100 Pondfield Rd Bronxville_Offering Memorandum

100 PONDFIELD ROAD
BRONXVILLE, NY 10708
The Lofts at Bronxville
Mid Construction Development
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INVESTMENT SALES TEAM
Greg Corbin
Executive Managing Director
Direct: 212.359.9904
Cell: 917.406.0406
greg@rosewoodrg.com
Aaron Kline
Director
Direct: 212.359.9930
Cell: 914.482.4635
aaron.kline@rosewoodrg.com
Brandon Serota
Associate
Direct: 212.359.9928
Cell: 516.233.5293
brandon@rosewoodrg.com
Chaya Milworn
Associate
Direct: 212.359.9936
Cell: 917.804.7458
chaya@rosewoodrg.com
Elliot Haft
Associate
Direct: 212.359.9925
Cell: 516.509.1943
elliot@rosewoodrg.com
Rosewood Realty Group
38 East 29th Street, 5th Floor
New York, NY 10016
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TABLE OF CONTENTS
8 PROPERTY OVERVIEW
12 FINANCIAL OVERVIEW
20 PROPERTY PHOTOS
26 LOCATION OVERVIEW
38 CONTACT INFO
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PROPERTY OVERVIEW
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FINANCIAL OVERVIEW
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PROPERTY PHOTOS
LOCATION OVERVIEW
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PROPERTY OVERVIEW
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EXECUTIVE SUMMARY
100 Pondfield Road is a 36,000 square foot building located in the upscale neighborhood of Bronxville,
NY, a one mile square enclave. Consisting of two adjoining parcels on a 13,575 Sq. Ft. lot, the property
is accessed from an easement driveway on Pondfield Road. The three story elevator building is mid construction
with plans for 11 massive lofts ranging from two to three bedrooms. Planned high end amenities
include a parking garage, fitness center, recreation room, mail room, and concierge area.
This turnkey project is prime for a developer to step in and finish. The plans, permits, and even scaffolding
and insurance are already in place. The vast majority of soft costs have already been incurred
and paid for; the hard costs and labor are where an investor / developer can create a profitable value
add scenario.
The property is situated within the most upscale neighborhood in Westchester County, and is just a
few blocks from the Metro North train station, which offers a 28 minute train ride to Grand Central
Station. 100 Pondfield also has exceptional access to the major surrounding highways including The
Sprain Brook Parkway, The New York State Throughway (I-87), The Bronx River Parkway, Saw Mill River
Parkway and the Cross County Parkway.
SITE SUMMARY
Property Name 100 Pondfield Road, Bronxville, NY 10708
Location:
Westchester County, New York
Bronxville is known for it’s beautifully manicured town and houses, it’s incredible school system, and
it’s parks and library. It was rated by CNBC as the most expensive suburb of any of America’s ten largest
cities, with a median home value of $2.33 million. The average household income was $340,448
making it one of the wealthiest and most affluent places in the United States.
Due to it’s location and layouts, 100 Pondfield is expected to command premium sale or rental pricing.
