Offering
Memorandum
452
Seneca
avenue
Ridgewood
www.BkMultiFamily.com
Table of Contents
I.
Pricing and Financial Analysis
Rent Roll
Income & Expenses
Unit Mix Type
Value & Pricing Metrics
Cap Rate Analysis
Seller Closing Costs
Recent Sales
II.
Property Description
Investment overview
Zoning & Tax Map
Property Photos
III.
Neighborhood Guide
Borough Description
Neighborhood Description
IV.
Marcus & Millichap Advantage
V.
The Riney Group
Agent Bios
Closing Page
Confidentiality
The information contained in the following
Marketing Bro-chure is proprietary and strictly
confidential. It is intended to be reviewed only by the
party recieving it from Marcus & Milli-chap and
should not be made available to any other person or
entity without the written consent of Marcus &
Millichap. This Marketing Brochure has been
prepared to provide summary, un-verified
information to prespective purchasers, and to
establish only a preliminary level of interest in the
subject property. The information contained herein is
not a substitute for a thorough due diligence
investigation. Marcus & Millichap has not made any
investigation, and makes no warranty or
representation, with respect to the income or
expenses for the subject property, the future
projected financial performance of the property, the
size the square footage of the property and
improvements, the pres-ence or absence of
contaminating subtances, PCB’S or asbestos, the
compliance with State and Federal regulations, the
physical condition of the improvements thereon, or
the financial condi-tion or business prospects of any
tenant, or any tenant’s plans or intentions to continue
its occupancy of the subject property. The
information contained in this Marketing Brochure has
been ob-tained from sources we believe to be
reliable, however, Marcus & Millichap has not
verified, and will not verify, any of the infor-mation
contained herein, nor has Marcus & Millichap
conducted any investigation regarding these matters
and makes no warranty or representation
whatsoever regarding the accuracy or completeness
of the information provided. All potential buyers must
take appropriate measures to verify all of the
information set forth herein.
Pricing and Financial Analysis
Financial Overview
Rent Roll Page
452 Seneca Avenue
Unit #
Type
Actual Rent
PPSF
Proforma
Status
1
Retail
$2,250
$46
$2,250
5 yrs remaining
1R
2BR
$2,800
$58
$2,800
1 yr remaining
2L
2BR
$1,000
$21
$2,350
FM | MTM
2R
2BR
$1,000
$21
$2,350
FM | MTM
3L
2BR
$1,000
$21
$2,350
FM | MTM
3R
2BR
$1,000
$21
$2,350
FM | MTM
Monthly
$9,050
$14,450
Annually
$108,600
$173,400
Avg. Rent:
$1,508
$2,408
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of
the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap
is a service mark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Financial Overview
THE OFFERING
Total Units
Total Area (Gross)
6
5,200
Income
Proforma
Gross Income
Less Vacancy & Credit
Effective Gross Income
$108,600
$3,258
$105,342
3%
Expenses
Real Estate Taxes
Fuel
Water & Sewer
Property Insurance
Repairs & Maintenance
Electric
Payroll - Super
Management
Actual
Tenants Pay
$900/Unit Estimate
$450/Unit Estimate
$500/Unit Estimate
$.15/PSF Estimate
Estimate
5%
$14,055
$0
$5,100
$2,700
$3,000
$0
$1,200
$5,159
Total Expenses
$43,664
Net Operating Income
$61,678
THE OFFERING PRICE
PRICE PER SQUARE FOOT
PRICE PER UNIT
CAP RATE
PROFORMA GRM
$2,100,000
$400
$350,000
2.94%
19.34
PLEASE CONTACT EXCLUSIVE LISTING BROKER TO DISCUSS PRIVATE PROPERTY
TOUR
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of
the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap
is a service mark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Property Description
PROPERTY DESCRIPTION
Property Information
Address
Neighborhood
Cross Streets
Block/Lot
Lot Size
Lot Area
452 Seneca Avenue
Ridgewood
Corner of Seneca Avenue & Himrod Street
03432 / 0029
25 Ft. x 100 Ft.
2,500
Building Information
Building Dimensions:
Stories
Building Class
Zoning
Tax Class
~ Above Grade Building SF
~ Below Grade Rentable SF
~ Total Gross Building SF
Total Units
Total Residential Units
Total Commercial Units
Max FAR
Total Buildable As of Right
Minus Existing SF:
Available Air Rights
25 FT x 55 FT
3
S4
C2-4/R6B
2A
5,250
Real Estate Taxes (15/16)
14,055
5,250
6
6
0
2
5,000
5250
-250
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Investment Highlights
Investment Description
The subject property, 452 Seneca Avenue, is located on the corner of Seneca Avenue
and Himrod Street in the Ridgewood section of Queens, New York (Block:3432; Lot:
29). The property sits on a lot size of 25 ft x 100 ft and approximately 5,250 sqft. The
property is zoned C2-4/R6B.
