ASKING PRICE $13,700,000 · 2018. 9. 6. · EXECUTIVE SUMMARY THE NEIGHBORHOOD FINANCIAL OVERVIEW...
17
Transcript of ASKING PRICE $13,700,000 · 2018. 9. 6. · EXECUTIVE SUMMARY THE NEIGHBORHOOD FINANCIAL OVERVIEW...
EXECUTIVE SUMMARY
THE NEIGHBORHOOD
FINANCIAL OVERVIEW
DEVELOPMENT OPPORTUNITY
DUE DILIGENCE
1
3
11
17
21
TABLE OFCONTENTS
ASKING PRICE$13,700,000
Michael FioravantiAssociate Director
(212) [email protected]
Jonathan SquiresDirector
(212) [email protected]
Josh NeustadterAssociate
(212) [email protected]
Addison BernikerAssociate
(212) [email protected]
PROPERTY HIGHLIGHTS
1 EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY 2
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 1574-1578 Williamsbridge Road. The offering is a multi-level professional building located in the Morris Park neighborhood of the Bronx. The property is located on the east side of Williamsbridge Road between Sacket and Pierce Avenues.
1574-1578 Williamsbridge Road is built approximately 26,911 rentable square feet over three (3) stories with fifteen (15) commercial units and 36 parking spaces. Commercial units have a target rentable square footage of about 1,800 square feet on average and range from 683 square feet to 4,823 square feet. The current average rent per square foot is just over $32, making the annual gross rent of the property $928,221.
The offering of 1574-1578 Williamsbridge Road for sale presents investors with a rare opportunity to own a Montefiore anchored medical office building in very close proximity to the Albert Einstein College of Medicine. Future development rights allows investors to capitalize on the properties location and benefit from working with medical professionals and patients to re-develop the property into a state-of-the-art facility.
The property is located just off the Hutchinson River Parkway and is within walking distance to the Westchester Square/East Tremont Avenue subway station which is served by the ̂ train, as well as the Morris Park subway station serviced by the% train. Additionally, the Metropolitan Transportation Authority (MTA) and the Metro-North Railroad (MNR) are in early talks to bring Metro-North service to Morris Park, which will further enhance the properties accessibility to the rest of the city.
The Opportunity:
• Montefiore anchored 3-story, 15 unit medical office building
• Adjacent developable parking lot with potential to add 12,354 square feet
• Close proximity to Albert Einstein College of Medicine, Jacobi Medical Center,
the Hutchinson Metro Center, Calvary Hospital. Mercy College, and Montefiore
Medical Center
• Walking distance to Westchester Square/East Tremont avenue ̂ train and the
Morris Park% train
• Long term tenants in place including experienced surgeons, physical therapists,
and dialysis professionals
THENEIGHBORHOOD
THE NEIGHBORHOOD 43 THE NEIGHBORHOOD
5 CUSHMAN & WAKEFIELD
1574-1578 WILLIAMSBRIDGE ROAD
WATERS PLACE
EA
STC
HE
STE
R R
OA
D
WILLIAMSBRIDGE ROAD
5 THE NEIGHBORHOOD
AERIAL MAP
THE NEIGHBORHOOD 6
Medical Park
Calvary Hospital
NYC Health + Jacobi Medical Center
Albert Einstein College Of Medicine
BRONX BEHAVIORALHEALTH CENTER
1574-1578 WILLIAMSBRIDGE ROAD NEIGHBORHOOD CHARACTER
7 THE NEIGHBORHOOD THE NEIGHBORHOOD 8
Jacobi Medical CenterYeshiva Einstein CampusADDRESS: 1400 Pelham Parkway South
DESCRIPTION: Jacobi Medical Center is a public hospital
that is operated by NYC Health + Hospitals in affiliation
with the Albert Einstein College of Medicine. The hospital
was first opened in 1955 and is located in the Morris Park
neighborhood of the Bronx. The facility provides healthcare
for over 1.2 million people in New York.
MontefioreADDRESS: 2475 St. Raymonds Avenue
DESCRIPTION: As the academic medical center and
University Hospital for Albert Einstein College of Medicine,
Montefiore Medical Center is nationally recognized for
clinical excellence. Overall, the medical center has 17,600
employees, with 1,760 employed physicians on Montefiore’s
medical staff.
