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