This three-story building consists of five free-market apartments and one store. The
property offers investors tremendous upside in the residential and retail rent rolls. 452
Seneca Avenue is on the major retail corridor of Seneca Avenue and a short walk to the
Myrtle Avenue retail corridor. The Seneca "M" is a two minute walk from the property's
front door and the Dekalb "L" just 4 blocks away.
Please see listing agent for a private property tour or to discuss an offer.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Maps
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Maps
Zoning map
The property is zoned
C2-4/R6B.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
NEIGHBORHOOD GUIDE
Q
U
E
E
N
S
Borough Description
Queens is the easternmost and largest in area of the five boroughs of New York City, geographically
adjacent to the borough of Brooklyn at the western end of Long Island. The borough of Queens is the
second-largest in population (behind Brooklyn), with approximately 2.3 million residents in 2013.
Queens County is also the second most populous county in New York State, behind neighboring Kings
County, which is coterminous with the borough of Brooklyn.
The differing character in the neighborhoods of Queens is reflected by its diverse housing stock
ranging from high-rise apartment buildings, especially prominent in the more densely urban areas of
western and central Queens, such as Jackson Heights, Flushing, Astoria, and Long Island City, to large,
free-standing single-family homes, common in the eastern part of the borough, in neighborhoods that
have a more suburban layout like neighboring Nassau County, such as Little Neck, Douglaston, and
Bayside.
Transportation
Queens has crucial importance
in international and interstate air
traffic. Two of the New York
metropolitan area's three major
airports are located there;
LaGuardia Airport is in northern
Queens, while John F. Kennedy
International Airport is to the
south on the shores of Jamaica
Bay.
Twelve New York City Subway
routes traverse Queens, serving
81 stations on seven main lines.
The A, G, J, M, and Z routes
connect Queens to Brooklyn
without going through
Manhattan first. The F, M, N, Q,
and R trains connect Queens
and Brooklyn via Manhattan,
while the E, 7, and 7d trains
connect Queens to Manhattan
only. It is of note that M trains
travel through Queens twice in
the same trip, as both terminals
are in Queens.
Culture & ARts
Queens hosts various museums and
cultural institutions that serve its
diverse communities. They range
from the historical (such as the John
Bowne House) to the scientific (such
as the New York Hall of Science),
from conventional art galleries (such
as the Noguchi Museum) to unique
graffiti exhibits (such as 5 Pointz).
Queens's cultural institutions
include, but are not limited to:
Afrikan Poetry Theatre, Bowne
House, Flushing Town Hall, King
Manor, MoMA PS1, Museum of the
Moving Image, Noguchi Museum,
New York Hall of Schience, Queens
Botanical Garden, Queens Museum
of Art, SculptureCenter, and the
Hindu Temple Society of North
America.
The travel magazine, Lonely Planet,
also named Queens the No.1
destination in the country for 2015
for its cultural and culinary diversity.
Demographics
Since 2010, the population of Queens
was estimated by the Census Bureau to
have increased 2.9% to 2,296,175 as of
2013, representing 27.3% of New York
City's population, 29.7% of Long
Island's population, and 11.7% of New
York State's population.
According to the New York Times, the
most diverse census tract in the entire
city is in Queens Village, home to at
least 100 people from each of nine
major groups. In terms of living
arrangements,
Queens households are 68% families,
29% families with children, 26% people
living alone, and 7% non-family groups
(i.e., roommate situations). The average
household size is 2.8 people and the
average family size is 3.4. Rentals make
up 57% of housing units, while 43% of
units are owner-occupied.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage
or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of New York, Inc.
© 2015 Marcus & Millichap. All rights reserved.
Queens, NY
Queens is an international brand, cultural
hub, culinary capital, and real estate
juggernaut. Its streets are full of diversity,
interesting people, and things to do. For
more New York City arrivals than ever, for
long-time New Yorkers looking for an
easier life, for first-time homeowners and
long-term renters, it has become the first
choice of where to live and where to lay
down their roots.
