1217 bedford avenue

1217 BEDFORD AVENUE
FOR FU RT H ER IN FO RM AT IO N OR IN SP E CT ION ,
PLEASE CON TACT E XC LUS IVE AGE N T S :
ROB ERT SHA P I RO
First Vice President of Sales
212.660.7717
[email protected]
MIC HA EL A M I R K HA N I A N
Director of Sales
718.606.7073
[email protected]
DJ J OHN STON
Senior Associate
718.307.6515
[email protected]
HOWARD PORET SKY
Senior Managing Director
(212) 326-1015
[email protected]
PATR ICK G A R DN ER
Senior Managing Director
(212) 326-8633
[email protected]
INVESTMENT SALES
RETAIL LEASING
CAPITAL SERVICES
|
MASSEYKNAKAL.COM
MANHATTAN BROOKLYN STATEN ISLAND THE BRONX QUEENS WESTCHESTER LONG ISLAND NEW JERSEY
GRAND ARMY PLAZA
1217 BEDFORD AVENUE
TABLE OF
CONTENTS
1
EXEC UTIVE S UMM ARY
8
ZONING ANALYS IS
11
FLOOR PLANS
21 MARKET OVERVIE W
2 5
THE NEIGHBORHO O D
1217 BEDFORD AVENUE
EXECUTIVE SUMMARY
MASSEY KNAKAL Realty Services
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E XE CU TIVE SU MMARY
LOCATION
AERIAL VIEW
1 21 7 BE DFORD AVENUE
1217
BEDFORD AVENUE
MASSEY KNAKAL Realty Services
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1217
BEDFORD AVENUE
1 21 7 BE DFORD AVENUE
The subject property is a 4 story building with 60 feet of frontage on Bedford Avenue and
access to Halsey Street via driveway from the rear side. The building will be delivered fully
vacant, and is an ideal site for mixed use conversion. Multiple public transportation options
are located nearby, with both Franklin Avenue and Nostrand Avenue stops for the A/C train
line just two blocks away, offering access to Manhattan within 20 minutes, as well as Franklin
Avenue shuttle (S line) with service to Prospect Park and the Botanic Gardens. The property
also benefits from close proximity to Fulton Street, one of the area’s strongest retail corridors,
drawing national retailers and substantial foot traffic. The subject property presents an
enormous opportunity for a developer to convert an already vacant, solid building to match
neighborhood demand for luxury apartments and retail.
E XE CU TIVE SU MMARY
PROPERTY DESCRIPTION
C
S
A C
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HANCOCK STREET
1 21 7 BE DFORD AVENUE
Block/Lot:
Lot Dimensions:
Lot Square Footage:
Zoning:
Buildable Square Feet:
Building Dimensions:
Stories:
Existing Square Feet:
Additional Air Rights:
Assessment ('14/'15):
Taxes ('14/'15):
Located on the east side of Bedford Ave
between Hancock and Halsey Streets
1837 / 2
60' x 90'
5,867
R6A / C2-4
17,601
60' x 90'
4
19,680
2,841
$888,957
$91,767
HALSEY STREET
Property Information
Location:
E XE CU TIVE SU MMARY
PROPERTY OVERVIEW
1837
2
BEDFORD AVENUE
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TAX ASSE SSME N T BIL L - 1 21 7 BEDFORD AVENUE
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CE RTIF ICATE O F O CCU P AN CY - 1217 BEDFORD AVENUE
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D O B VIO L ATIO N S - 1 21 7 BE D F ORD AVENUE
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1217 BEDFORD AVENUE
ZONING ANALYSIS
1525 BEDFORD AVE
E XE CU TIVE SU MMARY
BROOKLYN MUSEUM
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MASSEY KNAKAL Realty Services
1 21 7 BE D F ORD AVENUE
This property is zoned: R6A/C2-4
Maximum FAR: 3.0
ZO N IN G AN AL YSIS
New York City’s zoning regulates permitted uses of the property; the size of
the building allowed in relation to the size of the lot (“floor to area ratio”);
required open space on the lot, the number of dwelling units permitted;
the distance between the building and the street; the distance between the
building and the lot line; and the amount of parking required.
