2300 Cropsey Avenue2300 Cropsey Avenue

Development Site for Sale
2300 Cropsey Avenue
2300 Cropsey Avenue
2300 Cropsey Avenue
Confidentiality
THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited
use in considering whether to pursue negotiations to acquire an interest in
2300 Cropsey Avenue, Brooklyn, New York ("The Property").
This Confidential Memorandum contains brief, selected information pertaining to
the business and affairs of the Owner, and has been prepared by Massey
Knakal Realty Services ("Massey Knakal") primarily from information supplied
by the Owner. Although this Confidential Memorandum has been reviewed
by representatives of the Owner, it does not purport to be all inclusive or to
contain all of the information which a prospective purchaser may desire.
Neither Massey Knakal, nor any of their officers, employees or agents make
any representation or warranty, expressed or implied, as to the accuracy or
completeness of this Confidential memorandum or any of its contents, and no
legal liability is assumed or to be implied with respect thereto.
By acknowledgement of your receipt of the Confidential Memorandum, you agree
that the memorandum and its contents are confidential, that you will hold and
treat it in the strictest of confidence, that you will not directly or indirectly,
disclose or permit anyone else to disclose this memorandum or its contents
to any person, firm or entity without prior written authorization of Owner, and
that you will not use, or permit to be used, this memorandum or its contents in
any fashion or manner detrimental to the interest of Owner. Photocopying or
other duplication is strictly prohibited.
Owner and Massey Knakal expressly reserve the right, at their sole discretion, to
reject any or all proposals or expressions or interest in the building, and to
terminate discussions with any party at any time with or without notice.
If you do not wish to pursue negotiations leading to this acquisition, kindly return
this confidential memorandum to Massey Knakal.
This Confidential Memorandum shall not be deemed a representation of the state
of affairs to the property or constitute an indication that there has been no
change in the business of affairs or the property since the date of preparation
of this memorandum.
2300 Cropsey Avenue
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2300 Cropsey Avenue
Offering Memorandum
2300 Cropsey Avenue
EXCLUSIVE AGENTS:
Please Submit Offers
James Nelson
Jeffrey A. Shalom
Mitchell Levine
[email protected] [email protected] [email protected]
(x7710)
718-307-6558
(x7761)
David Fowler
Caroline Hannigan
[email protected]
[email protected]
(x7734)
(x7708)
MASSEY KNAKAL REALTY SERVICES
275 MADISON AVENUE, 3RD FLOOR
NEW YORK, NEW YORK 10016
(P) 212-696-2500
(F) 212-696-0333
2300 Cropsey Avenue
Table of Contents
Property Information
Property Overview
Property Photograph
Proposed Plans
Tax Map and Location
Metes & Bounds
Certificate of Occupancy
Neighborhood Information
Neighborhood Character
Neighborhood Map
Zoning Map
Zoning Description
Transportation Description
2300 Cropsey Avenue
2300 Cropsey Avenue
Brooklyn, NY
Development Site For Sale
Address:
2300 Cropsey Avenue
Location:
A block through site from Cropsey Avenue to Shore Parkway between 23rd Avenue
and Bay Parkway
Block/Lot:
6471 / 109
Lot Area:
45,688
Stories:
N/A
Zoning/FAR:
R6 / Residential: 78-3.0; Community Facility: 4.8
Existing Building:
172' x 135'
Exisiting # of Stories:
6
Existing Building SF:
85,619
SF (Approx.)
Total Propsed SF:
43,371
81,378
210,088
291,466
SF of Parking and Mechanicals (As per Sydness Architects)
SF of Community Facility (As per Sydness Architects)
SF of Residential (As per Sydness Architects)
Total Above Grade SF (As Per Sydness Architects)
Assessment:
$1,264,500
(2010/2011)
Est. Taxes:
$131,837
(2010/2011)
SF (Approx.)
(Approx.)
Description: Currently there is a six story building with 85,619 SF on the site. Additional air rights were
acquired to allow for a larger mixed-use development site suitable for residential and community facility use.
Plans were proposed for a 30 story mixed-use building with 264 apartments, 81,378 SF of community facility,
plus underground parking (as per Sydness Architects).
Please Submit Offers
For further information or inspection, please contact Exclusive Agents:
Mitchell Levine
James P. Nelson
Jeffrey A. Shalom
[email protected] [email protected] [email protected]
212-696-2500 x7761
212-696-2500 x7710
718-307-6558
David Fowler
[email protected]
212-696-2500 x7734
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be
independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above,
as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION
HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333
www.masseyknakal.com
THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
2300 Cropsey Avenue
Property Photograph
2300 Cropsey Avenue
Proposed Plans
2300 Cropsey Avenue
Proposed Plans
2300 Cropsey Avenue
Typical Proposed Floor Plan
2300 Cropsey Avenue
Typical Proposed Floor Plan
2300 Cropsey Avenue
Typical Proposed Floor Plan
2300 Cropsey Avenue
Tax Map and Location
2300 Cropsey Avenue
Brooklyn, NY
Block 6471
Lot 109
The subject property is located on the southwest side of Cropsey Avenue between 23rd
Avenue and Bay 34th Street. The subject is a development site.
