Offering Memorandum 0 8 6 1 Woodbine Street Ridgewood | Queens Table of Contents I. Pricing and Financial Analysis Rent Roll Income & Expenses II. Property Description Investment overview Zoning 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 Rent Roll Page Rent Roll Page Unit # Type Status Actual Pro-Forma 1L 2BR RS $1,059 $1,059 1R 2BR RS $1,059 $1,059 2L 2BR RS $0 $2,400 2R 2BR RS $1,900 $1,900 3L 2BR RS $1,200 $1,300 3R 2BR RS $1,600 $1,820 Monthly Gross Income $6,818 $9,538 Annual Gross Income $81,816 $114,456 *Please note Pro-Forma rent for units 1L, 1R, 2R, 3L and 3R is the registered legal rent 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 5,610 Gross SF # of Units 6 Income Actual Proforma Gross Income $81,816 $114,456 5% $4,091 $77,725 $5,723 $108,733 Actual $11,983 $11,983 $1.5/SQFT $8,415 $8,415 Water & Sewer $900/Unit Estimate $5,400 $5,400 Property Insurance $450/Unit Estimate $2,700 $2,700 Repairs & Maintenance $500/Unit Estimate $3,000 $3,000 Electric $.15/PSF Estimate $842 $1,000 Estimate 5% $1,200 $3,886 $1,200 $5,437 $37,426 $39,135 $40,299 $69,599 Less Vacancy & Credit Effective Gross Income Expenses Real Estate Taxes Fuel Payroll - Super Management Total Expenses Net Operating Income THE OFFERING PRICE PRICE PER SQUARE FOOT PRICE PER UNIT CAP RATE - CURRENT CAP RATE - PROFORMA GRM - CURRENT GRM - PROFORMA $1,500,000 $267.38 $250,000 2.7% 4.64% 18 13.11 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 Lot Size Lot Area 1680 Woodbine Street Ridgewood Cypress & St. Nicholas Ave 27.5 x 100 Ft. 2,750 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 27.5 Ft. x 68 Ft. 3 C2 C2-4, R6B 2A 5,610 0 5,610 6 6 0 2.0 5,500 5,610 -110 Real Estate Taxes (15/16) $11,983 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. Zoning and Tax Map R6 Zoning Residential FAR: 2.4 COMMERCIAL FAR: N/A Cross Streets: Irving & Knickerbocker 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. Satellite and Train Location 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 DESCRIPTION: The subject property, 1680 Woodbine, is a three story building located near the corner of Cypress & St. Nicholas Ave in the Ridgewood section of Queens, NY. The building is built 27.5 Ft. x 68 Ft. The property is in an excellent Ridgewood location on a tree-lined street with significant unlocked value in the residential rent roll. The building features air shafts on either side and eight foot ceilings in the basement which would provide an investor a significant repositioning opportunity. Similar to what has been seen across many of the Brooklyn neighborhoods bordering Manhattan, Ridgewood is now experiencing a complete influx of new residents and is considered one of the most actively evolving neighborhoods of New York City. The building itself is in a central Ridgewood location, in close proximity to the Myrtle Wyckoff Avenue "L", the Seneca "M" trains and steps to the Myrtle Ave retail corridor. 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. Why the Riney Group? 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. 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 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). Sales Recognition Award – 2011, 2012, 2013, 2014 Personal 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 GROUP AGENTS George Koncilja Overview Investment Associate Tel: (718)-475-4387 [email protected] University: Boston University 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 Source: Real Capital Analytics, Inc. the team. 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. 1680 Woodbine Street Ridgewood, Queens PLEASE CONTACT US AT ANYTIME FOR A REAL TIME MARKET UPDATE FOR THIS PROPOSAL. MARKET CONDITIONS ARE SUBJECT TO FREQUENT CHANGE. 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 718.475.4380 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 www.bkmultifamily.com www.qnsmultifamily.com
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