Queens was named America's No.1
destination for 2015 by travel advisers at
Lonely Planet. New York's largest
borough is "quickly becoming its
hippest." Thevast array of culture,
creativity, and diversity in Queens is truly
something to be praised. Queens is home
to the Queens Museum, the Queens
botanical gardens, the Museum of the
Moving Image, and many more.
Don’t forget the charm. "Browse New
York's biggest Chinatown in Flushing,
shop for brilliantly colored saris in Jackson
Heights, and inhale the heady aromas of
coffee in Astoria," according to the
Longely Planet. Each one of the Queens
neighborhoods is unique. The
incomparable array of qorld cuisines
makes Queens a destination for food
lovers from all parts of New York City.
The only way to truly understand Queens
is to walk its streets, see its homes, meet its
people, and understand its ebb and flow.
Never before, has looking for a home in
Queens been this exciting. One of the best
places to start is here.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage
or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of New York, Inc.
© 2015 Marcus & Millichap. All rights reserved.
Q
U
E Ridgewood
E
N
S
About the neighborhood:
Ridgwood borders the neighborhoods of Maspeth, Middle Village, and Glendale, as well as the Brookly neighborhoods
of Bushwick and East Wiliamsburg. Historically, Ridgewood was part of the Dutch settlement of Bushwick and was later
incorporated into the village of Brooklyn. A legacy of this pasis still represented today as the main culture in Ridgewood.
Ridgwood is a densely settled neighborhood, with housing stock ranging from six-family builldings near the Brooklyn
border to two-family and single-family row houses deeper into Queens. Most of Ridgwood was developed block-byblock around the turn of the 20th century. Many of these houses are well-kept and retain much of their early 20th century
appeal. In Ridgewood, 10 national historic districts were listed on the National Register of Historic Places in 1983 and 5
more districts have been added since then.
The Ridgewood Times, established in 1908, and now known as the Times Newsweekly, serves as the community
newspaper, and has the largest classifieds section of Queens County community newspapers. Ridgewood was formerly
the site of one of the nation's oldest cinematic theaters, the Ridgewood Theatre. The 1,950 seat William Fox moviehouse
was open fro 1916 to 2008 and is now a national landmark.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
V
Q
U
E Ridgewood
E
N
S
Local Business:
Onderdonk & Sons
The couple behind Greenpoint's Pencil Factory have opened this Ridgewood bar with a killer happy
hour, a dozen rotating beers on tap, and inventive cocktails absent of hard liquor (their location
near a church prevents it).
566 Onderdonk Ave.
K&K Super Buffet
See the review of this Chinese restaurant at 3-41 St. Nicholas Ave. in Queens.
3-41 St. Nicholas Ave.
Domsey's Express
Neighborhood locals stock up on discounted basics and gently used garments at these two bargain
basement outlets.
1609 Palmetto St.
Happy Days Children's Wear
These massive stores carry all your child's basic needs.
56-40 Myrtle Ave.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Q
U
E Ridgwood
E
N
S
Transportation:
On the New York City Subway, the M train runs through the heart of Ridgewood, and its connection to the L train at
Myrtle-Wyckoff Avenues at the south end of Ridgewood is a transportation hub, with a 60-million-dollar renovation
completed in 2007. At the end of the Myrtle Avenue Line is the Fresh Pond Yard, a storage yard for the M train, although
the rolling stock themselves are maintained at East New York Yard. Halsey Street (L train) has entrances in both
Ridgewood and Bushwick.
The Ridgewood Terminal at that station serves New York City Bus' B13, B26, B52, B54, Q55, and Q58 lines. The B20,
B38, Q39, and Q54 bus lines also serve Ridgewood. In addition, the neighborhood is home to the large Fresh Pond Bus
Depot, which services many of the buses that run throughout Brooklyn and Queens.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Q
U
E Ridgewood
E
N
S
Arts & Culture:
Perhaps most importantly, Ridgewood has been able to grow organically–the way Williamsburg did so many years
ago–though it’s no longer a secret and changes are a-coming. The very livable “border” community has been able
to slowly find its place while grand-scale development roared through neighboring Williamsburg, Greenpoint and
Bushwick.
Things that make Ridgewood a sweet spot:
- Diversity and a friendly neighborhood vibe.