TAX MAP
Land Area:
0.28 acres
Zoning: Central Business A (Business A)
Property Type:
Residential
Number of Stories: 3
Gross Building Area: 36,000
Total Taxes $92,000
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FINANCIAL OVERVIEW
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FINANCIAL OVERVIEW: RENTAL PRO FORMA
FINANCIAL OVERVIEW: SALES PRO FORMA
RENTAL PRO FORMA
Rent
Apt Sq Ft Beds Baths Monthly Annual PPSF
2A 1,435 2 2.5 $6,250 $75,000 $52.26
2B 1,978 3 2.5 $8,100 $97,200 $49.14
2C 1,326 3 2.0 $7,100 $85,200 $64.25
2D 1,958 3 2.5 $8,100 $97,200 $49.64
2E 1,928 3 2.5 $8,100 $97,200 $50.41
3A 1,435 3 2.5 $7,100 $85,200 $59.37
3B 1,978 3 2.5 $8,100 $97,200 $49.14
3C 1,326 3 2.0 $7,100 $85,200 $64.25
3D 1,958 3 2.5 $8,100 $97,200 $49.64
3E 1,240 2 2.0 $5,800 $69,600 $56.13
3F 1,113 2 2.0 $5,800 $69,600 $62.53
Total 17,675 30 25.5 $79,650 $955,800 $54.08
+ 14 Indoor Parking Spaces @ $150/Mo $2,100 $25,200 $1.43
Vacancy & Credit Loss -$2,453 -$29,430 -$1.67
Effective Income $79,298 $951,570 $53.84
EXPENSES
Real Estate Taxes $92,000
Water & Sewer $12,000
Insurance $15,000
Gas & Electric $6,000
Maintenance $7,500
Super & Mgnt $15,000
Total Expenses $147,500
Net Operating Income $804,070
SALES PRO FORMA
Apt Sq Ft Beds Baths Projected
PPSF
Sellout
2A 1,435 2 2.5 $1,485,225 $1,035
2B 1,978 3 2.5 $1,948,330 $985
2C 1,326 3 2.0 $1,405,560 $1,060
2D 1,958 3 2.5 $1,928,630 $985
2E 1,928 3 2.5 $1,899,080 $985
3A 1,435 3 2.5 $1,571,325 $1,095
3B 1,978 3 2.5 $2,076,900 $1,050
3C 1,326 3 2.0 $1,471,860 $1,110
3D 1,958 3 2.5 $2,055,900 $1,050
3E 1,240 2 2.0 $1,388,800 $1,120
3F 1,113 2 2.0 $1,263,255 $1,135
Total 17,675 30 25.5 $18,494,865 $1,046
14 Indoor Parking Spaces $315,000 $17.82
Total Sell Out $18,809,865 $1,064
EXPENSES
Brokers Commissions $924,743
HOA Fees $37,619
Closing Costs/Misc.Taxes $500,000
Transfer Taxes $75,239
Total Expenses $1,537,602
Net Sales Income $17,272,263
Name/Location:
Dist. To
Subject
Number
of Units
Year
Built
Avg.
Price
Villa BXV 5-27 Kensington Road Bronxville, NY 0.8 mi 54 2014 1,057 $/SF
The Heathcote 2-4 Weaver Street, Scarsdale, NY 5.2 mi 14 2018 1,031 $/SF
45 Hudson View Way 45 Hudson View Way, Tarrytown,
NY
13.8 mi 43 2018 976 $/SF
The Pointe 1-10, The Pointe, Rye Brook 11. mi 10 2014 1,312 $/SF
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COSTS TO COMPLETE: KOW BUILDING CONSULTANTS
Overview
BUDGET ANALYSIS
100 Pondfield Road
Bronxville, New York
KOW Job Number 2020-266
We have discussed the remaining work and costs with the developer and offer the following
summary we feel is appropriate and adequate for project completion based on provided
documentation:
Item Cost Cost/SF Cost/Apt
Trade Total $5,184,778.00 $151.42 $471,343.45
General Conditions
(6%) $311,086.68 $9.08 $28,280.61
Grand Total $5,495,864.68 $160.50 $499,624.06
The budget was reviewed in comparison to other similar scope projects in the Westchester County
area. See the Appendix of this report for a detailed breakdown.
Square Footage Cost Analysis
The Average Cost Per Square Foot for the project (based on 34,242 SF) is $151.42 for trade
costs and $160.50 for total hard costs, which appears within a reasonable range for project
completion.
Unit Cost Analysis
The Average Cost Per Apartment for the project (based on 11 units) is $471,343.45 for trade
costs and $499,624.06 for total hard costs, which appears within a reasonable range for project
Cost to Complete Estimate for 100 Pondfield Road Bronxville, NY by KOW
completion.
