fide buyer who first submits letter of intent offer to buy satisfactory to Seller "subject to satisfactory property inspection and due diligence that includes Buyer's proof of cash funds for the required equity over proposed mortgage financing."
Contact Seller's Exclusive Broker ONLY: Andrew Lichtenstein (800)242-9888 [email protected] Do Not circumvent Broker. No site access without Broker appointment.Cooperating Buyer's Broker will be paid 25% of the 2% fee received from Seller by Broker ALI. This opportunity is limited and restricted to a single Institution or Accredited Investor. The statements, figures and information including financial analysis regarding this opportunity, business, affiliates, or affiliated matters or any of the numbers or of any economic value attributable to the subject investment et al etc. herein or provided hereafter at all times are received from sources believed to be reliable and authoritative, but no representation, warranty, or guarantee is made, express or implied or is to be relied upon, as to its accuracy, correctness or completeness and all is subject to errors, inaccuracies, omissions, withdrawal, cancellation, modification, constantly changing conditions, price, terms, rate, availability, prior sale, lease, rental, occupancy, vacancy, collection, arrears, approval, closing, financing, placement or other conditions, etc. all without notice and we hereby disclaim any duty or obligation to update such information. As with any real estate or business transaction, the principle of caveat emptor applies, and anyone considering this opportunity must perform their own independent due diligence investigation and personally vet anything related to herein verify all information and bear all risk for any inaccuracies, error, omission etc. Independent estimates of business, financial, investment or economic attributes should be developed with due diligence of and are advised to be represented by legal counsel and independent professionals before any decision is made regarding this. References to Size, square footage, or age are approximate, or estimated, zoning, calculations, and projections are made on best efforts basis and should not be relied upon and must be verified independently. This summary is for information only and does not constitute all or any part of an offer or contract. The materials and information shall not constitute an offer or a solicitation of an offer for the purchase or sale of any securities whatsoever or in any business affiliated herein, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This is not an offering, we are not licensed to solicit or sell securities. An offering may only be made by means of a prospectus supplement and accompanying base prospectus or confidential Private Placement Memorandum. To the extent that any information is deemed to be a 'forward looking statement' as defined in the rules and regulations of the Securities Act of 1933 or of the United States Private Securities Litigation Reform Act of 1995, as amended, such information is intended to fit within the 'safe harbor' provisions for forward looking information and is subject to material risk factors which may or may not be disclosed herein. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. We, and any business affiliated with us, do not intend to make any investment representations about opportunities and should not be viewed as such. This message is for the named person's use only. This is the product of confidential proprietary information from Andrew Lichtenstein, Inc. whom you must pay, and protect that same is paid and not circumvented. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any erroneous transmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. Unless otherwise stated, any pricing information given in this message is indicative only and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation. This message cannot be considered spam as long as we include the way to be removed, Paragraph (a)(c) of S. 1618. To be removed from receiving further communication just call toll free 24 hours a day 800-242-9888, or fax to our 24 hour fax line 866-591-1138 reply “REMOVE” with your fax number, or email reply Unsubscribe REMOVE in the subject line and tell us the fax number or email address this was sent to. This message is sent in compliance of the new email bill section 301. Under Bill S. 1618 TITLE III passed by the 105th US Congress.
● Belmont Avenue has Two 530,000 BTU Efficient Gas Boilers which makes it Incredibly Cheap to Operate.
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6/19/2019
RENT ROLL
Property Addresses Being Sold: 596 E 170 STREET, 1232 FULTON AVENUE, 2131 & 2132 MAPES AVENUE, 1982 BELMONT AVENUE
City, State, Zip: Bronx New York 10456, 10460 &10457
# Of Buildings 5# of Residential Units 85
# of Recreational/Office/ Commercial Units 8
Total # of Units: 93# of Vacant Units: 0 Vacancy Rate 0%
# of Occupied Units: 93 Occupancy Rate 100%
PROPERTY ADDRESS TENANT NAMEPROJECTED Monthly Rent
at Closing Description
# BEDROOMS
# BATHS
# ROOMS
Status (2016 NYS DHCR Rent
Registration)(RC, RS, FMDecontrolled
Destabilized Free Market)
LEASE INCEPTION/
MOVE IN DATE
LEASE EXPIRATION
DATELEASE TERM/
RENEWAL OPTIONMONTHLY RENT AT YEAR
6 AS PER LEASES
596 East 170th Street
Neighborhood Association for Inter-Cultural Affairs, Inc., (NAICA) $50,000.00
20 Residential Apartments
(9x1 bedrooms, 5x2 bedrooms, 6 studios,
2 offices + community space) 19 20 59 RS 9/1/2019 9/1/2049
30 Years with 3% Increases every 3
years.$53,045.00
1232 Fulton Ave
Neighborhood Association for Inter-Cultural Affairs, Inc., (NAICA) $20,000.00
8 Residential Apartments
(1 studio, 1x1 bedroom, 6x2
bedrooms) 13 8 29 9/1/2019 9/1/2049
30 Years with 3% Increases every 3
years.$21,218.00
2131 Mapes Avenue
Neighborhood Association for Inter-Cultural Affairs, Inc., (NAICA) $45,000.00
22 Residential Apartments, 1 Community Facility (9x1 bedrooms, 2x2
bedrooms, 11 studios,
1 300sf community space)13 23 57 9/1/2019 9/1/2049
30 Years with 3% Increases every 3
years.