- Quaint village streets and attractive housing stock including historic row houses and apartment buildings.
- New eateries from cafes to fine dining continue to join the neighborhood’s growing collection of restaurants,
galleries, music venues and arts centers.
- Close proximity to the restaurants, cafes, galleries and gathering spots in Bushwick and Williamsburg, with whom
it shares a border.
- A new arts center will attract more artists to the neighborhood.
- There’s already a crafts and artists’ market, Ridgewood Market, in an old-school beer-hall, launched in spring of
2013.
- The neighborhood just got new bike lanes!
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Marcus and Millichap Advantage
New york closing 2011-2014 transactions
Total Sales
Volume:
530
$3,649,507,890
Please see below for a segment of our recently closed deals of 2014
ADDRESS
80 Carmine Street
248 Cleveland Street
500 Clinton Avenue
436-464 Nome Avenue
425-431 West 205th Street
1816 White Plains Road
419 Herkimer Street
171 East 74th Street
2035 Belmont Avenue
80 New York Avenue
178 Spring Street
17 Convent Avenue
98 Bay Ridge Avenue
239 Stanhope Street
974 Saint Nicholas Avenue
565 Evergreen Avenue
239-241 West 10th Street
1322 Cortelyou Road
155 Newton Street
70 University Place
1286 Madison Street
314 Mac Dougal Street
Upper West Side Portfolio
655 Knickerbocker Avenue
355 Grand Street
411 Graham Avenue
501 Hudson Street
211 Madison Street
14-59 Beach Channel Drive
350 45th Street
8608 102nd Street
435 East 92nd Street
320 Van Brunt Street
37-10 11th Street
ST
PRICE
PROPERTY TYPE
CLOSED
DATE
New York
NY
$11,350,000
Shopping Neighborhood
12/31/2014
Brooklyn
NY
$240,000
Multifamily Vacant/User
12/29/2014
Brooklyn
NY
$2,350,000
Multifamily
12/23/2014
Staten Island
NY
$10,300,000
Shopping Strip
12/22/2014
New York
NY
$12,600,000
Multifamily
12/18/2014
Bronx
NY
$13,875,000
Multifamily
12/18/2014
Brooklyn
NY
$600,000
Land - Multi-Family
12/18/2014
New York
NY
$10,100,000
Multifamily & Office
12/17/2014
Bronx
NY
$1,640,000
Multifamily
12/17/2014
Brooklyn
NY
$2,300,000
Multifamily
12/8/2014
New York
NY
$7,000,000
Mixed-Use Vacant/User
12/8/2014
New York
NY
$5,400,000
Land - Multi-Family
12/8/2014
Brooklyn
NY
$1,185,000
Multifamily
12/5/2014
Brooklyn
NY
$1,500,000
Multifamily
12/5/2014
New York
NY
$15,500,000
Multifamily
12/4/2014
Brooklyn
NY
$1,200,000
Multifamily & Retail
12/4/2014
New York
NY
$9,450,000
Multifamily
12/4/2014
Brooklyn
NY
$2,100,000
Multifamily & Retail
12/1/2014
Brooklyn
NY
$4,500,000
Multifamily
11/24/2014
New York
NY
$10,100,000
Multifamily & Retail
11/20/2014
Brooklyn
NY
$1,500,000
Multifamily Vacant/User
11/19/2014
Brooklyn
NY
$900,000
Multifamily
11/19/2014
New York
NY
$80,750,000
Multifamily
11/19/2014
Brooklyn
NY
$1,425,000
Multifamily
11/18/2014
New York
NY
$4,000,000
Multifamily & Retail
11/14/2014
Brooklyn
NY
$2,400,000
Multifamily & Office
11/14/2014
New York
NY
$13,500,000
Multifamily & Retail
11/13/2014
New York
NY
$4,100,000
Multifamily & Other User
11/13/2014
Far Rockaway (Queens)
NY
$8,436,000
Shopping Strip
11/13/2014
Brooklyn
NY
$1,180,000
Multifamily
11/12/2014
Richmond Hill
NY
$620,000
Multifamily
11/12/2014
Brooklyn
NY
$3,675,000
Multifamily
11/10/2014
Brooklyn
NY
$1,200,000
Multifamily & Retail
11/10/2014
Long Island City
NY
$1,700,000
Land - Mixed-Use
11/6/2014
City
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
ADDRESS
253 Tompkins Ave
PRICE
Brooklyn
NY