Albert Einstein College of MedicineADDRESS: 1300 Morris Park Avenue
DESCRIPTION: Established in 1953, Albert Einstein College
of Medicine is a research-intensive medical school located
in the Morris Park neighborhood of the Bronx. The Albert
Einstein College of Medicine is affiliated with five medical
centers throughout New York: Montefiore Medical Center,
Jacobi Medical Center, North Shore-LIJ Health System,
Maimonides Medical Center, and Bronx Lebanon Hospital.
Through its affiliation network, Einstein runs the largest
postgraduate medical training program in the U.S.
Calvary HospitalADDRESS: 1740 Eastchester Road
DESCRIPTION: Calvary Hospital is the only fully accredited
acute care specialty hospital exclusively providing palliative
care for adult advanced cancer patients in the United States.
Calvary Hospital is headquartered in the Bronx with satellite
campuses located in Brooklyn, Manhattan, and Queens. The
hospital has a total of 225 beds and cares for over 6,000
patients annually.
Hutchinson Metro CenterADDRESS: 1250 Waters Place
DESCRIPTION: Hutchinson Metro Center is a multi-phased
state-of-the-art Class A office complex. The complex is
spread out across 42 acres and is conveniently located off
the Hutchinson River Parkway in the Pelham Bay section of
the Bronx. The complex is less than a mile from some of the
region’s top medical institutions including Albert Einstein
College of Medicine, Montefiore Medical Center, Jacobi
Medical Center and Calvary Hospital.
Mercy College – Bronx CampusADDRESS: 1200 Waters Place
DESCRIPTION: Mercy College’s campus in the Hutchinson
Metro Center offers a quality education in the heart of the
Bronx. Mercy College Bronx campus offers many popular
degree concentrations that include business, IT, and social
work. The Bronx campus occupies 125,000 square feet at
the Hutchinson Metro Center which includes computer labs,
private library and learning center.
DYKERBEACHPARK
WESTCHESTER
THE BRONX
NASSAUQUEENS
QUEENS
BROOKLYN
J a m a i c aB a y
Ha
r l em
Ri v e r
Ea
s t Ri v e r
E a s t Ri v e r
Hu
ds
on
Ri
ve
r
4
AirTrain stops/terminal numbers
7
58
2
1
Q72Q47
M60 SBS
M60 SBS
M60 SBS
Q48
Q10
Q10
B15Q10
AIRTRAIN JFK
AIRTRAIN JFK
Q3
Q3
LaGuardia Link Q70 SBS
LaGuardia Link Q70 SBSM60 SBSQ47Q48Q72
PA
RK
AV
LIRR
LIRR
LIRR
LIRR
LIRR
Met
ro-N
orth
Metro-North
Metro-North
Met
ro-N
orth
LIRR
PATH
PATH
Amtrak
Amtra
k
Amtrak
Amtrak
