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BANKRUPTCY SALE<br />
Office Building / Medical / Professional<br />
1
Prospect Park<br />
Winthrop<br />
Street<br />
Newkirk<br />
<strong>Ave</strong>nue<br />
2 5<br />
FLATBUSH<br />
Beverly<br />
Road<br />
2 5<br />
Church<br />
<strong>Ave</strong>nue<br />
2 5<br />
2 5<br />
SUNY Downstate<br />
Medical Center<br />
Kings County<br />
Hospital<br />
<strong>Utica</strong><br />
<strong>Ave</strong>nue<br />
2 3 4<br />
Lincoln Terrace /<br />
Arthur S. Somers Park<br />
Sutter <strong>Ave</strong>-<br />
Rutland Rd<br />
2 3 4<br />
Flatbush<br />
<strong>Ave</strong>nue<br />
2 5<br />
Holy Cross<br />
Cemetery<br />
<strong>Utica</strong> <strong>Ave</strong>nue<br />
Retail Corridor<br />
Saratoga<br />
<strong>Ave</strong>nue<br />
2 3 4<br />
UTICA AVE<br />
BROOKLYN<br />
Rockaway<br />
<strong>Ave</strong>nue<br />
2 3 4<br />
Ju<br />
St<br />
ROCKAWAY PKWY<br />
FARRAGUT RD<br />
EAST FLATBUSH<br />
RALPH AVE<br />
2<br />
FOSTER AVE<br />
LINDEN BLVD<br />
KINGS HWY<br />
2 3
TABLE OF CONTENTS<br />
7. EXECUTIVE SUMMARY<br />
9. PROPERTY OVERVIEW<br />
10. FINANCIAL OVERVIEW<br />
22. LOCATION OVERVIEW<br />
5
Executive Summary<br />
Rosewood Realty Group is pleased to present the opportunity to purchase <strong>1414</strong> & <strong>1376</strong> <strong>Utica</strong> <strong>Ave</strong>nue; two<br />
properties being sold together in bankruptcy.<br />
The properties can be delivered vacant at closing, OR with the current tenant (owner) in place paying rent as a<br />
sale-leaseback.<br />
The first property located at <strong>1414</strong> <strong>Utica</strong> <strong>Ave</strong>nue is a 10,083± square foot elevator building on a 4,000± square foot<br />
lot. It stands 3 stories plus a lower level / basement, currently in use. The building can be used for office, medical<br />
office, or professional use.<br />
Additionally, the M1-1 Zoning allows not only for office, but for light industrial use, repair shops, storage facilities,<br />
potential retail, funeral home and community facility.<br />
The second property located at <strong>1376</strong> <strong>Utica</strong> <strong>Ave</strong>nue is a 3,000 Square foot lot (30’ x 100’), has curb cut ramps, and<br />
is being used as a parking lot.<br />
FOSTER AVE<br />
FARRAGUT RD<br />
UTICA AVENUE<br />
6 7
OKLYN<br />
Statue of<br />
Liberty<br />
278<br />
Owls Head<br />
Park<br />
Fort Hamilton<br />
Shore Athletic Russell Field Pederson BAY RIDGE<br />
Playground<br />
Road Park<br />
BEL<br />
Andrew<br />
Lehman<br />
Field<br />
BEL<br />
John J Carty<br />
Park<br />
John Paul<br />
Jones Park<br />
Leif Ericson<br />
Park And Square<br />
278<br />
VA New York Harbor<br />
Healthcare System<br />
Brooklyn Campus<br />
Mckinley<br />
Park<br />
Dyker Beach Park<br />
Carroll<br />
Vincent Park<br />
Dimattina CARROLL<br />
Coffey Park Playground GARDENS<br />
RED HOOK<br />
Red Hook<br />
Recreational Area<br />
Sunset Park<br />
278SUNSET PARK<br />
278<br />
DYKER HEIGHTS<br />
Dyker Beach<br />
Golf Course<br />
COBBLE HILL<br />
278<br />
Gowanus Canal<br />
Bensonhurst<br />
Park<br />
Ceasar's Bay<br />
Shopping Center<br />
278<br />
PROSPECT<br />
HEIGHTS<br />
Third<br />
& 3rd<br />
Grand Army<br />
Plaza<br />
NewYork-Presbyterian<br />
Brooklyn PARK SLOPE Methodist<br />
City University<br />
Hospital<br />
of New York<br />
ProspectMedgar Evers<br />
Park Zoo College<br />
Greenwood<br />
Cemetery<br />
ATL<br />
GREENWOOD<br />
HEIGHTS<br />
FORT HAMILTON PKY<br />
Maimonides<br />
Medical Center<br />
BENSONHURST<br />
Fort Greene Pratt<br />
Flea Market Institute<br />
FORT GREEN<br />
BOERUM HILL<br />
Atlantic<br />
Terminal Mall<br />
Barclays<br />
Center<br />
BOROUGH<br />
PARK<br />
Gravesend<br />
Park<br />
Washington<br />
Cemetery<br />