$790,000
Multifamily Vacant/User
11/4/2014
Brooklyn
NY
$900,000
Multifamily
11/4/2014
Brooklyn
NY
$870,000
Multifamily
11/3/2014
New York
NY
$2,050,000
Multifamily
10/29/2014
New York
NY
$17,950,000
Multifamily & Retail
10/29/2014
Brooklyn
NY
$1,650,000
Multifamily
10/29/2014
Brooklyn
NY
$1,350,000
Multifamily
10/28/2014
Brooklyn
NY
$1,725,000
Multifamily
10/28/2014
Brooklyn
NY
$1,800,000
Multifamily & Retail
10/28/2014
Far Rockaway
NY
$4,000,000
Skilled Nursing Facility
10/24/2014
New York
NY
$13,300,000
Multifamily
10/24/2014
New York
NY
$13,300,000
Multifamily & Retail
10/23/2014
New York
NY
$2,300,000
Multifamily
10/23/2014
Brooklyn
NY
$1,200,500
Multifamily
10/23/2014
Brooklyn
NY
$4,800,000
Multifamily
10/23/2014
Brooklyn
NY
$925,000
Multifamily & Retail
10/22/2014
Brooklyn
NY
$3,750,000
Land - Commercial
10/22/2014
Brooklyn
NY
$1,350,000
Multifamily
10/22/2014
Long Island City
NY
$9,700,000
Land - Industrial
10/21/2014
Brooklyn
NY
$1,115,000
Multifamily
10/13/2014
Brooklyn
NY
$1,800,000
Multifamily
10/8/2014
Queens
NY
$15,100,000
Urban-High Street Retail
10/7/2014
Brooklyn
NY
$1,900,000
Multifamily
10/6/2014
Sunnyside (Queens)
NY
$4,350,000
Shopping Strip
10/6/2014
Brooklyn
NY
$4,875,000
Multifamily, Office & Retail
10/3/2014
Brooklyn
NY
$1,500,000
Multifamily & Retail
10/2/2014
1613 Mermaid Avenue
Bronx
Brooklyn
NY
$6,200,000
Multifamily
10/1/2014
287 Himrod Street
Brooklyn
NY
$785,000
Land - Mixed-Use
9/30/2014
428 Bleecker Street
Brooklyn
NY
$1,100,000
Multifamily
9/29/2014
417-419 East 74th Street
New York
NY
$975,000
Multifamily
9/29/2014
1301-1303 Greene Avenue
Brooklyn
NY
$9,400,000
Multifamily & Retail
9/23/2014
215 East 197th Street
Bronx
NY
$1,010,000
Land - Mixed-Use
9/23/2014
759 Seneca Avenue
Ridgewood
NY
$5,240,000
Multifamily
9/22/2014
68 Richardson Street
Brooklyn
NY
$2,000,000
Multifamily
9/22/2014
584 Rugby Road
Brooklyn
NY
$17,500,000
Multifamily
9/19/2014
3714 & 3716 28th Street
Long Island City
NY
$3,100,000
Multifamily
9/18/2014
214 49 Street
Brooklyn
NY
$1,300,000
Land - Mixed-Use
9/17/2014
435 7th Avenue
Brooklyn
NY
$1,510,000
Industrial Warehouse
9/15/2014
638 Wilson Avenue
Brooklyn
NY
$4,800,000
Multifamily & Retail
9/11/2014
205 24th Street
Brooklyn
NY
$1,090,000
Multifamily
9/10/2014
3015 49th Street
Astoria
NY
$1,450,000
Multifamily
9/9/2014
307 East 85th Street
New York
NY
$1,650,000
Multifamily
9/9/2014
NY
$6,400,000
Multifamily & Office
9/9/2014
530 Chauncey Street
533 West 142nd Street
928-930 Second Avenue
377 Manhattan Avenue
166 35th Street
70 New York Avenue
731 Meeker Avenue
1711 Brookhaven Avenue
312-314 East 91st Street
322 and 328 East 59th Street
504 Manhattan Avenue
930 Hart Street
1917 Avenue O
234 Troy Avenue
44 Box Street
1234 Bedford Avenue
3714 34th Street
646 46th Street
72 Herkimer Street
71-09 Austin Street
87 Montrose Avenue
47-16 through 47-24 Greenpoint
Avenue
525 Nostrand Avenue
1033 Flushing Avenue
2735 Marion Avenue
PROPERTY TYPE
CLOSED
DATE
ST
344 Marion Street
City
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
INDUSTRY LEADERSHIP
Today’s Information
Drives Tomorrow’s
Market
Marcus & Millichap’s Research
Services Division produces
more than 2,000 products
annually, from national reports
and macroeconomic forecasts
to metro market outlooks and
property analyses. Combined
with the real-time intelligence
gained from our industryleading sales activity, our
research helps investors make
the most informed decisions.