NJTransit • Amtrak
PATH
shuttle
Bowling Green4•5
Broad St J•Z
Rector StR
World TradeCenter
E
DeKalb AvB•Q•R
Hoyt St2•3
Clark S
t2• 3
Union StR
Carroll S
tF• G
Bergen
St
F• G
Broad St J•Z
York St
F
CityHallR•W
Rector StR•W
Franklin St1
Canal St1
Prince StR•W
Houston St1
14 St A•C•E
50 St1
50 StC•E
59 StColumbus Circle
A•B•C•D•1
66 St Lincoln Center
1
72 St1•2•3
79 St1
86 St1
96 St1•2•3
103 St1
CathedralPkwy
(110 St )1
116 St ColumbiaUniversity
1
137 StCity
College1
145 St1
157 St1
175 StA
181 StA
190 StA
Dyckman St A
238 St1
Norwood205 StD
Mosholu Pkwy4
Bedford Pk BlvdLehman College
4
Kingsbridge Rd4
Fordham Rd4
Allerton Av2•5
183 St4
Burnside Av4
176 St4
Mt Eden Av4
170 St4
174 St2•5
Bronx ParkEast
2•5
Pelham Pkwy2•5
Freeman St2•5
Simpson St2•5
E 180 St2•5
West Farms Sq
E Tremont Av2 •5
167 St4 161 St
Yankee Stadium
B •D •4
Van Cortlandt Park242 St
1
Lexington
Av/63 St
F •Q
14 St–U
nion Sq
L• N
• Q• R
• W• 4• 5• 6
L• N
• Q• R
• W
3 Av
L 1 Av
L
8 St-NYUR•W
Christopher St
Sheridan Sq1
Canal StJ•N•Q•RW•Z•6
Canal StA•C•E
Spring St6
Spring StC•E
W 4 St Wash Sq A•B•C•D•E•F•M
8 Av
L
QueensPlaza
E •M•R
69 St7
52 St7 46 St
Bliss St 740 St
Lowery St
733 St-Rawson St
7
61 StWoodside
7 •LaGuardia Link Q70 SBS
36 StM•R
90 St–Elmhurst Av7
Junction Blvd 7•Q72 LGA Airport
103 St–Corona Plaza7
111 St 7•Q48 LGA Airport
Elmhurst
Av
M• R
Grand Av
Newtown
M• R Woodhave
n Blvd
M
• R 63 D
r–Rego Park
M• R
• Q72 LG
A Airport
Forest Hills
71 Av
E• F• M• R
75 Av
E• F Bria
rwood
E• F
Sutphin BlvdF
Parsons Blvd F
169 StF
Jamaica
Van Wyc
kE
Kew Gard
ens
Union Tpke
E
• F67 Av
M
• R
21 StQueens-
bridgeF
39 AvN•W
Steinway StM•R
46 St M
•R
Northern Blvd
M•R
65 St
M•R
74 St–Broadway
LaGuardia Link Q70 SBS • 7
82 St–Jackson Hts7
36 AvN•W
30 AvN•W
Astoria BlvdN•W
AstoriaDitmars Blvd
N•W
Court Sq-23 StE•M
6 Av L 14 St
1•2•3
18 St1
14 St F•M
23 StF•M
23 St1
23 StC•E
23 StR•W
33 St6
Hunters Point Av7•LIRR
Vernon BlvdJackson Av
7
21 StG
Queensboro Plaza
N•W•7
Court SqG•7
68 StHunterCollege6
77 St6
86 St4•5•6
96 St6
96 StQ
86 StQ
72 StQ
103 St6
110 St6
Central ParkNorth (110 St) 2•3
116 St6
72 StB•C
81 St–Museum of Natural History B•C
86 St B•C
96 StB•C
103 StB•C
Cathedral Pkwy(110 St)B•C
116 StB•C
125 StA•B•C•D
125 St2•3 • M60 SBS LGA Airport
125 St4•5•6
135 StB•C
135 St2•3
116 St2•3
3 Av138 St6
Brook Av
6
Cypress Av
6
E 143 St
St Mary’s St
6145 StA•B•C•D
191 St1
Bedford Pk BlvdB•D
Kingsbridge RdB•D
