964-968 EAST 167TH STREET, BRONX, NY 10459 3 VACANT MIXED-USE BUILDINGS WITH AIR RIGHTS The depiction in the included photograph of any person, entity, sign, logo or property, other than Development Site Advisors’ (DSA) client and the property offered by DSA, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and DSA or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of DSA’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.) Lev Kimyagarov Managing Principal, Co-Founder (212) 875-1800 x 2 [email protected]Michael Musto Director (212) 875-1800 x 6 [email protected]DEVELOPMENT SITE ADVISORS 135 EAST 57TH STREET 18TH FLOOR NEW YORK, NY 10022 CONTACT EXCLUSIVE ADVISORY TEAM: NEW PRICE: $1,750,000 Development Site Advisors has been retained on an exclusive basis to arrange for the sale of 964, 966, and 968 East 167th Street in the Bronx. The subject property consists of three (3) contiguous buildings that contain six (6) residential units and two (2) commercial units. This property offers 58 feet of frontage on East 167th Street in an area that is undergoing rapid redevelopment. 964, 966, and 968 East 167th Street are located in the proposed Southern Boulevard Rezoning Study Area, potentially increasing the ZFA of the site in the near future. The Property is in a recently designated Opportunity Zone, allowing for a long term holder to defer and even eliminate capital gains tax. The Property is well located, within walking distance of three different subway lines: the 2, 5, and 6. The Property has about ±13,500 ZFA in air rights for future development, a total of ± 21,000 as-of-right ZFA for the 3 combined lots. If one was to use the facility bonus, the total ZFA is increased to ± 25,200 ZFA. The Property is surrounded by parks, playgrounds, restaurants, schools, and other residential services that add to the desirability of the area. Block: 2744 Lots: 23, 24, & 25 Neighborhood: Foxhurst Stories: 3 Lot Dimensions: 58' x 90' | ± 5,250 SF Building Size: 50.01’ x 50’ | ± 7,501 SF Residential Units: 6 Commercial Units: 2 Zoning: C2-4/R7-1 ZFA: ± 21,000 SF Combined R.E. Taxes (19/20): $7,849 ZFA with Facility Bonus: ± 25,200 SF MASS TRANSIT OPTIONS 2, 5, & 6 TRAIN DESIGNATED OPPORTUNITY ZONE PRICE/SF $233 PRICE/ZFA $83 Residential Units SF BRs $/SF Rent Annual 964 East 167th Street 833 2 $28.22 $1,959 $23,508 964 East 167th Street 833 2 $28.22 $1,959 $23,508 966 East 167th Street 1,250 3 $23.88 $2,487 $29,844 966 East 167th Street 1,250 3 $23.88 $2,487 $29,844 968 East 167th Street 833 2 $28.22 $1,959 $23,508 968 East 167th Street 833 2 $28.22 $1,959 $23,508 Projected Residential Totals: 5,832 $26.36 $12,810 $153,720 Commercial Units SF $/SF Monthly Rent Annual Rent 964 East 167th Street 833 $35 $2,430 $29,155 968 East 167th Street 833 $35 $2,430 $29,155 Projected Retail Totals: 1,666 $35 $4,859 $58,310 Estimated Expenses Totals: $/SF $/Unit Real Estate Taxes (18/19) Actual $7,849 $1.05 $785 Insurance Projected @ $1.00 / SF $7,501 $1.00 $750 Water & Sewer Projected @ $900 / Unit $7,200 $0.96 $900 Heat & Electric Projected @ $0.50 / SF $3,751 $0.50 $375 Repairs & Maintenance Projected @ $1.00 / SF $7,501 $1.00 $750 Super Projected @ $500 / Month $6,000 $0.80 $600 Management Projected @ 3% of GAI $6,361 $0.85 $636 Total: $46,162 $6.15 $4,616 Projected Gross Income: $212,030 Less Expenses: $46,162 Projected NOI: $165,868 PROFORMA ***Residential rents based on 2019 Section 8 Payment Standards
3
Embed
964fi968 EAST 167TH STREET, BRON, N 10459 · 964fi968 EAST 167TH STREET, BRON, N 10459 3 VACANT MIXED USE BUILDINGS WITH AIR RIGHTS hTe depiction in the included photograph of any
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
964-968 EAST 167TH STREET, BRONX, NY 104593 VACANT MIXED-USE BUILDINGS WITH AIR RIGHTS
The depiction in the included photograph of any person, entity, sign, logo or property, other than Development Site Advisors’ (DSA) client and the property offered by DSA, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and DSA or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of DSA’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
Lev KimyagarovManaging Principal, Co-Founder(212) 875-1800 x [email protected]
Development Site Advisors has been retained on an exclusive basis to arrange for the sale of 964, 966, and 968 East 167th Street in the Bronx. The subject property consists of three (3) contiguous buildings that contain six (6) residential units and two (2) commercial units. This property offers 58 feet of frontage on East 167th Street in an area that is undergoing rapid redevelopment. 964, 966, and 968 East 167th Street are located in the proposed Southern Boulevard Rezoning Study Area, potentially increasing the ZFA of the site in the near future. The Property is in a recently designated Opportunity Zone, allowing for a long term holder to defer and even eliminate capital gains tax. The Property is well located, within walking distance of three different subway lines: the 2, 5, and 6. The Property has about ±13,500 ZFA in air rights for future development, a total of ± 21,000 as-of-right ZFA for the 3 combined lots. If one was to use the facility bonus, the total ZFA is increased to ± 25,200 ZFA. The Property is surrounded by parks, playgrounds, restaurants, schools, and other residential services that add to the desirability of the area.