$47,740.50
2132 Mapes Avenue
Neighborhood Association for Inter-Cultural Affairs, Inc., (NAICA) $25,000.00
10 Residential Apartments
(2 studio, 2x1 bedroom, 6x2
bedrooms) 14 10 34 9/1/2019 9/1/2049
30 Years with 3% Increases every 3
years.
$26,522.50
1982 Belmont Avenue
Neighborhood Association for Inter-Cultural Affairs, Inc., (NAICA) $65,000.00
25 Residential Apartments, 1 Community Facility &
Recreational room (4 studio,
11x1 bedroom, 10x2 bedrooms, 660SF community
facility & 800sf Recreational room)
31 25 81 9/1/2019 9/1/2049
30 Years with 3% Increases every 3
years.$68,958.50
4 Total $205,000.00oms, 2x2 bedrooms, 90 86 260 $217,484.50
$205,000.00 # of Apartments of Each LayoutBed-
Rooms Baths RoomsTotal # of
Rooms APARTMENT LAYOUTS: $217,484.50$2,460,000 24 0 1.00 2.0 48 Studio 1 Bathroom $2,609,814
32 1 1.00 3.0 96 1 Bedroom 1 Bathroom
Certified True and Correct to the best of my knowledge. 29 2 1.00 4.0 116 2 Bedroom 1 Bathroom
(Signature of Owner/Seller) 85 2.5 2.00 4.5 260 2 1/2 Bedroom & 2 Baths
TOTAL GROSS MONTHLY INCOME :
TOTAL ANNUAL INCOME:
As at Projected Closing Date- 9/1/2019
rr12.wk4
Page 12 of 159
APPRAISALBOV
Subject Property 1
Subject Property 2
Subject Property 3
Subject Property 4
Subject Property 5
Combined Properties
Comparable Building Sold
#1
Comparable Building Sold
#2
Comparable Building Sold
#3 3Addresses of Subject Property and Comparable Building Sales For Appraisal
2131 Mapes Avenue
2132 Mapes
Avenue
596 East 170th Street
1232 Fulton Avenue
1982 Belmont Avenue
Combined Package: 5 Properties: 2131 Mapes Avenue, 2132 Mapes Avenue, 596 East 170th Street, 1231 Fulton Avenue and 1982 Belmont Avenue Bronx, NYC
871 East 217th Street
2001 Morris Avenue
1193 Fulton Avenue
TOTAL of ALL These SOLD BUILDING Comparables
AVERAGE of ALL These SOLD BUILDING Comparables
Borough/County Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx BronxCity Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx Bronx
Neighborhood Belmont Belmont Morrisania Morrisania TremontBelmont/Tremont/M
orrisania Williamsbridge Mount Hope Morrisania
State New York New York New York New York New York New York NY NY NYZipcode 10460 10460 10456 10456 10457 10467 10453 10456Block & Lot # 3110-88 3111-39 2931-52 2612-03 3079-54 4676-3 2829-68 2609-41
Building ClassElevator Apartment - Semi-Fireproof with
Stores (D7Over Six Families
Without Stores (C1)Over Six Families
Without Stores (C1)Over Six Families
Without Stores (C1)
Elevator Apartment - Semi-Fireproof with
Stores (D7 (C1) (D7) Elevator Apartment - Semi-
Fireproof with Stores (D7Over Six Families Without
Stores (C1)
Elevator Apartment - Semi-Fireproof without
Stores (D1)
Property Type Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily
Date Closed FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW 8/14/2017 12/21/2018 7/27/2017Distance Miles to Subject Property 0 0 0 0 0 0 1.43Gross ACTUAL BUILT USABLE Square Footage 16,512 8,779 13,080 6,838 19,484 64,693 10,119 46,896 24,542 81,557 27,186
Price Sold $/PSF FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW $330 $449 $501 $450Price Sold $/Unit FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW $256,923 $478,265 $492,122 $447,399PRICE SOLD FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW FOR SALE NOW $3,340,000 $21,043,679 $12,303,058 $36,686,737 $12,228,912Year Built 2019 2013 2014 2015 2019 2015 1913 2018Age 0 6 5 4 0 2 104 -1
Building Built Feet Deep Depth 72 66 75 64 68 345 66.31 100 115Building Dimensions 33 ft x 72 ft 33 ft x 66 ft 56 ft x 75 ft 27 ft x 64 ft 50 ft x 68 ft 24 ft x 65 ft 41 ft x 66.31 ft 100 ft x 88 ft 43 ft x 115 ftBuilding Built Feet Wide Width Frontage 33 33 56 27 50 199 41 88 43Lot Size Land Area Square Footage 4,800 4,797 6,926 2,637 5,375 24,535 5,713 10,000 8,316 24,029 8,010Lot Depth Feet 145.27 145.18 119.25 99 109.42 618.12 114.25 100 191.92
Lot Dimensions 33.04 ft x 145.27 ft 33.04 ft x 145.18 ft 56.81 ft x 119.25 ft 27 ft x 99 ft 50 ft x109.42 ft 50 ft x 114.25 ft 100 ft x 100 ft 43.33 ft x 191.92 ft