Fordham RdB•D
182–183 StsB•D
Tremont Av B•D
174–175 StsB•D
170 StB•D
Morris Park5
Pelham Pkwy5
Burke Av2•5
Gun Hill Rd 2•5
219 St 2•5
225 St2•5
233 St2•5
Nereid Av2•5
Wakefield 241 St2
Gun Hill Rd5
Baychester Av5
EastchesterDyre Av5
167 StB•D
E 149 St6
Longwood Av6
Hunts Point Av6
Whitlock Av6
Elder Av6
Morrison Av Soundview 6
St Lawrence Av6
Castle Hill Av6
Zerega Av6
Middletown Rd6
Buhre Av6
Pelham Bay Park6
Parkchester6
181 St1
155 S
t
B
• D15
5 St
C
163 St–Amsterdam Av C
145 St3
149 S
t–Grand
Concourse
2• 4• 5
Harlem148 St3
57 StF
57 St-7 AvN•Q•R•W
49 StN•R•W
7 AvB •D
•E
28 St1
28 St R•W
28 St6
23 St6
Astor Pl 6
BoweryJ• ZEast
BroadwayF
2 Av
FBleecker S
t
6 B’way–
Lafayette
St
B• D
• F• M
Essex
St
F
• J• M• Z
Delance
y St
Grand St B•D
Prospect AvR
25 StR
36 StD•N•R
45 StR
53 StR
59 StN•R
8 Av
N
Fort Hamilto
n
PkwyN
New Utre
cht Av
N 18 Av
N
20 Av
N
Bay
PkwyN
Kings
Hwy
N
Ave U N 86 St
N
62 St
D
71 St
D
79 St
D
18 Av D
20 Av D
Bay Pkwy
D 25 AvD
Bay 50 StD
Coney IslandStillwell Av
D•F•N•Q
55 St
D
50 St
DFort Hamilto
n
PkwyD
9 Av
DDitm
as Av
F
18 Av
F Avenue I
F
BayPkwy
F
Bay Ridge AvR
77 StR
86 StR
Bay Ridge95 St
R
Jay St MetroTechA•C•F•R
Jay St MetroTechA•C•F•R
Lafayette AvC
ParkPlS
Fulton StG
Smith
9 Sts
F• G
4 Av–
9 St
F• G• R 7 A
vF• G
15 St
Prospect P
arkF• G
Fort HamiltonPkwy
F•G
Church AvF• G
Avenue N
F Avenue P
FKings H
wy
F
Avenue U
F
Avenue X
FNeptune Av
F
West 8 StNY AquariumF•Q
Ocean PkwyQ
Brighton BeachB•Q
Sheepshead Bay
B• Q
Neck Rd
Q
Avenue U
Q
Kings Hwy
B• Q
Avenue M
Q
Avenue J
Q
Avenue H
Q
Newkirk Plaza
B• Q
Cortelyo
u Rd
Q
Beverle
y Rd
Q
Church Av
B• QFlatbush
Av
Brooklyn C
ollege
2• 5
Newkirk Av
2• 5
Beverly
Rd
2• 5
Church Av
2• 5
Winthrop St
2• 5
Sterling St 2•5
President St 2•5
CanarsieRockaway PkwyL
East 105 StL
Aqueduct North Conduit Av
A
Aqueduct RacetrackA
Van Siclen AvCLiberty
AvC
Ozone ParkLefferts BlvdA
111 StA
104 StA
Rockaway Blvd A
88 St A
80 StA
Grant AvA
Euclid AvA•C
Shepherd AvC Howard Beach
JFK Airport AAtlantic Av
L
Alabama AvJ•Z
New Lots Av L B15 JFK Airport
Crescent StJ•Z
Norwood Av Z rush hrs, J other times
Cleveland St J
Bushwick Av
Aberdeen St
L
Wilson Av
L
DeKalb Av
L
Jeffe
rson St
L
Flushing Av
J• M
• Z
Lorimer S
t
J• M
• ZBroadway
G
Nassau Av
G
Greenpoint Av
G
Lorimer S
t
L Graham
Av L Grand St
L Montrose
Av
L Morgan Av
L
Livonia Av L
Sutter
AvL
Nostrand Av
A •CFranklin Av
C•S
Kingston
Throop Avs
C