Block: 2744 Lots: 23, 24, & 25
Neighborhood: Foxhurst Stories: 3
Lot Dimensions: 58' x 90' | ± 5,250 SF Building Size: 50.01’ x 50’ | ± 7,501 SF
Residential Units: 6 Commercial Units: 2
Zoning: C2-4/R7-1 ZFA: ± 21,000 SF
Combined R.E. Taxes (19/20): $7,849 ZFA with Facility Bonus: ± 25,200 SF
MASS TRANSIT OPTIONS
2, 5, & 6 TRAINDESIGNATED
OPPORTUNITY ZONEPRICE/SF
$233PRICE/ZFA
$83
Residential Units SF BRs $/SF Rent Annual
964 East 167th Street 833 2 $28.22 $1,959 $23,508
964 East 167th Street 833 2 $28.22 $1,959 $23,508
966 East 167th Street 1,250 3 $23.88 $2,487 $29,844
966 East 167th Street 1,250 3 $23.88 $2,487 $29,844
Management Projected @ 3% of GAI $6,361 $0.85 $636
Total: $46,162 $6.15 $4,616
Projected Gross Income: $212,030
Less Expenses: $46,162
Projected NOI: $165,868
PROFORMA
***Residential rents based on 2019 Section 8 Payment Standards
964-968 EAST 167TH STREET, BRONX, NY 104593 VACANT MIXED-USE BUILDINGS WITH AIR RIGHTS
The depiction in the included photograph of any person, entity, sign, logo or property, other than Development Site Advisors’ (DSA) client and the property offered by DSA, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and DSA or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of DSA’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
Lev KimyagarovManaging Principal, Co-Founder(212) 875-1800 x [email protected]
C2-4/R7-1 Residential Commercial Community Facility
FAR: 4.00 2.00 4.80
Lot Size: 5,250 5,250 5,250
ZFA: 21,000 10,500 25,200
Existing: 5,747 1,754 7,501
Air Rights: 15,253 8,747 17,699
R7 districts are medium-density apartment house districts mapped in much of the Bronx as well as the Upper West Side in Manhattan and Brighton Beach in Brooklyn. The height factor regulations for R7 districts encourage lower apartment buildings on smaller zoning lots and, on larger lots, taller buildings with less lot coverage. As an alternative, developers may choose the optional Quality Housing regulations to build lower buildings with greater lot coverage.Regulations for residential development in R7-1 and R7-2 districts are essentially the same except that R7-2 districts, which are mapped primarily in upper Manhattan, have lower parking requirements.
Floor Use GSF
1stCommercial
& Facility 5,250
2nd Residential 3,480
3rd Residential 3,480
4th Residential 3,480
5th Residential 3,480
6th Residential 3,480
7th Residential 3,480
8th Residential 2,900
MIXED-USE BUILDING ENVELOPE
Massing provided for visualization purposes only. All numbers should be independently verified by an architect.
