Bankruptcy Sale_220 NCA and 1254 1270 CPA_medical office portfolio_.em
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<strong>220</strong> NORTH CENTRAL AVENUE, HARTSDALE, NY<br />
<strong>1254</strong> & <strong>1270</strong> CENTRAL PARK AVENUE, YONKERS, NY<br />
BANKRUPTCY SALE:<br />
Two Medical Office Buildings<br />
Can be purchased individually or as a package<br />
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INVESTMENT SALES TEAM<br />
Greg Corbin<br />
President, <strong>Bankruptcy</strong> <strong>and</strong> Restructuring<br />
Direct: 212.359.9904<br />
Cell: 917.406.0406<br />
greg@rosewoodrg.com<br />
Aaron Kline<br />
Director<br />
Direct: 212.359.9930<br />
Cell: 914.482.4635<br />
aaron.kline@rosewoodrg.com<br />
Br<strong>and</strong>on Serota<br />
Associate<br />
Direct: 212.359.9928<br />
Cell: 516.233.5293<br />
br<strong>and</strong>on@rosewoodrg.com<br />
Chaya Milworn<br />
Associate<br />
Direct: 212.359.9936<br />
Cell: 917.804.7458<br />
chaya@rosewoodrg.com<br />
Elliot Haft<br />
Associate<br />
Direct: 212.359.9925<br />
Cell: 516.509.1943<br />
elliot@rosewoodrg.com<br />
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Rosewood Realty Group<br />
38 East 29th Street, 5th Floor<br />
New York, NY 10016<br />
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TABLE OF CONTENTS<br />
<strong>220</strong> NORTH CENTRAL AVENUE 9<br />
PROPERTY INFO 12<br />
FINANCIAL OVERVIEW 13<br />
FLOOR PLANS 19<br />
PROPERTY PHOTOS 22<br />
<strong>1254</strong> & <strong>1270</strong> CENTRAL PARK AVENUE 32<br />
PROPERTY INFO 36<br />
FINANCIAL OVERVIEW 37<br />
FLOOR PLANS 41<br />
PROPERTY PHOTOS 44<br />
CONTACT INFO 54<br />
<strong>220</strong> NORTH CENTRAL AVE<br />
PROPERTY INFO<br />
12 19<br />
41<br />
<strong>220</strong> NORTH CENTRAL AVE<br />
FLOOR PLANS<br />
<strong>1254</strong> & <strong>1270</strong> CENTRAL<br />
PARK AVE - FLOOR PLANS<br />
<strong>220</strong> NORTH CENTRAL AVE<br />
PROPERTY PHOTOS<br />
22<br />
<strong>1254</strong> & <strong>1270</strong> CENTRAL PARK AVE<br />
PROPERTY INFO<br />
36<br />
<strong>1254</strong> & <strong>1270</strong> CENTRAL PARK AVE<br />
PROPERTY PHOTOS<br />
6 7<br />
44
<strong>220</strong> NORTH CENTRAL AVE<br />
HARTSDALE, NY<br />
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PROPERTY INFO<br />
FINANCIAL INFO<br />
<strong>220</strong> North Central Avenue is a two-story (plus bas<strong>em</strong>ent) building, located in Hartsdale<br />
NY. The subject property, constructed in 1981, is 9,223± square feet: 7,425± SF above<br />
grade <strong>and</strong> 1,798± SF of unfinished bas<strong>em</strong>ent. It is situated on a 26,324+ square foot site<br />
with 23 on-site parking spaces. In addition, there is signage available for the tenants.<br />
North Central Park Avenue is Westchester’s primary commercial corridor, <strong>and</strong> contains a<br />
mix of retail, <strong>office</strong>, <strong>medical</strong> <strong>and</strong> residential properties. Traffic passing the subject property<br />
averages 23,100 cars per day. N. Central Park Ave. is lined with shops, strip centers,<br />
restaurants, banks <strong>and</strong> other establishments. Directly across the street from the subject<br />
property is Westchester Square which includes tenants such as: Trader Joe’s, Marshalls,<br />
CVS, Bareburger, <strong>and</strong> Best Buy. Next to that is a Domino’s Michael’s, Verizon, Chase, TJ<br />
Maxx, Wells Fargo, McDonalds, Carvel, AT&T, <strong>and</strong> Shake Shack.<br />
<strong>220</strong> North Central Park Avenue benefits from a highly desirable location in Hartsdale, <strong>and</strong><br />
is merely 2 miles from downtown White Plains. The Property is 1 mile from the Bronx River<br />
Parkway, the Sprain Brook Parkway <strong>and</strong> the Cross Westchester Expressway. The Bee-Line<br />
bus syst<strong>em</strong> has a stop which is steps from the property.<br />
FINANCIAL INFO<br />
Office, Tenanted $227,500<br />
Office, Vacant $48,000<br />