Utica Av
A •C
Ralph Av
C
Chauncey StJ •M
•Z Halsey St
J •M•Z
Gates Av
J •M•Z
Kosciuszko St
J •M•Z
Myrtle Av
J •M•Z
Central Av
MyrtleWilloughby Avs G
Flushing Av
GMarcy Av
J• M• Z
Metropolitan Av G
Bedford Av
L Hals
ey St
L
Rockaway
AvC
Broad
way
Junc
tion
A
• C• J•
L• M• Z
Parkside AvQ
Prospect Park B•Q•S
Botanic Garden S
Clinton
Washington AvsG
Classon AvG
Hewes
St
J• M• Z
Bedford
Nostrand AvsG
Clinton
Washington Avs
C
HoytSchermerhorn
A•C•G
Kingston Av3
Franklin Av
2• 3• 4• 5
BroadwayN•W
Knickerbocker Av
High StA•C
Atlantic Av–Barclays Ctr B•Q•2•3•4•5•LIRR
Whitehall StSouth FerryR•W
Bowling Green4•5
Wall St4•5 Wall St
2•3
Fulton St
Chambers St1•2•3
Park Place 2•3
Chambers StJ•ZBrooklyn BridgeCity Hall 4•5•6
Chambers St A•C
Atlantic
Av–Barc
lays C
tr
D• N• R
• LIRR
Bergen
St2• 3
7 Av
B• Q
Nevins St2•3•4•5
Borough H
all
2• 3• 4• 5
Court StR
Grand A
rmy
Plaza
2• 3Eas
tern Pkw
y
Brookly
n Muse
um2• 3
34 StPenn
Station A•C•E•LIRR
34 StHudson
Yards 7
42 St/Port AuthorityBus Terminal
A•C•E
Times Sq-42 StN•Q•R•S•W•1•2•3•7
Grand Central42 StS•4•5•6•7•Metro-North
47–50 StsRockefeller CtrB•D•F•M
34 StPenn
Station1•2•3•LIRR
34 StHerald Sq
B•D•F•MN•Q•R•W
42 StBryant PkB•D•F•M
5 Av 7
Lexington Av/53 St E•M
59 St4•5•6
51 St6
Lexington Av/59 StN•R•W
5 Av/53 StE•M
5 Av/59 StN•R•W
125 St1
168 St A•C•1 A•C
Dyckman St1
Inwood207 St
A
215 St1
3 Av–149 St2•5
Woodlawn4
Marble Hill225 St1
231 St1
75 St–Elderts Ln Z rush hours, J other times
Cypress Hills J
85 St–Forest PkwyJ
Woodhaven BlvdJ•Z
104 St Z rush hours, J other times
111 StJ
121 St Z rush hours, J other times
Sutphin BlvdArcher AvJFK AirportE•J•Z•LIRR
Jamaica179 StF
Jamaica Center Parsons/ArcherE•J•Z
Jackson Hts
Roosevelt Av
E •F •M•R
•LaGuardia Link Q70 SBS
Q47 LGA Airport (Marine Air Term only)
FlushingMain St
7
Nostrand Av3
Crown HtsUtica Av3•4
Saratoga Av 3
Rockaway Av3
Junius St 3
Pennsylvania Av3
Van Siclen Av3
New Lots Av3
Sutter Av–Rutland Rd3
A•C•J•Z2•3•4•5
Westchester Sq East Tremont Av 6
Intervale Av 2•5
Prospect Av 2•5
Jackson Av 2•5
Mets–Willets Point7•Q48 LGA Airport
Van Siclen Av Z rush hrs, J other times
138 St–GrandConcourse
4•5
M60 SBSLGA Airport
M60 SBSLGA Airport
M60 SBSLGA Airport
Rector St1
Cortlandt St1
Cortlandt St R•W
South Ferry1
World TradeCenter
E
207 St 1
rushhours
4 skips rush hourpeak direction
rushhours
Rooseve
lt
Isla
nd
F
Beach44 StA
Beach 36 StA
Beach 25 StA
Far RockawayMott Av
A