1217
BEDFORD AVENUE
MASSEY KNAKAL Realty Services
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ZO N IN G AN AL YSIS
1 21 7 BE D F ORD AVENUE
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FLOOR PLANS
1525 BEDFORD AVE
E XE CU TIVE SU MMARY
1217 BEDFORD AVENUE
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F L O O R P L AN S - 1 21 7 BE D F O RD AVENUE
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F L O O R P L AN S - 1 21 7 BE D F O RD AVENUE
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F L O O R P L AN S - 1 21 7 BE D F O RD AVENUE
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F L O O R P L AN S - 1 21 7 BE D F O RD AVENUE
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F L O O R P L AN S - 1 21 7 BE D F O RD AVENUE
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F L O O R P L AN S - 1 21 7 BE D F O RD AVENUE
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F L O O R P L AN S - 1 21 7 BE D F O RD AVENUE
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F L O O R P L AN S - 1 21 7 BE D F O RD AVENUE
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F L O O R P L AN S - 1 21 7 BE D F O RD AVENUE
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1217 BEDFORD AVENUE
MARKET OVERVIEW
1525 BEDFORD AVE
E XE CU TIVE SU MMARY
THE BOATHOUSE
AT PROSPECT PARK
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MASSEY KNAKAL Realty Services
Planning Stage
Under Construction
Completed Project
168 Franklin Avenue
588 Myrtle Avenue
BUSHWICK
836 DeKalb Avenue
1103 DeKalb Avenue
BEDFORD
STUYVESANT
1192 Bedford Avenue
689 Marcy Avenue
775 Lafayette Avenue
1024 Gates Avenue
482 Franklin Avenue
OSPECT
IGHTS
1217
BEDFORD AVENUE
CROWN
HEIGHTS
BE D F O RD STU YVE SAN T N E W D EVELOPMENT - 1217 BEDFORD AVENUE
BEDFORD STUYVESANT
NEW DEVELOPMENT
196 Macon Street
1560 Fulton Street
ECT
K
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The Shelton: 775 Lafayette Ave.
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Landscaped courtyard
Fully equipped
Lounge complete with a Wii console, a flat screen, card table, shuffleboard
and a kitchenette.
Storage lockers, and an underground parking garage, along with the
building’s own bike storage.
83 Units
14 Stories
30 % affordable
Completed
196 Macon Street
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5-story, 28 unit rental building
on-site gym
common roof deck with panoramic Manhattan skyline views
on-site parking
24-hour security system
Completed
1192 Bedford Avenue
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6-unit Condominium Project
Brookland Capital
floor-to-ceiling windows, white oak flooring
common roof deck for a panoramic view of Brooklyn any time of day or night
All 6-units currently under contract
Completed
Acacia: 1560 Fulton Street
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99,650 SF Mixed Use
105 Units
modern fitness room,
private parking
landscaped courtyard with play area and a private recreation room for
planned functions
Under Construction
BE D F O RD STU YVE SAN T N E W D EVELOPMENT - 1217 BEDFORD AVENUE
BEDFORD STUYVESANT
NEW DEVELOPMENT
836 Dekalb Ave
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5-Story
24 units
Approx. 30,000 SF
Under Construction
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689-691 Marcy Ave aka 168 Kosciuszko Street
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Planned 41 Unit development
Condominiums or rentals
13-spot underground parking garage
23 bicycle parking spots
Storage room
Under Construction
1024 Gates Avenue
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Former Roosevelt Savings Bank
50 units
34,937 SF of residential space
25 parking spots
Recreation rooms and lounges will also be included
Under Construction
168-180 Franklin Avenue
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118 rental units
80,000 sf
59 parking spaces
Amenities include a rooftop deck, gym, virtual doorman, tenant lounge,
storage, laundry, party room and a student copy center
Under Construction
588 Myrtle Avenue
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16 units
11,442 sf
Under Construction
482 Franklin Avenue
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100 units – Affordable housing
8 stories
33 parking spaces, 47 bike storage spots
Amenities include a gym, below ground recreation space, balconies and
terraces
Under Construction
BE D F O RD STU YVE SAN T N E W D EVELOPMENT - 1217 BEDFORD AVENUE
BEDFORD STUYVESANT
NEW DEVELOPMENT
1103 DeKalb Avenue
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Mixed-use development
56 units
35,005 sf residential space and 5,905 ground floor commercial space
Amenities include bike storage and balconies on top floors
Pre-Construction
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THE NEIGHBORHOOD
1525 BEDFORD AVE
E XE CU TIVE SU MMARY
1217 BEDFORD AVENUE
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MASSEY KNAKAL Realty Services
N E IG H BO RH O O D MAP
1 21 7 BE DFORD AVENUE
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MASSEY KNAKAL Realty Services
Originally settled by freed slaves who were among the first to purchase
land for homes, Bedford-Stuyvesant is an area where Brooklynites
have effectively negotiated the difficult balance between protecting
meaningful historic places and developing and reshaping public
resources.