Tax Reimburs<strong>em</strong>ent* $2,000<br />
Operating Expense Reimburs<strong>em</strong>ent* $3,000<br />
Effective Income $280,500<br />
*The IMA Group pays 70.5% of increases over (19/20) base year taxes, <strong>and</strong> 70.5% of increases in base year (2018) operating expenses<br />
EXPENSES<br />
Property Taxes $60,005<br />
Insurance $3,153<br />
Repairs & Maintenance $4,685<br />
Office Cleaning & Trash $14,400<br />
L<strong>and</strong>scaping $4,800<br />
Snow R<strong>em</strong>oval $995<br />
Water & Sewer $1,223<br />
Elevator Maintenance Contract $3,500<br />
Manag<strong>em</strong>ent Fee 3% $8,415<br />
Total $101,176<br />
DESCRIPTION<br />
Two-story (w/ bas<strong>em</strong>ent) Office Building<br />
PROPERTY ADDRESS<br />
<strong>220</strong> North Central Avenue<br />
SECTION, BLOCK, & LOT 8.210-156-13<br />
CITY<br />
Hartsdale<br />
PROPERTY CLASS<br />
Office Building<br />
COMMERCIAL UNITS 2<br />
LOT SIZE<br />
175’ x 125.9’ (Irregular)<br />
LOT SF<br />
26,324 SF<br />
BUILDING SF ABOVE GRADE<br />
7,460 SF<br />
BUILDING SF BELOW GRADE<br />
1,798 SF<br />
YEAR BUILT 1981<br />
ZONING<br />
Central Avenue Mixed-Use Impact (CA)<br />
REAL ESTATE TAXES $60,005<br />
12<br />
Total Revenue $280,500<br />
Total Expenses $(101,176)<br />
Net Operating Income $179,324<br />
Tenant<br />
Unit<br />
Office<br />
Area<br />
<strong>220</strong> NORTH CENTRAL AVENUE RENT ROLL<br />
Lease<br />
Type<br />
Lease<br />
Term<br />
Monthly<br />
Rent<br />
Annual<br />
Rent<br />
Vacant* 1 960 SF $4,000 $48,000 $50.00<br />
The IMA<br />
Group<br />
2 6,500 SF Gross<br />
10.5<br />
Years<br />
PSF<br />
Lease<br />
Start<br />
LXP<br />
$18,958 $227,500 $35.00 1/1/19 6/30/29<br />
Total 7,460 SF $22,958 $275,500 $36.93<br />
*Rent value represent projection based on market rent<br />
RENT ROLL<br />
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APPRAISALS | C&W: $2,675,000 APPRAISALS | KTR: $2,750,000<br />
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S<br />
RD<br />
BENEDICT AVE<br />
MAPS<br />
FLOOR PLANS<br />
VIRGINIA RD<br />
TAX MAP<br />
PAYNE ST<br />
1ST FLOOR<br />
IN R D<br />
SAW MILL PKY<br />
ZONING MAP<br />
SAW MILL PKY<br />
SPRAIN BROOK PKY<br />
ta was provided by local municipality. This map is generated as a public service to Westchester County residents for general<br />
d planning purposes only, <strong>and</strong> should not be relied upon as a sole informational source. The County of Westchester hereby<br />
liability from the use of this GIS mapping syst<strong>em</strong> by any person or entity. Tax parcel boundaries represent approximate property<br />
nd should NOT be interpreted as or used in lieu of a survey or property boundary description. Property descriptions must be<br />
surveys or deeds. For more information please contact local municipality assessor’s <strong>office</strong>.<br />
SAW MILL RIVER RD<br />
TAXTER RD<br />
DOBBS<br />
FERRY RD<br />
Village of Elmsford<br />
OLD TARRYTOWN RD<br />
DOBBS FERRY RD<br />
HILLSIDE AVE<br />
OLD TARRYTOWN RD<br />
5<br />
Westchester County<br />
CITY OF WHITE<br />
PLAINS<br />
1:1,500<br />
¯<br />
2ND FLOOR<br />
0 70 140 280<br />
ft<br />
Westchester County GIS<br />
AREA MAP<br />
RIDGE RD<br />
HILLCREST RD<br />
age of Ardsley<br />
OLD SPRAIN RD<br />
SPRAIN RD<br />
UNDERHILL RD<br />
CENTRAL PARK AVE<br />
BRONX RIVER PKY<br />
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TOWN/VILLAGE OF SCARSDALE<br />
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ARDSLE
NEARBY HOSPITALS<br />
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3D IMAGES<br />
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PROPERTY PHOTOS<br />
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<strong>1254</strong> & <strong>1270</strong> CENTRAL PARK AVE<br />
YONKERS, NY<br />
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PROPERTY INFO<br />
<strong>1254</strong> & <strong>1270</strong> Central Park Avenue is a one-story <strong>office</strong> building located in Yonkers NY.<br />