Since 1971, Marcus & Millichap has been a pioneer in the real estate investment
industry, launching a revolutionary business model that matches each property
with the largest pool of pre-qualified investors. Our unrivaled property marketing
system and the expertise of more than 1,300 investment professionals result in
maximized value, one property at a time.
INVESTMENT SPECIALIZATION
By dedicating all of our focus, resources and training to real estate investment
services, we offer an unmatched level of experience and expertise. Our
specialty groups address the diverse nature of the commercial property markets,
functioning as teams of specialists with in-depth knowledge of more than a
dozen property sectors. Each specialty group features a dedicated senior executive
responsible for overseeing delivery of client service at the highest level.
ACCESS TO MORE PRIVATE INVESTORS
Our investment specialization and submarket focus result in relationships with
more private investors than any other firm. Our culture of information sharing,
powered by cutting-edge technology, results in the most efficient matching of
each property with the most qualified, active buyers.
COMPETITIVE, RELIABLE FINANCING
Marcus & Millichap Capital Corporation (MMCC) maintains relationships with
the industry’s leading national, regional and local lenders. In today’s everchanging financing environment, we provide access to still-active lenders and
financing solutions across all property types and markets.
BRIDGING PRIVATE AND INSTITUTIONAL CAPITAL
Our dominance in the private investor market results in substantial capital
seeking larger, institutional properties. Our specialty groups and Institutional
Property Advisors (IPA) division have long-term relationships with the most
prominent institutions and assist them in market analysis, acquisition and
disposition of properties.
Real Estate Investment Sales
◆
Financing
◆
Research
◆
Advisory Services
National Core Sales Broker Ranking
$2.5M – $20M, 2013*
U.S. INVESTMENT SALES BROKERAGE COMPANY RANKING
1,099
Marcus & Millichap
CBRE
The Industry Leader
895
Cushman & Wakeﬁeld
239
193
Colliers International
Marcus & Millichap was founded
on the premise of making a
market for each property we
171
HFF
168
133
Cassidy Turley
represent. Our proactive and
Stan Johnson Co
targeted marketing campaigns,
combined with unparalleled
JLL
116
Newmark Grubb Knight Frank
relationships with private and
114
111
Sperry Van Ness
institutional investors, enable us
to close more transactions than
any other source.
Includes sales of apartment, office and retail properties between $2.5 million and $20 million in U.S.,12 months ending 12/31/2013; list side.
Data believed to be accurate but not guaranteed. For additional information on ranking methodology: www.rcanalytics.com/Misc/Brokers_Ranking_Methodology.pdf
Source: Real Capital Analytics, Inc.
Marcus & Millichap
2013 Results
TOTAL SALES:
$24 BILLION
TOTAL
TRANSACTIONS:
MARCUS & MILLICHAP CAPITAL CORPORATION
Marcus & Millichap Capital Corporation (MMCC) sources debt and
equity capital and executes transactions. In 2013, MMCC closed
$2.7 billion in financing transactions for investors across the
country and across all property types. The combination of our highly
experienced team of financing professionals and lender relationships
enabled us to successfully meet our clients’ needs.
6,608
real estate Investment sales
◆
Financing
◆
research
◆
advisory services to
Why the Riney Team?
The Riney Team
Brooklyn and Queens #1 Investment Sales Team
Focused exclusively on seller representation
Coverage in all major northern Brooklyn and Queens markets Consistent track record of
superior performance and results 9 member team + support staff
"Top 5 investment sales team in all NYC" Real Estate Forum October 2014 issue
#1 producing sales team in Brooklyn Marcus Millichap office
www.BkMultifamily.com
www.QnsMultifamily.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
The Riney Team
Client Specific
Our team offers a client specfic approach to the sale of investment real estate in the Brooklyn
market-place. Whether you prefer the ‘rifle’ or ‘shotgun’ approach to the sale; we are highly adept
at quickly and efficiently creating a market around an asset in an organized and competitive
bidding environ-ment that results in top-of-the-market prices and terms favorable to the seller. We
are market-markers; intermediaries in an ever dynamic market with a high level of sophistication
and ability to execute for our clients in the sale of investment real estate.
advisory services
In a high-pressure, high-demand environment like New York City where values are constantly in
ﬂuctuation and misinformation permeates the marketplace, it is critical to hire the right team to
advise you in your real estate decisions.