Seth Low<br />
Park<br />
PROSPECT EXPY<br />
MAPLETON<br />
Prospect<br />
Park<br />
CATON AVE<br />
OCEAN PKY<br />
CONEY ISLAND AVE<br />
GRAVESEND<br />
FLATBUSH AVE<br />
Brooklyn<br />
College<br />
Brower Park<br />
Kings County<br />
Hospital Center<br />
Century<br />
Medical & SUNY<br />
Dental Center Downstate<br />
Campus<br />
FLATBUSH<br />
NOSTR<br />
New York<br />
Community<br />
Hospital<br />
Interfaith<br />
Medical Center<br />
ATL<br />
FLATBUSH AVE<br />
Mount Sinai<br />
Brooklyn<br />
AVENUE U<br />
BEDFORD-STUYVESANT<br />
Kingsboro<br />
Psychiatric<br />
Center<br />
Holy Cross<br />
Cemetery<br />
BROOKLYN<br />
SHEEPSHEAD<br />
BAY<br />
Marine<br />
Park<br />
Kingsbrook<br />
Jewish Medical<br />
Center<br />
Saratoga<br />
Park<br />
New York City<br />
Children's Center -<br />
Brooklyn Campus<br />
LINDEN BLVD<br />
KINGS HWY<br />
FLATLANDS<br />
New York<br />
MARINE PARK<br />
KINGS HWY<br />
BUS<br />
Marine Park<br />
Golf Course<br />
EAS<br />
Brooklyn<br />
Marine Park<br />
BROWNSVILLE<br />
Brookdale Hospital<br />
Medical Center<br />
Canarsie<br />
Plaza<br />
Canarsi<br />
Plaza<br />
Georgetown<br />
Shopping Center<br />
FLATLANDS AVE<br />
BERGEN<br />
BEACH<br />
Alex<br />
Lindower<br />
Park<br />
Trinity<br />
Cemetery<br />
Canarsie<br />
Cemetery<br />
Evergreen<br />
Cemetery<br />
CANARSIE<br />
GRANVIL<br />
Breukelen<br />
Ballfields<br />
Canarsie<br />
Park<br />
Joseph Thomas<br />
Mcguire Park<br />
BELT PKY<br />
Floyd Bennett<br />
Field<br />
Salem Fields<br />
Cypress Hills Cemetery<br />
National Cemetery<br />
Highland Park<br />
CYPRESS<br />
HILLS<br />
Sperandeo<br />
Brothers<br />
Playground<br />
Linden<br />
Park<br />
GRANVILLE PAYNE AVE<br />
Fresh Creek<br />
Nature<br />
Preserve<br />
City Line<br />
Park<br />
Cypress Hills<br />
Playground<br />
EAST BROOKLYN<br />
27<br />
Spring Creek<br />
Plaza<br />
LINDEN BLVD<br />
EAST<br />
NEW YORK<br />
Gateway<br />
Center<br />
BELT PKY<br />
ATLA<br />
Robert<br />
Venable<br />
Park<br />
Spring Creek<br />
Park<br />
HOWARD<br />
BEACH<br />
Spring Creek<br />
Park<br />
Bayside<br />
Cemetery<br />
Tudor<br />
Park<br />
Spring Creek<br />
Park<br />
Ozone<br />
Toring Park<br />
Park<br />
OLD HOWARD<br />
BEACH<br />
CROS<br />
Aqueduct<br />
Race Track<br />
Frank M Charles<br />
Memorial Park<br />
Jamaica Bay<br />
Wildlife Refuge<br />
BE<br />
AIRTRAIN<br />
JFK<br />
Broad<br />
Channel Park<br />
S<br />
BEL<br />
Property Snapshot<br />
Property Address <strong>1414</strong> <strong>Utica</strong> <strong>Ave</strong>nue <strong>1376</strong> <strong>Utica</strong> <strong>Ave</strong>nue<br />
Cross Streets<br />
Between Farragut Road & Foster <strong>Ave</strong>nue<br />
Borough<br />
Brooklyn<br />
Submarket<br />
East Flatbush<br />
Property Type Medical Building Parking Lot<br />
Block/Lot 4784/35 4784/20<br />
Year Built 1931<br />
Zoning M1-1<br />
Lot Dimensions 40 x 100 30 x 100<br />
Lot SF 4,000 SF 3,000 SF<br />
Net Rentable SF 10,083 SF 3,000 SF<br />
Stories 2 + Cellar Ground<br />
Taxes $62,762 $3,869<br />
BELT PKY<br />
Property Overview<br />
chiatric Center<br />
iatric Center<br />
BELT PKY<br />
Calvert Vaux<br />
Park<br />
Leon S Kaiser<br />
Playground<br />
Asser Levy<br />
Park<br />
Coney Island<br />
Hospital<br />
CONEY<br />
ISLAND<br />
BELT PKY<br />
Kingsborough<br />
Community<br />
College<br />
Manhattan<br />
Beach Park<br />
Marine Park<br />
THE ROCKAWAYS<br />
8 9
RENT ROLL: ACTUAL<br />
Financial Overview<br />
Address Gross Rentable SF Monthly Rent Annual Rent RPSF<br />
<strong>1414</strong> <strong>Utica</strong> <strong>Ave</strong>nue<br />
Blend of Ground Floor and Below Grade Space 10,080 $ 19,333 $ 232,000 $ 23<br />
<strong>1376</strong> <strong>Utica</strong> <strong>Ave</strong>nue<br />