The subject property is a 6,500± square foot building, originally constructed in 1980.<br />
Situated on a 34,987± square foot site the property has 46 parking spaces on the side of<br />
the building. In addition, there is signage available for the tenants.<br />
Central Park Avenue is a busy commercial corridor which averages an astounding 31,500<br />
cars passing through per day. The Subject Property is located 1 mile from the Cross County<br />
Shopping Center which hosts a variety of stores <strong>and</strong> restaurants, <strong>and</strong> a large covered<br />
parking garage. Stores include: Marshalls, T.J. Maxx, Micro Center (formerly Circuit City),<br />
HomeGoods, Michaels, LensCrafters, Sleepy’s, Powerhouse Gym, GNC, JD Hair Salon, Kid<br />
City, Ideal Jewelers, Pizza In The Square, Subway, Pretzel Time, <strong>and</strong> TCBY, <strong>and</strong> Century 21.<br />
Minutes from the property are two sizeable hospitals: St. John’s Riverside Hospital <strong>and</strong><br />
St. Joseph’s Medical Center; both have long-established reputations for technological<br />
excellence <strong>and</strong> advanced treatment. The property is located less than one mile from the<br />
Sprain Brook Parkway, NYS Thruway, Cross County Parkway, Bronx River Parkway as well<br />
as the local bus syst<strong>em</strong>.<br />
FINANCIAL INFO<br />
FINANCIAL INFO<br />
Office Income $201,600<br />
EXPENSES<br />
Property Taxes $52,278<br />
Insurance $3,153<br />
Repairs & Maintenance $4,685<br />
L<strong>and</strong>scaping $4,800<br />
Snow R<strong>em</strong>oval $995<br />
Office Cleaning & Trash $11,400<br />
Water & Sewer $1,223<br />
Manag<strong>em</strong>ent Fee (3%) $6,048<br />
Total $84,582<br />
Total Revenue $201,600<br />
Total Expenses $(84,582)<br />
Net Operating Income $117,018<br />
DESCRIPTION<br />
One-Story Office Building<br />
PROPERTY ADDRESS<br />
<strong>1254</strong> & <strong>1270</strong> Central Park Avenue<br />
SECTION, BLOCK, & LOT 5-5408-195 & 197<br />
CITY<br />
Yonkers<br />
Tenant<br />
Office<br />
Area<br />
<strong>1254</strong> CENTRAL PARK AVENUE RENT ROLL<br />
Lease<br />
Type<br />
Lease<br />
Term<br />
Monthly<br />
Rent<br />
Annual<br />
Rent<br />
PSF<br />
RENT ROLL<br />
Lease<br />
Start<br />
LXP<br />
PROPERTY CLASS<br />
Office Building<br />
Diet Plan 1,625 SF Gross 5 Years* $4,590 $54,000 $33.23 5/1/19 4/30/24<br />
COMMERCIAL UNITS 4<br />
LOT SF<br />
34,987 SF<br />
BUILDING SF<br />
6,500 SF<br />
YEAR BUILT 1980<br />
ZONING<br />
Office Building <strong>and</strong> Research Laboratories District (OL)<br />
REAL ESTATE TAXES $52,278.50<br />
Physical<br />
Therapy<br />
1,625 SF Gross 10 Years* $5,000 $60,000 $36.92 7/1/18 6/30/28<br />
Henry Katz 1,625 SF Gross 3 Years $3,300 $39,600 $24.37 7/1/19 6/30/22<br />
DOCS 1,625 SF Gross 10 Years $4,000 $48,000 $29.54 1/1/19 12/31/28<br />
Total/Avg. 6,500 SF $16,890 $201,600 $31.02<br />
*Please see rent schedules for contractual rent escalations<br />
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ngs-<br />
SAW MILL PKY<br />
MAPS<br />
TAX MAP<br />
SAW MILL RIVER RD<br />
§¨¦ 87<br />
SPRAIN BROOK PKY<br />
RD<br />
CENTRAL PARK AVE<br />
CRISFIELD<br />
ST<br />
SCARSDALE<br />
TOWN OF<br />
EASTCHESTER<br />
FLOOR PLANS<br />
CUTIVE BLVD<br />
BRONX RIVER P KY<br />
NEPPERHAN AVE<br />
ZONING MAP<br />
ROBERTS AVE<br />
ay 7, 2020<br />
SAW MILL PKY<br />
PALMER RD<br />
CENTRAL PARK AVE<br />
ax parcel data was provided by local municipality. This map is generated as a public service to Westchester County residents for general<br />
nformation <strong>and</strong> planning purposes only, <strong>and</strong> should not be relied upon as a sole informational source. The County of Westchester hereby<br />
isclaims any liability from the use of this GIS mapping syst<strong>em</strong> by any person or entity. Tax parcel boundaries represent approximate property<br />
ine location <strong>and</strong> should NOT be interpreted as or used in lieu of a survey or property boundary description. Property descriptions must be<br />