Unmatched track record
Our team has an unmatched track record of navigating the challenging investment land-scape of
Brooklyn and ensuring that price and terms are maximized for our sellers at any giv-en point in the
macro-economic cycle. Hiring the right broker is the last investment you make as a property owner
and we encourage you to explore some of our recent transactions.
We know the market. We know the real estate. We’ve been through the trenches. We know how to
execute at the highest level and get you to the ﬁnish line at the highest price and best terms
possible. Please contact any member of our team for a conﬁdent discussion on the realme, true-market value of any of your investment holdings, current market conditions or any other
real estate matter
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
Broad Exposure Approach
•
•
•
•
•
•
•
Private Offering Approach
Exclusive Representation Agreement
Signed.
Full Electronic and Hard Copy Offering
Memorandum Released.
Presentation of OM to Brooklyn and
Man-hattan Offices (80+ Brokers)
Personal Phone Call to the Top 200
most Active and Aggressive buyers.
Personal Phone Calls and Delivery of
OM to every owner of a comparable
property within a ½ to 1 Mile Radius of
your property.
Email of OM to database of over 5,000
•
•
•
Property Owners in Brooklyn.
High-Quality Direct Mailer to 5,000 of the
most active and interested investors in
the region.
•
Solicitation of Offers and
accommodation of property tours to
interested parties with client-approval led
by a member of our team.
Full Marketing Status Report
•
delivered weekly to the seller.
•
•
•
•
•
•
Call for Offers within 14-45 days to
main-tain momentum.
Acceptance of Offer or Counter-Offer
pre-sented to interested parties with
Contract of Sale prepared in advance by
seller’s at-torney.
Hands-on Due Diligence and Closing
Pro-cess.
•
•
Exclusive Representation
Agreement Signed.
Designed with Less Market
Awareness and a Higher Level of
Confientiality Focus on Speed and
Confientiality
6not on exposure which may affect
overall sales price9.
Personal Contact with the 10-20 most
aggressive buyers in the marketplace
who have purchased or made offers
on comparable assets and who we
believe to be the most competitive in
the product type and location.
Delivery of Full Offering
Memorandum and Due Diligence
Package with Request for Offers.
Establish 2-3 week deadline for offers
and accommodate property tours
with seller’s permission. Constant
contact with seller.
Acceptance of Offer or CounterOffer presented to interested parties
with Contract of Sale prepared in
advance by seller’s attorney.
Acceptance of Offer and Delivery
of Contract of Sale within 30 days
from beginning of marketing
process.
Hands-on Due Diligence and
Closing Process.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
National Core Sales Broker Ranking
$2.5M – $20M, 2013* RINEY
Shaun Riney
GROUP AGENTS
Overview
Shaun is a Vice President of Investments of Marcus & Millichap Real Estate
Investment Services (“MMREIS”) and leader of the Riney Team.
The group have consistently been recognized as one of New York City’s elite
investment sales teams and are primarily responsible for investment sales advisory
and transaction services to multi-housing, mixed-use, and retail operators across
all neighborhoods of Northern Brooklyn and Queens. Mr. Riney oversees his
team’s operations and focuses on business development, advisory services, and
start-to-finish deal execution of the team’s assignments. By age 27 – he was
inducted into the firm’s exclusive seven figure club and is recognized as of the
youngest top performing brokers across the country. He pro-actively and
personally recruits, trains and mentors all members of the team in collaboration
with regional manager John Horowitz.