Over the years, many of Bedford-Stuyvesant’s residents have
transplanted their own cultures and experiences to the historically
rich community. The Dutch were the first among the colonial settlers.
In the 1630s and 1640s, the Dutch West India Company acquired
woodlands from the Canarsee Indians and named the site Bedford.
The area was officially recognized by English governor Edmund Andros
in 1677.
Growth Years
Bedford-Stuyvesant became more accessible from Manhattan upon
completion of the Brooklyn Bridge (1883) and the elevated railroad
(1885). The grandeur of the area around Bedford Corners and its
thoroughfare, Stuyvesant Avenue, lured middle- and upper-class
residents, notably F.W. Woolworth of the five-and-ten-cent stores and
Abraham Abraham of Abraham & Straus. By 1920 the population had
reached 45,000, and during the next decade the numbers of residents
in the area rose dramatically, with an especially large increase after
the subway reached the area in 1936.
New immigrants poured into the neighborhood from Europe, the
southern US, and the Caribbean. (Novelist and essayist Paule
Marshall often includes descriptions of her family’s Caribbean
American lifestyle and the brownstones of Bed-Stuy in her writing.)
Around this time many began referring to Bedford and Stuyvesant
Heights by their current, combined name.
Bedford Stuyvesant Today
Proximity to transportation, the neighborhoods character, and growth
of new development coming to the market are just a few of the factors
drawing investors and residents to Bedford Stuyvesant.
Bedford Stuyvesant is known for its diverse culture, beautiful
brownstone townhouses, historic buildings and tree-lined blocks.
Among the historic areas you can also expect to find many new
developments and conversion projects both completed and under
construction in the neighborhood. 196 Macon Street, The Brownstone,
is a 5-story, 28 unit rental building which began leasing apartments
in September of 2014. Studios are priced at $2,200/month and
range up to a 3BR/1BA for $3,300/month. 1192 Bedford Avenue, a
boutique 6-unit condominium project developed by Brookland Capital
has already placed all 6 units under contract. The Shelton, located
at 775 Lafayette Avenue is a larger scale development completed in
2012. This 14 story building has 83 units 30% of which are dedicated
to affordable housing.
To accompany the thriving development market the neighborhood has
responded with a surge of new restaurants and bars. Some notable
establishments include the Michelin recommended Black Swan on
Bedford Avenue, the Therapy Wine Bar and Peaches on Lewis Avenue,
and the Vodou Bar and Saraghina on Halsey Street.
1 21 7 BE D FORD AVENUE
Bedford was used primarily for farming throughout the eighteenth
century, although it was occupied by British troops after the
Revolutionary War’s Battle of Brooklyn. Innovations in transportation
accelerated a growth in population. In 1836 the Brooklyn and Jamaica
Railroad traversed Atlantic Street, which is now Atlantic Avenue. By
1873 the population had reached 14,000 and included Irish, German,
Scottish, Dutch American, and African-American residents.
In 1950 Bedford-Stuyvesant had a peak population of 250,00. The
population declined progressively, by 46.7% overall, between 1950
and 1980 to reach a low of 133,377. Since then, it has steadily
increased to its current level of about 144,000. Increases have been
notable in the northeast quadrant, along Broadway, and along the
southern side of Lafayette Ave.
TH E N E IGH BO RH O O D
The Founding
The combination of exciting cultural elements coupled with new
beautiful living spaces make Bedford Stuyvesant one of New York
City’s most unique & exciting neighborhoods.