Lot Wide Width Frontage Feet 33.04 33.04 58.8 27 50 201.88 50 100 43.33Zoning R7-1 R7-1 R5A R6 R7-1 R5A/R6/R7/R7-1 R5D R8 R6
Market Value $1,058,000 $1,058,000 $914,000 $668,000 $300,000 $3,998,000 $501,220 $1,159,000 $1,322,000
Current Tax Bill $65,000 $8,961 $48,081 $0 $5,551 $127,593 $57,499 $57,651
Photos
Residential Units 22 10 20 8 25 85 13 44 25 82 27Commercial Units 2 0 3 0 2 0 0 0 0 0 0Total # of Units 24 10 23 8 27 85 13 44 25 82 27# of Stories 7 4 4 4 7 4 6 5
(A) Gross Income $540,000 $300,000 $600,000 $240,000 $780,000 $2,460,000
(C) Operating Expenses ($75,858) ($13,767) ($57,912) ($3,567) ($15,551) ($166,655)A-B-C =(D)
Net Income $464,142 $286,233 $542,088 $236,433 $764,449 $2,293,345Transaction Notes
Source: Public Records, CoStar, PropertyShark, Loopnet, etc. Notice: This is NOT an appraisal. Broker is not a licensed appraiser. This is a BOV Broker Opinion of Value using comparable sales research and appraisal methodologies to determine the broker's conclusion of what the maximum possible sales value might be in an ideal market if owner signs broker's exclusive sales agreement for broker to professionally market the property for sale. Page 13 of 159
6 A1 B1 E1 E2 D1 D2 = =
VALUATION METHODOLOGIES:
Seller's Asking Price
Gross ACTUAL BUILT USABLE Square Footage: 64,693 # of Units
85Subject Property Lot Size Land Area Square Footage:
Gross Income of Combined Subject Properties : $2,460,000 $2,460,000
Net Income: $2,293,345 $2,293,345
Comparable Market Value Indexes: A:$ Per Existing Sq.Ft.; B:$ Per Unit; E:GRM Gross Rent Multiplier; D:Cap Rate NOI WITHOUT Vacancy,Collection,Management, TILC, Reserves.
$450 $447,399 11.53 12.08 5.21% 4.94%
Subject Property Appraisal BOV Valuations:
$29,100,814 $38,028,935 $28,363,800 $29,716,800 $44,018,138 $46,423,988 $35,942,079 $32,762,080Price Per Unit at Valuation Conclusion: $517,860 $546,165 $422,848 $385,436
Price Per Square Foot at Valuation Conclusion: $680 $718 $556 $506Underwritten CAP RATE at Valuation Conclusion: 5.21% 4.94% 6.38% 7.00%
GRM Gross Rent Multiplier at Valuation Conclusion: 17.9 18.9 14.6 13.3Source: Public Records, CoStar, PropertyShark, Loopnet, etc. Notice: This is NOT an appraisal. Broker is not a licensed appraiser. This is a BOV Broker Opinion of Value using comparable sales research and appraisal methodologies to determine the broker's conclusion of what the maximum possible sales value might be in an ideal market if owner signs broker's exclusive sales agreement for broker to professionally market the property for sale.
Combined Package: 5
Properties: 2131 Mapes Avenue,
2132 Mapes Avenue,
596 East 170th Street,
1232 Fulton Avenue &
1982 Belmont Avenue Bronx,
NYC
CONCLUSION: Value of Subject
Property Based On Average of the All These Valuation Methodologies
A, B, D & E:
$PSF Valuation of Subject Property: Price Per Existing
Usable Square Foot Built Now Based on
Actual Recent Comparable
Buildings SOLD Data In This Report:
Value of Subject Property Based on the Average Price per Unit
Sold data in this report:
Value of Subject Property Based On GRM
of Comparable Buildings Sold from
Valuation Comparable ArielPA Market Survey March 2019 All Bronx
Areas
Value of Subject Property Based On GRM
of Comparable Buildings Sold from
Valuation Comparable ArielPA Market Survey
2018 Year End All Bronx Areas
Capitalization Rate on N.O.I. SOLD:
Underwritten Vacancy Allowance,
Replacement Reserves &
Management fee: CAP RATE Valuation
Based On Comparable Ariel Property Market
Survey March 2019 Bronx Areas
Capitalization Rate on N.O.I. SOLD:
Underwritten Vacancy Allowance,
Replacement Reserves &
Management fee: CAP RATE Valuation
Based On Comparable Ariel Property Market
Survey 2018 Year End Bronx Areas
Page 14 of 159
Page 15 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Properties Description • 2 Mapes Avenue Buildings are directly Face to Face,
accross from one another, on a quiet residential block.