2300 Cropsey Avenue
2300 Cropsey Avenue
Metes and Bounds
2300 Cropsey Avenue
Certificate of Occupancy
2300 Cropsey Avenue
Neighborhood Character- Bensonhurst
Along Cristoforo Columbo Boulevard Bensonhurst's 18th Avenue,
between 68th and 77th Streets Italian shops entice passersby with
fresh pastries, pasta, and focaccia. There are large pizza parlors,
more reminiscent of Brooklyn than Italy, and small local social clubs,
more evocative of Italy than Brooklyn, where Italian men gather to
drink espresso, play cards, and trade memories of their hometowns.
Although Bensonhurst includes families of many different ethnicities
in particular, those of Greek, Korean, Israeli, Polish, Arab, and
Russian descent as well as African Americans, it is best known for
the Italian traditions and cuisine that give the neighborhood its unique
character.
Bensonhurst was settled as a small section of New Utrecht, one of the
six original towns of Brooklyn. (When New Utrecht was annexed to
the City of Brooklyn in 1894, it lost its identity; now New Utrecht is
considered a small section of Bensonhurst whose name is kept alive
by the New Utrecht branch of the Brooklyn Public Library, the New
Utrecht Reformed Church, and New Utrecht High School.) The area
was primarily used for farming and had fewer than 4,000 residents
until the Brooklyn, Bath, and West End Railroad was built in 1885.
Soon thereafter, developer James Lynch bought large parcels of land
from members of the Benson family to build his suburb.
Bensonhurst-by-the-Sea. Within the development's 350 acres land
that stretched from 20th Avenue on the west to 23rd Avenue on the
east and from 78th Street on the north to Gravesend Bay on the south
Lynch built villas for a thousand families and planted 5,000 shade
trees.
The park like setting of Bensonhurst-by-the-Sea, as well as its
proximity to Manhattan and Downtown Brooklyn, enticed middleclass families; wealthier weekend visitors were attracted by upscale
sailing facilities at Bensonhurst Yacht Club and the Atlantic Yacht
Club until at least 1894, when the area was annexed to the City of
Brooklyn, Bensonhurst retained an expansive, suburban charm. At
that time, there were still fewer than 10,000 residents.
2300 Cropsey Avenue
Neighborhood Character- Bensonhurst
In 1915 the 4th Avenue subway line reached Bensonhurst, which had
shortened its name that same year when it lost its status as a “gated”
community. Subways cars ran along the former Sea Beach and West End
steam railway tracks and brought many new residents in the area.
Seemingly overnight, two- and three-family homes were built, and by the
1920s new walk-up apartment buildings with four to six stories were
appearing each week. Italian American and Jewish residents from
Manhattan's Lower East Side discovered Bensonhurst during this period,
adding to the population boom. By 1930 Bensonhurst had almost 150,000
residents.
After World War II, Bensonhurst's residential growth continued. In 1949
Fred Trump (father of Donald) built the Shore Haven Apartments at 21st
Avenue near the Belt Parkway. In its day, the 5,000 apartment complex
was the largest private housing development in Brooklyn. Originally part
of Bensonhurst-by-the-Sea, it now falls within the boundaries of Bath
Beach.
In the 1950s Bensonhurst was transformed by the arrival of thousands of
immigrants from southern Italy. These new arrivals worked hard to
establish prosperous businesses and bring over other family members,
many of whom have continued to live in the same blocks of Bensonhurst
for generations. By 1980 nearly 80 percent of the area's residents were of
Italian descent, making the neighborhood one of the most homogeneous in
New York City. Neighborhood houses, which are mostly one and twofamily semi-attached brick, stucco, and stone-faced buildings, sport
vegetable gardens, grape arbors, and fig trees in their back yards and are
decorated in the front by distinctive wrought-iron fences.
In recent years, in addition to these traditional groups, there has been a
large influx of Russian and Chinese immigrants. There are also immigrants
from the Eastern European and Middle Eastern countries as well as from
Pakistan and Mexico. This is a residential area with private homes and
small apartment buildings, small businesses, professional offices,
community centers, religious institutions and many public and private
schools.
There has been a lot of condominium construction in the area. This has
increased the number of owner/residents which is one of the most
stabilizing factors in any community.
2300 Cropsey Avenue
Neighborhood Map
2300 Cropsey Avenue
2300 Cropsey Avenue
Zoning Map
2300 Cropsey Avenue
2300 Cropsey Avenue
Zoning Description
2300 Cropsey Avenue
Zoning Description
2300 Cropsey Avenue
Zoning and Use Group Chart
2300 Cropsey Avenue
Zoning Information
2300 Cropsey Avenue
Transportation Map
2300 Cropsey Avenue
Subway: The property is .48 miles away from the Bay Parkway & 86th Street D train.
Bus: The property is one block away from the B6 B64 B82 X28 lines.
Car: Bay Parkway, Shore Parkway (part of the Belt Parkway) & Ocean Parkway are
minutes away by car, providing easy access to the other boroughs of New York in addition
Long Island, New Jersey and all major airports.