MASSEY KNAKAL Realty Services
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BEDFORD AVENUE
TH E N E IGH BO RH O O D
1217
1 21 7 BE D FORD AVENUE
SUBWAY & BUS MAP
Multiple public transportation options are located near 1217 Bedford Avenue, with both the Franklin
Avenue and Nostrand Avenue stops for the A/C train line just two blocks away, offering access to
Manhattan within 20 minutes, as well as Franklin Avenue shuttle (S line) with service to Prospect Park
and the Botanic Gardens. On the east side of the neighborhood, J and M trains provide access to lower
Manhattan within a half hour.
MASSEY KNAKAL Realty Services
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This is a confidential brochure intended solely for your limited use and benefit in determining whether you desire
to express any further interest in the purchase of 1217 Bedford Avenue, Brooklyn, NY 11216 (the “Property”).
This brochure was prepared by Massey Knakal Realty Services, (“Massey Knakal”). It contains selected
information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information
which prospective purchasers may desire. It should be noted that all financial projections are provided for general
reference purposes only in that they are based on assumptions relating to the general economy, competition,
and other factors beyond the control of Massey Knakal or Owner and, therefore, are subject to material variation.
Additional information and an opportunity to inspect the Property and plans will be made available to interested
and qualified investors. Neither Owner, Massey Knakal nor any of their respective officers nor employees, have
made any representation or warranty, expressed or implied, as to the accuracy or completeness of this brochure
or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or any of its
contents. All square footage measurements must be independently verified.
Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to
purchase the Property and/or to terminate discussions with any entity at any time with or without notice. Owner
shall have no legal commitment or obligation to any entity reviewing this brochure or making an offer to purchase
the Property unless and until a written agreement satisfactory to Owner has been fully executed, delivered, and
approved by Owner and any conditions to Owner obligations thereunder have been satisfied or waived.
By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you
hold and treat it in the strictest confidence, and that you will not disclose this brochure or any of its contents to any
other entity without the prior written authorization of Owner nor will you use this brochure or any of its contents in
any fashion or manner detrimental to the interest of Owner or Massey Knakal.
It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of
environmental factors on real estate. Massey Knakal does not conduct investigations or analysis of environmental
matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether
hazardous or toxic wastes or substances (such as asbestos, PCB’s and other contaminants or petrochemical
products stored in underground tanks) or other undesirable materials or conditions, are present at the Property
and, if so, whether any health danger or other liability exists. Such substances may have been used in the
construction or operation of buildings or may be present as a result of previous activities at the Property.
Various laws and regulations have been enacted at the federal, state and local levels dealing with the use,
storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending
upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to
conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used
at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and
disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be
consulted where these substances are or may be present.
While this brochure contains physical description information, there are no references to condition. Neither
Owner nor Massey Knakal make any representation as to the physical condition of the Property. Prospective
purchasers should conduct their own independent engineering report to verify Property condition.
In this brochure, certain documents, including leases and other materials, are described in summary form. The
summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved,
nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are
expected to review independently all relevant documents.
The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated
independently therein. If, after reviewing this brochure, you have no further interest in purchasing the Property
at this time, kindly return this brochure to Massey Knakal at your earliest possible convenience. Photocopying
or other duplication is not authorized. This brochure shall not be deemed an indication of the state of affairs of
Owner, nor constitute an indication that there has been no change in the business or affairs of Owner since the
date of preparation of this brochure.
All zoning information, including but not limited to, use and buildable footage must be independently verified.
MASSEY KNAKAL Realty Services
29
FOR FU RT H ER IN FO RM AT IO N OR IN SP E CT ION ,
PLEASE CON TACT E XC LUS IVE AGE N T S :
ROB ERT SHA P I RO
First Vice President of Sales
212.660.7717
[email protected]
MIC HA EL A M I R K HA N I A N
Director of Sales
718.606.7073
[email protected]
DJ J OHN STON
Senior Associate
718.307.6515
[email protected]
HOWARD PORET SKY
Senior Managing Director
(212) 326-1015
[email protected]
PATR ICK G A R DN ER
Senior Managing Director
(212) 326-8633
[email protected]
INVESTMENT SALES
RETAIL LEASING
CAPITAL SERVICES
|
MASSEYKNAKAL.COM
MANHATTAN BROOKLYN STATEN ISLAND THE BRONX QUEENS WESTCHESTER LONG ISLAND NEW JERSEY