• The two Mapes Avenue buildings are located directly across the street from each other, making management efficient and convenient.
• Both buildings, and entire portfolio, are FULLY SPRINKLERED, for maximum safety and lowest possible insurance rates.
• Buildings are “condominium ready” and “AIRBNB ready.”
Page 16 of 159
1 s t . p r o p e r t yPROPERTY DESCRITPION
• 100% Master Leased. • The first property is a four story masonry brick building
constructed in 2013 with 10 apartments.• It is Located in 2132 Mapes Avenue Bronx, New York 10460• Master leased for care free, headache free, relaxed ownership.• All apartments in this building have individual apartment gas boilers
and hot water tanks and have individual metered cooking and heating gas as well as individual apartment electric meters.
• Master Leased Tenant pays almost every expense except real estate taxes, insurance, maintenance of brand new mechanicals, roof and structure.
Page 17 of 159
Page 18 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
Block & Lot 03111-0039
Lot Dimensions 33.04 ft x 145.18 ft
Lot SF 4,797 Square Feet
Building Dimensions 33 ft x 66 ft
Building Square Feet Exist-ing Now
8,762 Square Feet
Unused Buildable Square Feet Air Rights Available To Be Built
7,723 Square Feet
Zoning R7-1
Residential FAR 3.44
Facility FAR 4.8
Building Class Over Six Families without Stores (C1)
Year Built 2013
Stories 4
Residential Units 10
• Property Overview
Page 19 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Entrance
Page 20 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Mailboxes
Page 21 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Mail box • Intercom
Page 22 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Well Pointed Bricks
Page 23 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Entrance Door • Hallway First Floor
Page 24 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Basement• This building and all build-
ings with basements are constructed with solid poured concrete foundation for longest term structural integrity.
Page 25 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Individual Hot Water Heaters and Boilers for Each Apartment.
Page 26 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
Page 27 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
Page 28 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Master Lease Tenant’s Onsite Management Office
Page 29 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Electrical Meters
Page 30 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Door to the Roof • Skylight
Page 31 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Roof in new mint condition.
Page 32 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue• View of the New Building 2131 Mapes Avenue from the Roof
Page 33 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue
• Tenants Individually Metered Gas Heat Switches.
• Security Camera
Page 34 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2132 Mapes Avenue• Door to Second Floor • Staircase to Apartments
Page 35 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Kitchen with Solid Wood Cabinets
Property Description - Rental Units
Page 36 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Three Piece Bathroom with Tiled Walls up to Ceiling Above Bathtub.
Page 37 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Layout: The Building contains 10 Apartments with 2 Studios, 2 One Bedrooms & 6 Two Bedrooms Apartments.
• Bedroom 1 on right.
Page 38 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Bedroom 2
Page 39 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Bedroom 3
Page 40 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Common Area Living Room and Dining Room
Page 41 of 159
2 n d p r o p e r t y2131 MAPES AVENUE - PROPERTY DESCRIPTION
• The Second Property 2131 Mapes Avenue is BRAND NEWLY BUILT IN 2019.
• Master Leased. High Cap Rate.• Elevator apartment building containing 23 units.• This Property is right across the street from property #1.• Highly Efficient Gas Furnace Heat Recovery System &
Stainless Steel Hot Water Holding tank. • Master Leased Tenant pays almost every expense except
real estate taxes, insurance, maintenance of brand new mechanicals, roof and structure.
Page 42 of 159
Page 43 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Property Overview
Block & Lot 03110-0088
Lot Dimensions 33.04 ft x 145.27 ft
Lot SF 4,800 square feet
Building Dimensions 33 x 72
Building SF 16,512 square feet
Zoning R7-1
Residential FAR 3.44
Facility FAR 4.8
Building Class Elevator Apartment - Fireproof without Stores (D3)
Year Built 2019 Brand Newly Built
Stories 4
Residential Units 22 Apartments Plus Community Facility Unit & Many other Rooms and Parking
Page 44 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• New Building just Completed in 2019
• 100% Master Leased.
Page 45 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Property Egress Exit and Office Window.
Property Description - 2131 Mapes Avenue
Page 46 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Parking Garage Above Ground Drive Through to Rear Parking Lot
Page 47 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Parking Lot In Rear Of Buiding
Page 48 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Parking Lot In Rear Of Buiding
Page 49 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Back of the Building
Page 50 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• 300+- sq. ft. office or Community Facility Space on Street Level in Photo on Right.
• 2nd Floor Rear 700+- sf Recreation Room or Community Facility Office, (not shown in these photos).
Page 51 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Entrance Vestibule and Building Intercom
• Decorative Tile Flooring Throughout Halls & Common Areas.