24 KOW Building Consultants www.kowbc.com
Total
Apartments: 11
Building SF: 34,242
Site SF: 13,757
Parking On Site: 14
Building
Footprint: 11,414
Wall Area SF: 12,424
Floors Above
Grade: 3
Floors Below
Grade: 0
Total Floors: 3
Retail Space: No
Renovation to
Occur: Gut
Elevator: Yes
Year Built: 1919 (circa)
Foundation: Poured in place
Structure: Poured in place
ITEM ITEM DESCRIPTION COST ESTIMATE COST PER SF COST PER APT COST AS A %
1 Electric $694,500.00 $20.28 $63,136.36 13.39%
2 Plumbing $579,033.00 $16.91 $52,639.36 11.17%
3 Sprinkler $401,500.00 $11.73 $36,500.00 7.74%
4 Masonry/Concrete $247,000.00 $7.21 $22,454.55 4.76%
5 EIFS $213,150.00 $6.22 $19,377.27 4.11%
6 Structural Steel $159,850.00 $4.67 $14,531.82 3.08%
7 Stairs/Railings Steel $120,250.00 $3.51 $10,931.82 2.32%
8 Stair #3 Metal and Glass $19,975.00 $0.58 $1,815.91 0.39%
9 HVAC $505,485.00 $14.76 $45,953.18 9.75%
10 Drywall/Framing $609,550.00 $17.80 $55,413.64 11.76%
11 Lighting Fixtures $147,045.00 $4.29 $13,367.73 2.84%
12 Windows $207,140.00 $6.05 $18,830.91 4.00%
13 Plumbing Fixtures $155,000.00 $4.53 $14,090.91 2.99%
14 Velux Skylights $38,500.00 $1.12 $3,500.00 0.74%
15 Sola Tubes $14,000.00 $0.41 $1,272.73 0.27%
16 Kitchen/Bath Cabinets $159,000.00 $4.64 $14,454.55 3.07%
17 Storefront $32,000.00 $0.93 $2,909.09 0.62%
18 Painting/Wallpaper $135,000.00 $3.94 $12,272.73 2.60%
19 Flooring $196,400.00 $5.74 $17,854.55 3.79%
20 Garage Doors $20,000.00 $0.58 $1,818.18 0.39%
21 Appliances $60,000.00 $1.75 $5,454.55 1.16%
22 Bath Accessories $10,000.00 $0.29 $909.09 0.19%
23 Tapco Lighting $24,750.00 $0.72 $2,250.00 0.48%
24 Roof $165,000.00 $4.82 $15,000.00 3.18%
25 Doors $145,650.00 $4.25 $13,240.91 2.81%
26 Elevator $125,000.00 $3.65 $11,363.64 2.41%
Total $5,184,778.00 $151.42 $471,343.45 100.00%
General Conditions (6%) $311,086.68 $9.08 $28,280.61 6.00%
Grand Total $5,495,864.68 $160.50 $499,624.06 106.00%
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ITEM ITEM DESCRIPTION COST ESTIMATE COST PER SF COST PER APT COST AS A %
1 Electric $694,500.00 $20.28 $63,136.36 13.39%
2 Plumbing $579,033.00 $16.91 $52,639.36 11.17%
3 Sprinkler $401,500.00 $11.73 $36,500.00 7.74%
4 Masonry/Concrete $247,000.00 $7.21 $22,454.55 4.76%
5 EIFS $213,150.00 $6.22 $19,377.27 4.11%
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COSTS INCURRED TO DATE
COSTS INCCURRED
Subcontractor
Paid To Date
Pre Construction:
Bronxville Building Permit Fees $165,168
County Property Taxes 43,817
Bronxville Property Taxes 52,426
Easement Fees 33,349
Con Ed Electric 4,599
Accounting 7,000
Landuse Legal 48,582
Consulting 88,537
Title Costs 263,728
Other Soft Costs 250,275
Consulting:
Dennis Noskin Architects 70,602
Americore Concrete 4,115
C & F Consulting Engineering, PC 60,000
GMCE Structural Engineers 23,850
JMC Site Development Civil Engineers 69,607
General Contracting 231,666
Environmental:
ACA Enviromental Asbestos Removal 52,000
Air monitor 8,550
Soil Testing 22,824
Oil Tank Removal 9,968
Interior Demolition 228,750
Hard Costs:
Scaffolding 178,400
Roof Demolition 13,489
Street Hookups Utilities 226,070
Water Meter Concrete Pit 13,117
Electric Temp power 15,980
Insurance:
General Liability through 6/1/21 88,723
Excess Liability though 6/1/21 57,074
Total Paid $2,332,265
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PROPERTY PHOTOS
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2nd Floor
3rd Floor
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3rd Floor
14 Car Garage
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RENDERINGS
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RENDERINGS
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RENDERINGS
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FLOOR PLANS
FLOOR PLANS
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LOCATION OVERVIEW