964-968 EAST 167TH STREET, BRONX, NY 104593 VACANT MIXED-USE BUILDINGS WITH AIR RIGHTS
The depiction in the included photograph of any person, entity, sign, logo or property, other than Development Site Advisors’ (DSA) client and the property offered by DSA, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and DSA or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of DSA’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
Lev KimyagarovManaging Principal, Co-Founder(212) 875-1800 x [email protected]
The study area encompasses the Crotona Park East and Longwood neighborhoods and in general flanks Southern Boulevard between the Cross Bronx Expressway and East 163rd Street including the Bronx River and Crotona Park. The study area covers more than 130 blocks and spans parts of Community Districts (CD) 2 and 3, and a small area of CD9 (one block of the western shore of the Bronx River). The area is home to almost 60,000 residents, of which 67% are of Hispanic origin, according to the 2010 Census. There are approximately 17,000 existing residential units within the Southern Boulevard study area. Almost two-thirds of these units were constructed before 1976, mostly between 1910 and 1939, but with renewed reinvestment in the area, there’s been a growth in housing, and 13% of all units (2,300) were constructed between 2005 and 2014.
In recent years, the neighborhoods surrounding Southern Boulevard have participated in a number of planning processes and have seen public investments, specifically in affordable housing, which have had a significant positive impact on the community. However, there are still a number of gaps and opportunities remaining in addition to the need for a comprehensive approach to the area. The Southern Boulevard planning process will be an opportunity to build on past plans, implement previous recommendations, identify additional needs, and create a unified vision for the area.
! !
! !
! !
! !
! !
! !
! !
! !
! !
!
!
!
!
!
!
! !
!
!
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
!
!
!
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! ! !
! ! !
! ! !
! !
! !
! !
! !
! !
!
!
! ! !
! ! !
! !
! !
! !
! ! !
! ! !
! ! !
! !
! !
! !
! !
!
! !
! !
! !
! !
!
!
!
!
! !
! !
!
!
! !
! !
! !
! !
! !
! !
! !
! !
! !
!
!
! !
! !
!
!
!
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
! ! !
! ! !
! !
! !
! !
! !
! !
! !
! !
! !
! !
!
! !
! !
!
!
! !
! !
!
!
! !
! !
!
!
!
! ! !
! ! !
! ! !
! ! !
! ! !
! ! !
! !
! !
! !
! !
!
!
! !
! !
! !
Crotona Park
SHER
IDA
NEX
PRES
SWAY
EAST 165 STREET
FREEMAN STREET
LON
GFE
LLO
WAV
ENU
E
BRUCKNER BOULEVARD
BR
YAN
TAV
E NU
E
WESTCHESTER AVENUE
WHI
TLO
CKAV
ENU
E
STEBB
INS
AVENU
E
HOME STREET
EAST 169 STREET
EAST 173 STREET
INTE
RVALE
AVEN
UE
REV
JAMES
POLI
TEAV
ENUE
EAST 163 STREET
CLAREMONT PARKWAY
LOUIS
NINEBO
ULEVARD
ALDUS STREET
BOSTON ROAD
EAST 176 STREET
CROTONA PARK EAST
EAST 174 STREET
CHARLOTTE
STREET
SEAB
URY
PLAC
E
HALL
PLAC
E
MIN
FORD
PLAC
E
FOX
STR
EET
WEST
FAR
MS
ROAD
VYSE
AVEN
UE
HOE
AVEN
UE
SOUT
HERN
BOUL
EVAR
D
BOO
NEAV
ENUE
TIFF
AN
YST
REE
T
RO
GER
SPL
AC
E
SIM
PSO
NST
REE
T
KEL
LYST
REE
T
CRO
TONA
AVEN
UE
BRO
NXR
IVER
GR
EEN
WAY
!6
!5
!2
Simpson St 2-5
Freeman St 2-5
Hunts Point Av 6
Whitlock Av 6
Intervale Av 2-5
174 St 2-5
W Farms Sq - E Tremont Av 2-5
C8-3
M1-1
R7-2
C8-3
R7-2
PARK PARK
PARK
PARK
PARKPARK
PARK
PARKPARKPARK
PARK PARK
PARK
PARK
PARKPARK
R1-2
PARK
PARK
PARK
PARK
C8-3
R6A
R7X
R8X
C4-2
R6
R6
M1-2
C4-4
R7-1
R7-1
R7A
M1-1
M1-1
C8-1
M1-1
R7-1
PARK
R6
R7-1
R7-1
R7-1
R7-1
C1-1
C1-2
C1-3
C1-4
C1-5
! ! C2-1
! !
! !
! !C2-2
! !
C2-3
! !
! !
C2-4
! !
! !
! !C2-5
0 0 .20 1Miles[
Southern Boulevard Neighborhood Study Current Land Use + Zoning