Page 52 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue• Elevator
Page 53 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue• Elevator
Page 54 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Laundry Room
Page 55 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Elevator Machinery and Computerized Mechanicals
Page 56 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Garbage Shoot on every floor.
• Garbage Compactor
Page 57 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Roof Brand Newly Built In Mint Condition
Page 58 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Roof
Page 59 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue• State of the art hot water heating Boiler
Page 60 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Boiler Burner Most Modern Fuel Efficient Hot Water Recovery Multi Zoned Heating System
Page 61 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Gas Meters 22 Apartments Plus 1 Community Facility Office
Page 62 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Fire Sprinkler Pump Room
Page 63 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 2131 Mapes Avenue
• Electrical
Page 64 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Layout: The Building contains 22 Apartments with 11 Studios, 9 One Bedrooms & 2 Two Bedrooms Apartments.
Page 65 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units• Kitchen Solid Wood or Plywood Cabinets
Page 66 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units• Living Room and Dining Room or Convertible 3rd Bedroom on left.• 2nd Bedroom in picture on the right.
Page 67 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Bedroom #1.
Page 68 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Closet in the 2nd Bedroom, same in 1st Bedroom.
Page 69 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Closets in Main Rooms.
Page 70 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Bathroom.• 3 piece bathroom with tiled
walls up to ceiling above bath-tub.
Page 71 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Rental Units
• Apartment Electrical Circuit Breaker Box in Every Apartment.
• Intercom
Page 72 of 159
l o c a t i o nPROPERTIES lOCATION
• These 2 properties are located in the Belmont “Little Italy” section of The Bronx
Page 73 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Location - Belmont Neighborhood Bronx, NY
• The Properties are Located in Highly Desirable Belmont, “Little Italy”
• Belmont is a primarily residential neighborhood in the Bronx. Its boundaries, starting from the north and moving clockwise, are Fordham Road to the north, Bronx Park to the east, East 180th Street to the south, and Third Avenue to the west. These boundaries give the neighborhood a crescent-like shape. The neighbor-hood is noted for its “close-knit community” and “small town feel,” and as a result of its cultural history and wide array of Italian businesses, is widely known as the “Little Italy” of the Bronx.
• Belmont is a dense, urban neighborhood with a total residential population of 27,378 people. The neighbor-hood consist of a diverse mix of races, ethnic groups, religious affiliations, sexual orientations, and national origins. Traditionally the Italian heart of the Bronx, the neighborhood now contains a significant population of Latin Americans, Albanians, long standing Italian Ameri-cans and more recent Italian immigrants.
• Belmont is dominated by 5 and 6-story elevator and walkup apartment buildings but the residential streets are lined with a vibrant blend of housing types includ-ing rowhouses and larger Art Deco and Tudor Style apartment buildings. In the last decade, construction of modern 2 and 3 unit row-houses and apartment build-ings have increased the percentage of owners versus renters. The land area is roughly 0.3 square miles. The terrain is relatively low laying and flat.
Page 74 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Location - Belmont Neighborhood Bronx, NY
• “The Authentic Little Italy”
• “The authentic Italian culture found in the vibrant com-munity of the Real Little Italy in the Bronx, often known as Arthur Avenue, sustains a thriving business district that includes world-class restaurants, high-quality artisanal food shops and specialty stores carrying superb handmade local and imported items. We are also home to Our Lady of Mount Carmel Church and the Enrico Fermi Italian Cultural Institute.“
• Located in the Belmont section of the Bronx, Arthur Avenue was named after President Chester A. Arthur in the 19th century. Italians temporarily settled here to help build the Bronx Zoo, but with the creation of the Third Avenue elevated train, which ran between the Bronx and downtown Manhattan, their presence in the neighborhood remained and grew, with the population reaching close to 100,000 Italian residents by the early 1900s.
• Today, red, white and green garland hangs festively from street poles all year round. Inside the stores that line Arthur Avenue and East 187th Street, colorful pastries, cured meats and fresh fish are rivaled in appeal only by the characters behind the counter.
Page 75 of 159
Page 76 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Location - Belmont Neighborhood Bronx, NY
• The properties are Near the Subway Station and Shopping
Page 77 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Location - Belmont Neighborhood Bronx, NY
• Baseball Field and Public Swimming Pool right Next to the Buildings
Page 78 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Location - Belmont Neighborhood Bronx, NY
• Free Public Swimming Pool 1 Block Away Across Baseball Field Park
Page 79 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Location - Belmont Neighborhood Bronx, NY
• Near Attractions like the Bronx Zoo and Bronx Botanical Garden
Page 80 of 159
3 r d . p r o p e r t y596 EAST 170th STREET - PROPERTY DESCRIPTION
• 100% Master Leased. • Two of the properties are located walking distance close of each other.• The next two proeprties are located in The Morrisania Section of The Bronx.• Layout:
The Building contains 20 Apartments with 6 Studios, 9 One Bedrooms & 5 Two Bedrooms Apartments.