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WESTCHESTER COUNTY OVERVIEW
Westchester County is considered to be part of the New York City Metropolitan area. It
is located just north of the Bronx, The western border of the county is the Hudson River;
Putnam County is the northern border and the Long Island Sound and Fairfield County,
Connecticut are the eastern borders
Westchester has undergone significant changes over the past twenty-five years, Westchester
was mainly known as a suburban residential location for those who worked in
New York City. However, over the past several decades, many corporations relocating
to Westchester County have transformed the area into a more dominant employment
center over the last twenty years.
The subject is in the City of Yonkers and is considered a suburban location. The City of
Yonkers is situated in southwest Westchester County, about 5 miles north of Manhattan,
New York City, The city covers an area of approximately 18,1 square miles.
LOCAL AREA OVERVIEW
Bronxville is a village in Westchester County, New York, located about 15 miles (24 km)
north of midtown Manhattan. It Is part of the town of Eastchester. The village comprises
1 square mile (2.5 km2) of land in Its entirety, approximately 20% of the town of
Eastchester. As of the 2010 U.S. census, Bronxville had a population of 6,323. In 2016,
Bronxville was rated the number one most expensive suburb around America’s ten largest
cities by CNBC with a median home value of $2.33 million. In 2017, it was ranked
8th in Bloomberg’s “America’s 100 Richest Places”. It was ranked 8th once again in the
same Bloomberg ranking in 2018.
Bronxville is home to Concordia College, a liberal arts college operated by the Lutheran
Church- Missouri Synod. Adjacent to the Concordia College campus is the Chapel
School—a pre-K-8 school affiliated with the Lutheran Church-Missouri Synod.
The Bronxville Public School is known as The Bronxville School. The school was started
as a progressive educational institution in the 1920s.
The Village of Bronxville has more than 70 acres (280,000 m2) of parkland including
athletic fields, woodlands, and a very small part of the Bronx River Parkway Reservation,
The Reservation, Westchester’s oldest park, was created as an adjunct to the Bronx River
Parkway that opened In 1925, and was the first linear park in the United States. The
Reservation features ponds, wooden footbridges and hundreds of varieties of native
trees and shrubs. The park is owned by Westchester County, and It Is a favorite place
for bicycling, walking, running, and nature study. It is sometimes referred to by locals as
“The Duck Pond.”
Millionaire real estate and pharmaceutical mogul William Van Duzer Lawrence sparked
the development of Bronxville as an affluent suburb of New York City with magnificent
homes in a country-like setting. The area, once known as “Underhill’s Crossing”, became
“Bronxville” when the village was formally established. The population grew In
the second half of the 19th century when railroads allowed commuters from Westchester
County to work in New York City. Lawrence’s Influence can be seen throughout the
community, Including the historic Lawrence Park neighborhood, the Houlihan Lawrence
Real Estate Corporation, and Lawrence Hospital. John F Kennedy, the President of the
United States, aIso resided here for a time.
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TRANSPORTATION
A vast network of highways serves Westchester County. Four Interstate highways are
used extensively in Westchester County. The New York State Thruway (l-87|, linking
Westchester County with New York City and Rockland County and points north, the
Cross Westchester County Expressway 11-287), running from the Tappan Zee Bridge to
the New England Thruway near the Connecticut border are heavily traveled highways.