Professional Achievements
Top Producing Broker Brooklyn Office (2011, 2012, 2013, 2014)
Vice President of Investments
National Multi-Housing Group
Named Top 20 to Watch in NYC Commercial Real Estate (2012)
Top
5 Real
Investment
Source:
Capital Analytics, Inc. Sales Brokers in NYC by Transaction Sold (2014)
Power Broker: The Multifamily Guy (2011)
Tel: (718) 475-4369
Fax: (646) 349-2282
[email protected]
National Achievement Award – 2012, 2013, 2014
Sales Recognition Award – 2011, 2012, 2013, 2014
Personal
University: Boston University
Riney is an active member of the Brooklyn Heights Real Estate Roundtable and
contributor to the Greening of Detroit, the Mosaic Youth Theatre of Detroit, the
American Heart Association and Greenpeace. His passions outside of real estate
include reading, traveling, skiing, spending meaningful time with friends and family,
and exploring the natural world. He is a dedicated mountain hiker and has spent
considerable time climbing in the Pyrenées Mountain Range of Southwest Europe,
the Tramuntana Mountains of Mallorca and in the Presidential Mountains of the
Northeast United States. He is a sports enthusiast, an avid soccer player and Captain
of the Brooklyn Football Club (BKFC).
Riney is a graduate of Boston University and currently resides in Williamsburg,
Brooklyn.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
National Core Sales Broker Ranking
$2.5M – $20M, 2013* RINEY
GROUP AGENTS
Overview
Thomas Shihadeh
Tom is an investment sales broker managing the team's transactions through the
Bushwick & Ridgewood sections of Brooklyn & Queens; he handles a wide range
of product types including, but not limited to, multifamily, mixed-use, ground up
development and conversion sites (IMDB & Industrial). He strives to offer the most
real-time investment sales advisory services to maximize value with each asset for
his clients while overseeing each of their assignments from start to finish.
Mr. Shihadeh has worked closely with nearly every city agency to execute the sale
of properties with a variety of encumbrances including distressed assets,
receiverships, non-conforming uses, and DHCR rent overcharge cases which have
proven to make him indispensable to his clients in whatever hurdles are involved
in each transaction. Among several other accolades, he was Marcus & Millichap's
Rookie of the Year, closing thirteen transactions worth an aggregate $20,000,000
within his first twelve months.
Investment Associate
He has since gone on to set the price record in almost every asset class this year to
date across Bushwick & Ridgewood and is largely responsible for the firm's now
dominant market share.
Professional Achievements
Tel: (718) 475-4380
Fax: (646) 349-2282
[email protected]
Real Capital
Analytics, Inc. 2014
Pace Source:
Setter
Award
Rookie of the Year 2014
Personal
University: Boston University
Tom is a graduate of Boston University's School of Management with a Bachelor of
Science in Business Administration. Outside of the classroom, he ran a co-founded
production company focused on the orchestration of nightlife events and concerts
across the east coast which hosted up to 3,000 guests and featured many of today's
most recognizable names in music.
Tom is from Villanova, Pennsylvania, just south of Philadelphia. When he is not in the
office, he enjoys working out, traveling, and spending time witih his friends and
family.
He currently resides in Chelsea New York, NY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
National Core Sales Broker Ranking
$2.5M – $20M, 2013* RINEY
George Koncilja
Investment Associate
Tel: (718)-475-4387
Fax: (646)349-2282
[email protected]
University: Boston University
GROUP AGENTS
Overview
George Koncilja is primarily responsible for
investment sales and advisory services for
multifamily, mixed-use and retail operators
throughout the Ridgewood section of
Queens. In this role, he is responsible for
sourcing and underwriting investment sales
transactions while providing professional
service for clients including valuation,
marketing, property tours, due diligence
organization and sourcing capital for client
acquisitions and/or recapitalizations. He
continues to proficiently execute every facet
of the investment sales process and brings a
wealth of transaction experience to the team.
Source: Real Capital Analytics, Inc.
Personal
George is from Colorado and currently resides in Gramercy, Manhattan.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services of New York, Inc. © 2015 Marcus & Millichap. All rights reserved.
452 Seneca Avenue
Ridgewood, Queens
EXCLUSIVE LISTING TEAM
for any further inquiries
Shaun Riney
Vice President of Investments
718.475.4369
Jim Saros Investment
Associate
718.475.4343
Mike Salvatico
Investment Associate
718.475.4358
Daniel Greenblatt
Investment Associate
718.475.4357
Thomas Shihadeh
Investment Associate
718.475.4348
Daniel Degiovanni
Investment Associate
718.475.4365
Ari Azarbarzin
Investment Associate
718.475.4352
Steve Grassl
Investment Associate
718.475.4348
George Koncilja
Investment Associate
718.475.4387