Page 81 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street
Block & Lot 02931-0052
Lot Dimensions 56.81 ft x 119.25 ft
Lot SF 6,926 Square Feet
Building Dimensions 56 ft x 75 ft
Building SF 13,080 Square Feet
Unused Buildable Square Feet Air Rights Available To Be Built
3,750 Square Feet
Zoning R6
Residential FAR 2.43
Facility FAR 4.8
Building Class Over Six Families without Stores (C1)
Year Built 2014
Stories 4
Page 82 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street
• Building’s Entrance Door on left.
• Door to street level office on right. One of 3 community facility offices in this building.
Page 83 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street
• Room to Park up to 4 cars in Front of Building.
Page 84 of 159
Property Description - 596 East 170th Street
Page 85 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street
• Rear Backyard Parking Lot 9 Parking Spaces in Back of the Building
Page 86 of 159
Page 87 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street• New Windows
Page 88 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street
• Entrance Door • Hallway and Mailboxes
Page 89 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street
• Guard Station (paid entirely by tenant at no cost to landlord)
• Security System
Page 90 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street• Mailboxes • Fire Alarm System
Page 91 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street• Staircases (One of 2. A & B
Staircases.)• Apartment Door
Page 92 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Property Description - Rental Units
• Bedroom • Closet
Page 93 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Property Description - Rental Units
• Kitchen Solid Wood and Ply-wood Cabinets.
• 3 Piece Bathroom with Tiled Walls Up to Ceiling Above Bathtub.
Page 94 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street
• Intercom and Heating Thermostat locked. Accessible by Master Tenant Operator Only.
• Electrical Circuit Breaker Switches Box in Every Apartment.
Page 95 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street
• Staircases to the Basement • Basement Hallway
Page 96 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street
• Basement Daytime Guard Station During Office Hours Onsite Opera-tor Provides Services (paid entirely by tenant, no cost to landlord).
Page 97 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 596 East 170th Street• Electric Meter Room • Bathroom in the Basement
Serving Office and Visitors.
Page 98 of 159
4 t h P r o p e r t y1232 FULTON AVENUE - PROPERTY DESCRIPTION
• 100% Master Leased.• 8 Family walkup class A apartment building.• Layout:
The Building contains 8 Apartments with 1 Studio, 1 One Bedroom & 6 Two Bedroom Apartments.
Page 99 of 159
Page 100 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1232 Fulton Avenue
Block & Lot 02612-0003
Lot Dimensions 27 ft x 99 ft
Lot SF 2,637 Square Feet
Building Dimensions 27 ft x 64 ft
Building SF 6,838 Square Feet
Zoning R6
Residential FAR 2.43
Facility FAR 4.8
Building Class Over Six Families without Stores (C1)
Year Built 2015
Stories 4
Residential Units 8
• Property Overview
Page 101 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1232 Fulton Avenue Property
• Entrance Door and Building Intercom to Every Apartment.
Page 102 of 159
Page 103 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1232 Fulton Avenue Property
• Entrance Door • Hallway
Page 104 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1232 Fulton Avenue Property
• Mailboxes • Staircases
Page 105 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1232 Fulton Avenue Property
• Sprinkler and Smoke Alarm • Fire Alarm
Page 106 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Utility Room. Water Meter Seen Here. Electrical Meter Closet to Left. Gas Meter Closet to the Right. Every Apartment gas & electric meter.
Property Description - 1232 Fulton Avenue Property
Page 107 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Security Cameras • Electrical Meter Room
Property Description - 1232 Fulton Avenue Property
Page 108 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Electrical Meters • Gas Meters
Property Description - 1232 Fulton Avenue Property
Page 109 of 159
Page 110 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Common Living Room Dining Room.
• Kitchen with solid wood or plywood
Property Description - Property Description - Rental Units
Page 111 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Page 112 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• 3 Piece Bathroom tiled to ceiling above bathtub.
• Closet
Property Description - Property Description - Rental Units
Page 113 of 159
Page 114 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Property Description - Rental Units
Page 115 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Office Located Inside One of the 8 Apartments
Property Description - 1232 Fulton Avenue Property
Page 116 of 159
Page 117 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Closet • Mechanical Closet providing on demand heat & hot water.
Property Description - 1232 Fulton Avenue Property
Page 118 of 159
l o c a t i o nPROPERTIES LOCATION
• Two of the properties are located walking distance close to each other.• Located in The Morrisania Section of The Bronx
Page 119 of 159
Page 120 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
small (studio to two bedroom) to medium sized (three or four bedroom) apartment complex-es/high-rise apartments and small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the
Morrisania neighborhood are relatively histor-ic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 2000 and the present.Renter-occupied real estate is dominant in the Morrisania neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 99.8%.In addition, one of the really unique and inter-esting things about the look and setting of the Morrisania neighborhood is that it is almost entirely dominated by large apartment build-ings, such as apartment complexes or high-rise apartments. 89.9% of the residential real estate here is classified as such. This puts this neigh-borhood on the map as having a higher propor-tion of large apartment buildings than 98.5% of all neighborhoods in America. Morrisania neighborhood is one of the most walkable neighborhoods in America.