The New England Thruway |l-95) links New York City with the Connecticut Turnpike
along the southeastern border of the county Interstate 684 provides access from Interstate
287 in White Plains to the northern parts of the county, and connects with Interstate
84 in Brewster. In addition to the Interstate Highways, U.S. 1 and U.S. 9A are used
for local commercial traffic.
There are also six major parkways, which provide limited non-commercial traffic. The
Hutchinson River Parkway runs from New York City in the south, through southeastern
Westchester to 1-287 and the Connecticut Merritt Parkway. The Cross County Parkway
serves as the major east/west roadway in southern Westchester, linking the Saw Mill
Rrver Parkway, the New York State Thru way, and the Hutchinson River Parkway, The
Bronx River Parkway runs from the Sprain Brook Parkway in Bronxville, through White
Plains to Valhalla where it becomes the Taconic State parkway traveling north towards
the Putnam County line.
Westchester County’s bus transit system, known as the BEE-line, is a public/private partnership
between the county and six operators that are responsible for the system. There
are 55 routes in the system covering the county, and routes to Manhattan, the Bronx,
and Putnam Counties. Most routes serve the new White Plains Trans Center, enabling
passengers to take Metro North or inter-county bus routes. Westchester County is also
well served by its railroad system. The three lines of the Metro-North Commuter Railroad
provide direct access to Manhattan. The Hudson line runs along the western portion
of the county along the Hudson River, the Harlem line provides access to the central
portion of the county; and the New Haven line serves the communities in southeastern
Westchester and Fairfield counties. At the Mount Kisco and Croton-Harmon stations,
there is direct access to Amtrak service to Boston and Upstate New York,
DEMOGRAPHICS
2018 Westchester New York State
Population 986,000 19,930,000
Households 363,000 7,562,000
Average Household Income 130,000 87,000
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TOWN OF BRONXVILLE
RETAIL MAP
ZONING MAP
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NEWS
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ZONING OVERVIEW
ZONING OVERVIEW
Place holder photo for 220 north Central Ave
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FOR MORE INFORMATION OR TO SET UP A VIEWING, PLEASE CONTACT
THE CORBIN GROUP AT ROSEWOOD REALTY:
Greg Corbin
Executive Managing Director
Direct: 212.359.9904
Cell: 917.406.0406
greg@rosewoodrg.com
Aaron Kline
Director
Direct: 212.359.9930
Cell: 914.482.4635
aaron.kline@rosewoodrg.com
Brandon Serota
Associate
Direct: 212.359.9928
Cell: 516.233.5293
brandon@rosewoodrg.com
Chaya Milworn
Associate
Direct: 212.359.9936
Cell: 917.804.7458
chaya@rosewoodrg.com
Elliot Haft
Associate
Direct: 212.359.9925
Cell: 516.509.1943
elliot@rosewoodrg.com
Disclaimer: This is a confidential brochure (the “Brochure”) intended solely for your limited use and benefit in determining whether you desire to
express any further interest in the proposed sale of 100 Pondfield Road (the “Property”). The information contained herein, including any pro forma
income and expense information (collectively, the “Information”) is based upon assumption and projections and has been compiled or modeled
from sources we consider reliable and is based on the best available information at the time the brochure was issued. However, the Information is
subject to change and is not guaranteed as to completeness or accuracy. While we have no reason to believe that the Information set forth in this
brochure, underwriting, cash flows, valuation and other financial information (or any Information that is subsequently provided or made available to
you) contains any material inaccuracies, no representations or warranties, express or implied, are made with respect to the accuracy or completeness
of the Information. Independent estimates of pro forma income and expenses should be developed before any 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 only outline some of the provisions
contained therein and are qualified in their entirety by the actual document to which they relate. You understand that the Information is confidential
and is furnished solely for the purpose of your review in connection with a potential investment in the property. You further understand that the
Information is not to be used for any other purpose or made available to any other person without the express written consent of Rosewood Realty
Group. 44 This offering is subject to prior placement and withdrawal, cancellation or modification without notice.