Vacant Lot/Parking 3,000 $ 1,750 $ 21,000 $ 7<br />
Total 13,080 $ 21,083 $ 253,000 $ 19<br />
INCOME AND EXPENSES<br />
<strong>Utica</strong> <strong>Ave</strong>nue Income & Expenses:<br />
Gross Revenue: $253,000<br />
Operating Expenses:<br />
RE Taxes:<br />
$72,723<br />
Insurance:<br />
$8,500<br />
Utilities:<br />
$9,000<br />
Repairs and Maintenance:<br />
$7,500<br />
Water & Sewer:<br />
$5,000<br />
Management Fees: $7,200<br />
Total Operating Expenses: $109,923<br />
Net Operating Income (NOI): $143,077<br />
NOI Margin %:<br />
56.5%<br />
10 11
Financial Overview<br />
RENT ROLL: PRO FORMA<br />
Financial Overview<br />
Flatbush Medical/Office Lease Comps<br />
Address Floor SF RPSF Lease Type Sign Date<br />
900 Lenox Road Ground 3,000 $ 24.00 MG May-14<br />
281-289 East 53rd Street 1st 4,539 $ 35.00 UTIL Aug-07<br />
2029 Nostrand <strong>Ave</strong>nue 2nd 1,200 $ 27.00 MG Aug-17<br />
1208 Flatbush <strong>Ave</strong>nue 1st 1,000 $ 36.00 MG Nov-16<br />
1310-1312 Flatbush <strong>Ave</strong>nue Ground 1,600 $ 26.25 MG Oct-16<br />
1310-1312 Flatbush <strong>Ave</strong>nue Ground 1,600 $ 28.13 Sep-16<br />
1300-1302 Flatbush <strong>Ave</strong>nue 2nd 1,300 $ 22.15 MG Jan-16<br />
1197 Flatbush <strong>Ave</strong>nue 1st 1,100 $ 34.82 MG Jan-15<br />
1259 Flatbush <strong>Ave</strong>nue 1st 2,000 $ 21.00 Jan-08<br />
412 Linden Boulevard 2nd 800 $ 36.00 FS Dec-19<br />
3047 <strong>Ave</strong>nue U 1st 2,200 $ 27.27 MG Sep-19<br />
8400 Flatlands <strong>Ave</strong>nue 2nd 700 $ 34.28 UTIL Jun-19<br />
8400 Flatlands <strong>Ave</strong>nue 1st 500 $ 27.82 UTIL May-19<br />
9218 Kings Highway Ground 1,224 $ 29.41 UTIL Dec-16<br />
Weighted <strong>Ave</strong>rage RPSF 1,626 $ 29.22<br />
Floor<br />
Gross<br />
Rentable SF<br />
Monthly Rent Annual Rent RPSF<br />
<strong>1414</strong> <strong>Utica</strong> <strong>Ave</strong>nue<br />
Lower Level/Lobby 3,760 $ 9,156.72 $ 109,880.63 $ 29.22<br />
Second Floor 3,400 $ 8,280.01 $ 99,360.14 $ 29.22<br />
Third Floor 2,920 $ 7,111.07 $ 85,332.83 $ 29.22<br />
<strong>1414</strong> <strong>Utica</strong> <strong>Ave</strong>nue Total 10,080 24,547.80 294,573.60 $ 29.22<br />
<strong>1376</strong> <strong>Utica</strong> <strong>Ave</strong>nue<br />
Parking Lot 3,000 $ 1,875.00 $ 22,500.00 $ 7.50<br />
<strong>1376</strong> <strong>Utica</strong> <strong>Ave</strong>nue Total 3,000 $ 1,875.00 $ 22,500.00 $ 7.50<br />
Grand Total 13,080 $ 26,422.80 $ 317,073.60 $ 24.24<br />
<strong>Utica</strong> <strong>Ave</strong>nue Income & Expenses:<br />
INCOME AND EXPENSES<br />
Gross Revenue: $317,074<br />
Operating Expenses:<br />
RE Taxes:<br />
$72,723<br />
Insurance:<br />
$8,500<br />
Utilities:<br />
$9,000<br />
Repairs and Maintenance:<br />
$7,500<br />
Water & Sewer:<br />
$5,000<br />
Management Fees: $7,200<br />
Total Operating Expenses: $109,923<br />
Net Operating Income (NOI): $207,151<br />
NOI Margin %:<br />
65.3%<br />
10 11
LOOKING EAST<br />
12 13
LOOKING WEST<br />
14 15
<strong>1414</strong> <strong>Utica</strong> <strong>Ave</strong>nue<br />
16 17
<strong>1414</strong> <strong>Utica</strong> <strong>Ave</strong>nue<br />
18 19
<strong>1376</strong> <strong>Utica</strong> <strong>Ave</strong>nue<br />
20 21
Location Overview<br />
East Flatbush is a neighborhood in New York City, New<br />
York with a population of 164,609. East Flatbush is in<br />
Kings County. Living in East Flatbush offers residents a<br />
dense urban feel and most residents rent their homes.<br />
In East Flatbush there are a lot of bars, restaurants,<br />
coffee shops, and parks. Many families and young<br />
professionals live in East Flatbush and residents tend<br />
to be liberal.<br />
FLATBUSH<br />
Flatbush<br />
<strong>Ave</strong>nue<br />
2 5<br />
Newkirk<br />
<strong>Ave</strong>nue<br />
2 5<br />
BROOKLYN<br />