Today the name is most commonly associated with the village of Morrisania, which is only a small corner of the original Morrisania. It is mostly a residential neighborhood geograph-ically located in the southwestern Bronx. The neighborhood is part of Bronx Community Board 3. Its boundaries, starting from the north and moving clockwise are: the Cross-Bronx Ex-pressway to the north, Crotona-Prospect Ave-nue to the east, East 161st Street to the south, and Webster Avenue to the west. Third Avenue is the primary thoroughfare through Morrisa-nia. ZIP codes include 10456 and 10459. The area is patrolled by the NYPD's 42nd Precinct located at 830 Washington Avenue. NYCHA property in the area is patrolled by P.S.A. 7 at 737 Melrose Avenue in the Melrose section of the Bronx.
Morrisania real estate is primarily composed of apartments and renters. The average rental price in Morrisania is currently $1,283, based on NeighborhoodScout's exclusive analysis. Morrisania is a densely urban neighborhood (based on population density) located in Bronx, New York.
Morrisania real estate is primarily made up of
Demographics:
Morrisania is the New York City neighborhood with the most people with Dominican and Puerto Rican ancestry. 27.7% of this neighbor-hood's residents have Dominican ancestry and 22.1% have Puerto Rican ancestry.
Properties Location
• Morrisania Neighborhood
Page 121 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Both Properties are Located on Nice and Clean Streets in The Morrisania Neighborhood.
Properties Location
Page 122 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Public School near Properties
Properties Location
Page 123 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Properties Location
Page 124 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Page 125 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• The Fulton Property is Right Across from the Bronx Lebanon Hospital
Properties Location
Page 126 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Properties are Right Near Shopping
Properties Location
Page 127 of 159
Page 128 of 159
5 t h P r o p e r t y1982 BELMONT AVENUE - PROPERTY DESCRIPTION
• 7 Story Elevator Apartment Building• 25 Residential Apartments
Layout: The Building contains 4 Studios, 11 One Bedrooms & 10 Two Bedroom Apartments.
• Plus 2 Large Community Facility Office Spaces approximately 800 square feet and 660 square feet each and
• Substantial Parking Spaces
Page 129 of 159
Page 130 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue
Block & Lot 03079-0054
Lot Dimensions 50 ft x 109.42 ft
Lot SF 5,375 Square Feet
Building Dimensions 50 ft x 68 ft
Building SF 19,484 Square Feet
Zoning R7-1
Residential FAR 3.44
Facility FAR4.8
Building Class Elevator Apartment - Semi-Fire-proof with Stores (D7)
Year Built 2019
Stories 7
Residential Units 25
• Property Overview
Page 131 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue
• This Building Contains 25 Residential Units, Plus 2 Community Facility Offices and Substantial Parking.
Page 132 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property
• Entrance Door
Page 133 of 159
Page 134 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property
• 660+- Square Foot Community Facility Office. Could be rented as doctor’s office or other use if it were not rented to Master Lease Tenant Operator.
Page 135 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property
• 2 Seperate Fireproof Staircases
Page 136 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property
• Elevator
Page 137 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Future Laundry Room Washers and Dryers
Property Description - 1982 Belmont Avenue Property
Page 138 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Future Boiler Room
Property Description - 1982 Belmont Avenue Property
Page 139 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Electrical Meter Room • Electrical Main
Property Description - 1982 Belmont Avenue Property
Page 140 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property
• Fire Sprinkler Pump Room• Garbage Compactor
Page 141 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property• Roof
Page 142 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property
• Roof
Page 143 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property
• Elevator Room
Page 144 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property
• Future Parking Lot In Rear
Page 145 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property• Future Parking Drive Through Access from Street to Parking Lot in
Rear of the Building.
Page 146 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - 1982 Belmont Avenue Property
• Hallway with Elevator
Page 147 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• 800+/- Square Foot Ground Floor Recreation Room
• Future Living Room
Property Description - Property Description - Rental Units
Page 148 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Property Description - Property Description - Rental Units
• Closets of Bedrooms
Page 149 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• Future 3 Piece bathroom with tiles to ceiling above the bathtub.
Property Description - Property Description - Rental Units
Page 150 of 159
l o c a t i o nPROPERTY LOCATION
• The Fifth Property is located in the Tremont section of The Bronx
Page 151 of 159
Page 152 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
respectively.As of 2017, the median household income in Community Districts 3 and 6, including Crotona Park East and Morrisania, was $25,972
Tremont is a residential neighborhood in the West Bronx, New York City. Its boundaries are East 181st Street to the north, Third Avenue to the east, the Cross-Bronx Expressway to the south, and the Grand Concourse to the west. East Tremont Avenue is the primary thorough-fare through Tremont.The neighborhood is part of Bronx Community Board 6, and its ZIP Codes include 10453 and 10457. The local subway is the IND Concourse Line (B and D trains), operating along the Grand Concourse.