btained from surveys or deeds. For more information please contact local municipality assessor’s <strong>office</strong>.<br />
BRONXVILLE RD<br />
Westchester County<br />
1:1,500<br />
¯<br />
Village of<br />
Tuckahoe<br />
0 70 140 280<br />
ft<br />
Westchester County GIS<br />
Village of Bronxville<br />
AREA MAP<br />
5A<br />
ASHBURTON AVE<br />
CROSS COUNTY PKY<br />
CROSS COUNTY PKY<br />
3<br />
5<br />
5<br />
N EPP ERHAN AVE<br />
4A<br />
1<br />
3<br />
YONK ERS AVE<br />
3<br />
KIMBALL AVE<br />
10B<br />
CITY OF<br />
MOUNT VERNON<br />
RUMSEY RD<br />
42<br />
PARK AVE<br />
43
HIGHWAY/TRAIN MAP<br />
44<br />
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3D IMAGES<br />
46<br />
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PROPERTY PHOTOS<br />
Place holder photo for <strong>220</strong> north Central Ave<br />
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FOR MORE INFORMATION OR TO SET UP A VIEWING, PLEASE CONTACT<br />
THE CORBIN GROUP AT ROSEWOOD REALTY:<br />
Greg Corbin<br />
President, <strong>Bankruptcy</strong> <strong>and</strong> Restructuring<br />
Direct: 212.359.9904<br />
Cell: 917.406.0406<br />
greg@rosewoodrg.com<br />
Aaron Kline<br />
Director<br />
Direct: 212.359.9930<br />
Cell: 914.482.4635<br />
aaron.kline@rosewoodrg.com<br />
Br<strong>and</strong>on Serota<br />
Associate<br />
Direct: 212.359.9928<br />
Cell: 516.233.5293<br />
br<strong>and</strong>on@rosewoodrg.com<br />
Chaya Milworn<br />
Associate<br />
Direct: 212.359.9936<br />
Cell: 917.804.7458<br />
chaya@rosewoodrg.com<br />
Elliot Haft<br />
Associate<br />
Direct: 212.359.9925<br />
Cell: 516.509.1943<br />
elliot@rosewoodrg.com<br />
Disclaimer: This is a confidential brochure (the “Brochure”) intended solely for your limited use <strong>and</strong> benefit in determining whether you desire to<br />
express any further interest in the proposed sale of <strong>220</strong> North Central Ave <strong>and</strong> <strong>1254</strong> & <strong>1270</strong> Central Park Ave (the “Properties”). The information<br />
contained herein, including any pro forma income <strong>and</strong> expense information (collectively, the “Information”) is based upon assumption <strong>and</strong> projections<br />
<strong>and</strong> has been compiled or modeled from sources we consider reliable <strong>and</strong> is based on the best available information at the time the brochure was<br />
issued. However, the Information is subject to change <strong>and</strong> is not guaranteed as to completeness or accuracy. While we have no reason to believe that<br />
the Information set forth in this brochure, underwriting, cash flows, valuation <strong>and</strong> other financial information (or any Information that is subsequently<br />
provided or made available to you) contains any material inaccuracies, no representations or warranties, express or implied, are made with respect<br />
to the accuracy or completeness of the Information. Independent estimates of pro forma income <strong>and</strong> expenses should be developed before any<br />
decision is made on whether to invest in the property. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather<br />
only outline some of the provisions contained therein <strong>and</strong> are qualified in their entirety by the actual document to which they relate. You underst<strong>and</strong><br />
that the Information is confidential <strong>and</strong> is furnished solely for the purpose of your review in connection with a potential investment in the property.<br />
You further underst<strong>and</strong> that the Information is not to be used for any other purpose or made available to any other person without the express written<br />
consent 58 of Rosewood Realty Group. This offering is subject to prior plac<strong>em</strong>ent <strong>and</strong> withdrawal, cancellation or modification without notice.
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