Broad Channel
A•S
Beach 67 StA
Beach 60 StA
Beach 90 StA•S
Beach 98 StA•S
Beach 105 StA•S
Rockaway ParkBeach 116 St
A•S
MyrtleWyckoff AvsL•M
Seneca AvM
Fresh Pond RdM
Middle VillageMetropolitan AvM
Forest AvM
Stat
en Is
land
Fer
ry
summer only
QUEENSMIDTOWNTUNNEL
MARINE PARKWAY-
GIL HODGESMEMORIALBRIDGE
CR
OS
S B
AY
VE
TER
AN
S’
ME
MO
RIA
L
BR
IDG
E
HENRY HUDSO
N
BRIDG
E
HUGH L. CAREY TUNNEL
BRIDGE
VERRAZANO-NARROWS
BR
IDG
E
RO
BE
RT
F K
EN
NE
DY
THROGS NECK BRIDGE
GEO. WASHINGTONBRIDGE
LINCOLN TUNNEL
HOLLAND TUNNEL
MANHATTAN BRIDGE
BROOKLYN BRIDGE
QUEENSBORO BRIDGE
BRONX-W
HITESTONE
BRIDGE
MA
LC
OL
M X
BL
VD
(LE
NO
X A
V)
NOSTRAND AV
BR
OA
DW
AY
BROADWAY BRIDGE
ST
NIC
HO
LA
S A
V
BR
OA
DW
AY
BR
OA
DW
AY
BROAD
WAY
SE
VE
NT
H A
V
VA
RIC
K S
T
L IVONIA
AV
WEST
CH
ESTE
R A
V
LE
XIN
GT
ON
AV
PA
RK
AV
S
LA
FA
YE
TT
E S
T
EASTERN PARKWAY
rush hour p
eak d
irect
ion
expr
ess
ES
PL
AN
AD
E W
HITE P
LAIN
S RD
JER
OM
E A
V
MANHATTAN AV
UNION AV
LAFAYETTE AV
WEST END LINE
DELANCEY ST
BROADWAY
FULTON ST
JAMAIC
A AV
VAN SINDEREN AV
WYCKOFF AV
BUSHWICK AV
N 7 ST
HOUSTON ST
R U TGERS ST
JAY
ST
S
MIT
H
ST
NINTH ST
MCDONALD AV
MCDONALD AV
FO
UR
TH
AV
86 ST
FO
UR
TH
AV
53 ST
HILLSID
E AV
41 AV
SIX
TH
AV
FLATBUSH AV
E 15 ST
BRIGHTON LINE
E 16 ST
GR
AN
D C
ON
CO
UR
SE
QUEENS BLVD
QUEENS BLVD
ARCHER AV
LIBERTY A
V
PITKIN AV
FULTON ST
FULTON ST
CH
UR
CH
ST
S
IXT
H A
V
GREENWICH AV
EIG
HT
H A
V
CE
NT
RA
L P
AR
K W
ES
T
ST
NIC
HO
LA
S A
V
FO
RT
WA
SH
ING
TON
AV
BRO
ADW
AY
FO
UR
TH
AV
BROADWAY
31 ST
60 ST
BROAD
WA
Y
BR
OA
DW
AY
BR
OA
DW
AY
ROOSEVELT AV
FLATBUSH AV
WILLIAMSBURG BRIDGE
14 ST
42 ST
rush hour peak direction express
weekday peak direction
expr
ess
rush hour peak direction express
PA
LIS
AD
E A
V
IND
EP
EN
DE
NC
E A
V
HE
NR
Y H
UD
SO
N P
KW
Y
BROAD
WAY
231 ST
IRWIN AV
VAN CORTLANDT PARK SO
MO
SH
OLU
PKW
Y
FORDHAM RD
PELHAM PKWY
180 ST
TREMONT AV
E TREMONT AV
WE
BS
TE
R A
V
BA
INBR
IDGE
TH
IRD
AV
225 ST
BRUCKNER
EXPW
Y
ELDER AV
ST LAWRENCE AV
WHITE PLAINS RD
WHITE PLAINS RD
SOUNDVIEW AV
CASTLE HILL AV
ZEREGA AV H
UTCHINSON
PKW
Y
ALLERTON AV BURKE AV
222 ST
233 ST
MIDDLETOWN RD
BR
OA
DW
AY
AM
ST
ER
DA
M A
V
FT
WA
SH
AV
RIV
ER
SID
E D
R
RIV
ER
SID
E D
R
145 ST
135 ST
AM
ST
ER
DA
M
AV
FIF
TH
AV
5 A
V
MA
DIS
ON
AV
TH
IRD
AV
3 A
V
SE
CO
ND
AV
2 A
V
2 AV
1 AV
FIR
ST
AV
1 A
V
YO
RK
AV
WE
ST
E
ND
A
V
CO
LU
MB
US
AV
66 ST
WE
ST S
T
WE
ST S
T
53 ST
E 8 ST
FD
R D
R
GRAND ST
E BWAY
WATE