DemographicsTremont has a population of around 24,739. The neighborhood is now predominantly Do-minican, with a significant longstanding Puerto Rican and African American population.The entirety of Community District 6, which comprises Tremont and Belmont, had 87,476 inhabitants as of NYC Health’s 2018 Community Health Profile, with an average life expectancy of 77.7 years. Most inhabitants are youth and middle-aged adults: 29% are between the ages of between 0–17, 28% between 25–44, and 20% between 45–64. The ratio of college-aged and elderly residents was lower, at 14% and 9%
Property Location
• Temont Neighborhood
Page 153 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• The Property is Located on Nice and Clean Streets in The Tremont Neighborhood
Property Location
Page 154 of 159
Page 155 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
• The Belmont Property is near Shopping on Tremont Avenue
Belmont Avenue is in the Tremont residential neighborhood West Bronx
Page 156 of 159
Page 157 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
Disclaimer
Seller’s Required Terms and Conditions of Sale: All Cash. Unconditional agreement of sale to be signed by buyer upon completion of buyer’s due diligence with 5% to 10% non-refundable deposit closing in “As Is” condition, subject to any and all violations, without any contingencies except good marketable insured title at closing.
Buyer must sign Broker ALI’s Buyer Registration NCCFA Non-Circumvention and Conditional Optional Andrew Lichtenstein, Inc. 1% Financing brokerage Agreement.
Contact Seller’s Exclusive Broker ONLY: Andrew Lichtenstein (800)242-9888 [email protected] Do Not circumvent Broker. No site access without Broker appointment.
Page 158 of 159
LichtensteinREAndrew Lichtenstein Inc., Licensed Broker
[email protected](800) 242-9888
5770 Palisade AvenueRiverdale, NY, 10471
“This opportunity is limited and restricted to a single Institution or Accredited Investor. The statements, figures and information including financial analysis re-garding this opportunity, business, affiliates, or affiliated matters or any of the numbers or of any economic value attributable to the subject investment et al etc. herein or provided hereafter at all times are received from sources believed to be reliable and authoritative, but no representation, warranty, or guarantee is made, express or implied or is to be relied upon, as to its accuracy, correctness or completeness and all is subject to errors, inaccuracies, omissions, withdrawal, cancellation, modification, constantly changing conditions, price, terms, rate, availability, prior sale, lease, rental, occupancy, vacancy, collection, arrears, approval, closing, financing, placement or other conditions, etc. all without notice and we hereby disclaim any duty or obligation to update such information. As with any real estate or business transaction, the principle of caveat emptor applies, and anyone considering this opportunity must perform their own independent due diligence investigation and personally vet anything related to herein verify all information and bear all risk for any inaccuracies, error, omission etc. Independent estimates of business, financial, investment or economic attributes should be developed with due diligence of and are advised to be represented by legal coun-sel and independent professionals before any decision is made regarding this. References to Size, square footage, or age are approximate, or estimated, zoning, calculations, and projections are made on best efforts basis and should not be relied upon and must be verified independently. This summary is for information only and does not constitute all or any part of an offer or contract. The materials and information shall not constitute an offer or a solicitation of an offer for the purchase or sale of any securities whatsoever or in any business affiliated herein, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This is not an offering, we are not licensed to solicit or sell securities. An offering may only be made by means of a prospectus supplement and accompanying base prospectus or confiden-tial Private Placement Memorandum. To the extent that any information is deemed to be a ‘forward looking statement’ as defined in the rules and regulations of the Securities Act of 1933 or of the United States Private Securities Litigation Reform Act of 1995, as amended, such information is intended to fit within the ‘safe harbor’ provisions for forward looking information and is subject to material risk factors which may or may not be disclosed herein. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “”expect,”” “”estimate,”” “”project,”” “”budget,”” “”forecast,”” “”anticipate,”” “”intend,”” “”plan,”” “”may,”” “”will,”” “”could,”” “”should,”” “”believes,”” “”pre-dicts,”” “”potential,”” “”continue,”” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. We, and any business affiliated with us, do not intend to make any investment representations about opportunities and should not be viewed as such. This message is for the named person’s use only. This is the product of confidential proprietary information from Andrew Lichtenstein, Inc. whom you must pay, and protect that same is paid and not circumvented. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any erroneous transmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. Unless otherwise stated, any pricing information given in this message is indicative only and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation. This message cannot be considered spam as long as we include the way to be removed, Paragraph (a)(c) of S. 1618. To be removed from receiving further communication just call toll free 24 hours a day 800-242-9888, or fax to our 24 hour fax line 866-591-1138 reply “REMOVE” with your fax number, or email reply Unsubscribe REMOVE in the subject line and tell us the fax number or email address this was sent to. This message is sent in compliance of the new email bill section 301. Under Bill S. 1618 TITLE III passed by the 105th US Congress.”
Disclaimer
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