The public schools in East Flatbush are above average.<br />
In the wake of already breathtaking changes, even<br />
more changes could soon be on the horizon. Several<br />
new proposals have surfaced in the City Council related<br />
to rezoned neighborhoods Prospect Park that could potentially have<br />
a significant impact on development in places like East<br />
Flatbush.<br />
Beverly<br />
Road<br />
2 5<br />
Holy Cross<br />
Cemetery<br />
THE COMMUTE<br />
East Flatbush is served by the Brighton Line, with its B<br />
& Q trains, has a number of stops within the community.<br />
There is a stretch of stations from Prospect Park to<br />
<strong>Utica</strong><br />
<strong>Ave</strong>nue<br />
<strong>Ave</strong>nue H in East Flatbush. Line two and five trains also<br />
2 3 4<br />
have stations in Flatbush. There are several bus routes<br />
running through Flatbush, including B6, B8, B35, B41,<br />
B44 and B49. The Gowanus Expressway, which leads<br />
to the Brooklyn Battery Tunnel, is five miles west of<br />
Flatbush. It runs south alongside the Brooklyn Navy<br />
Yard and connects with the Belt Parkway at the<br />
Verrazano Narrows Bridge. The Verrazano Narrows<br />
Bridge connects Brooklyn with Staten Island and<br />
eventually New Jersey to the west. The Belt Parkway<br />
passes the John F. Kennedy Airport on its way to<br />
Long Island. Other major roadways in the area include<br />
Flatbush <strong>Ave</strong>nue, Ocean Parkway, and Interstate 278.<br />
John F. Kennedy International Airport is located less<br />
than nine miles east of the subject and LaGuardia<br />
Airport is located approximately 10 miles north of the<br />
subject.<br />
EAST FLATBUSH<br />
22 23
Tax Map<br />
Zoning Overview<br />
feet<br />
0 50 100<br />
24 25
For more information or to set up a viewing, please contact<br />
The Corbin Group at Rosewood Realty:<br />
Greg Corbin<br />
President, Bankruptcy and 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 />
Brandon Serota<br />
Associate<br />
Direct: 212.359.9928<br />
Cell: 516.233.5293<br />
brandon@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 and benefit in determining whether you desire to<br />
express any further interest in the proposed sale of <strong>1376</strong> & <strong>1414</strong> <strong>Utica</strong> <strong>Ave</strong>, Brooklyn, New York (the “Property”). The information contained herein,<br />
including any pro forma income and expense information (collectively, the “Information”) is based upon assumption and projections and has been<br />
compiled or modeled from sources we consider reliable and is based on the best available information at the time the brochure was issued. However,<br />
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<br />
set forth in this brochure, underwriting, cash flows, valuation and other financial information (or any Information that is subsequently provided or<br />
made available to you) contains any material inaccuracies, no representations or warranties, express or implied, are made with respect to the accuracy<br />
or completeness of the Information. Independent estimates of pro forma income and expenses should be developed before any decision is made on<br />
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<br />
the provisions contained therein and are qualified in their entirety by the actual document to which they relate. You understand that the Information<br />
is confidential and is furnished solely for the purpose of your review in connection with a potential investment in the property. You further understand<br />
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<br />
Realty Group. This offering is subject to prior placement and withdrawal, cancellation or modification without notice.<br />
26
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