R ST
ASTORIA BLVD
NORTHERN BLVD
DITMARS BLVD
111 ST
112 ST
ST
EIN
WA
Y S
T
LONG ISLAND EXPWY
HORACE HARDIN
G EXPW
Y
LONG ISLAND
EXPWY
36 ST
30 AV
GR
EEN
PO
INT
AV
21 ST
JUNCTION BLVD
JEWEL A
V
UTOPIA PKW
Y
PARSONS BLVD
KISSENA BLVD
MAIN ST
HILLSIDE AV
JAMAICA A
V
SUTPHIN BLVD
111 ST
LINDEN B
LVD LEFFERTS BLVD
MERRICK BLVD
METROPOLITAN AV
METROPOLITAN AV
NASSAU AV
BEDFORD AV
FLUSHING AV
WOODHAVEN BLVD
MYRTLE AV
JAC
KIE
RO
BIN
SO
N P
AR
KW
AY
BUSHWICK AV
MYRTLE AV
BERGEN ST
BERGEN ST
LIBERTY A
V
HIC
KS
ST
HE
NR
Y S
T
9 ST
UNION ST CHURCH A
V
PROSPECT AV
OCEAN PKWY
CONEY ISLAND AV
9 AV
FO
RT
HAM
ILTO
N PKW
Y
PARKSIDE A
V
WIN
THROP ST
NOSTRAND AV
AV Z
EMMONS A
V
AV U
FLATBUSH AV
WASHINGTON
UTIC
A AV
UTIC
A AV
86 ST
KIN
GS
HW
Y
FIF
TH
AV
39 ST
REMSEN AV
AV M
FLA
TLA
ND
S A
V
AV H
OCEAN AV
BE
DFO
RD
AV
BEDFORD AV
NOSTRAND AV
VAN SICLEN AV
PENNSYLVANIA
AV
POR
TW
ASH
ING
TON
BLV
D
CR
OS
S B
AY
BLVD
CR
OS
S B
AY
BLV
D
PARSON
S BLVD
WH
ITESTON
E E
XP
WY
NORTHERN BLVD
CANAL ST
CANAL ST SPRING ST
T R A M W A Y
HOUSTON ST
3 AV
BOWERY W 4 ST
E 4 ST
BLEECKER ST
BLEECKER ST
23 ST 23 ST
50 ST 50 ST
59 ST
79 ST
125 ST
116 ST
UNIVERSITY HTS BR
UNION TURNPIK
E
CLEARVIEW EXPWY
FR
ED
ER
ICK
D
OU
GL
AS
S B
LV
D
AD
AM
CL
AY
TO
NP
OW
EL
L B
LV
D (7A
V)
VAN W
YCK EXPWY
SEAGIRT BLVD
BE
AC
H C
HANNEL D
R
RO
CK
AW
AY
BE
AC
H B
LVD
KIN
GS
HIG
HW
AY
82 ST
VE
RN
ON
BL
VD
BE
AC
H C
HA
NN
EL
DR
RO
CKAW
AY PT
BLV
D
HAMILTON BRIDGE
WASHINGTON BRIDGE
CROSS BRONX EXPWY
BAYCHESTER AV
9 AV
10 AV
11 AV
GR
AN
D A
V
SpuytenDuyvil
Riverdale
UniversityHeights
MorrisHeights
Harlem125 St
Melrose
Yankees-E153 St
Tremont
Fordham
Botanical Garden
WilliamsBridge
Woodlawn
Wakefield
LongIslandCity
9 St
14 St
23 St
33 St
Christopher St
Hunterspoint Av
Woodside
Mets–Willets Point
Flushing
ForestHills
JamaicaKewGardens
Hollis
Auburndale Bayside Douglaston
Manhasset
GreatNeck
LittleNeck
MurrayHill
Broadway
Lawrence
Inwood
LocustManor
FarRockaway
East NY
Nostrand Av
MarbleHill
WTC
VANCORTLANDT
PARK
BRONXZOO
PELHAMBAY
PARK
ORCHARDBEACH
CENTRALPARK
WASHINGTONSQUARE PARK
METROPOLITANMUSEUMOF ART
RANDALLSISLAND
JAVITSCENTER
RIVERBANKSTATE PARK
INWOODHILL PARK
FORT TRYONPARK
UNITEDNATIONS
FLUSHINGMEADOWSCORONA
PARK
PROSPECTPARK
BROOKLYNBOTANICGARDEN
FORT GREENEPARK
GREEN-WOODCEMETERY
LAGUARDIAAIRPORT
JFKINTERNATIONAL
AIRPORT
JAMAICABAY
WILDLIFEREFUGE
GATEWAYNATIONAL
RECREATIONAREA–
JAMAICA BAY
EASTRIVERPARK
BROOKLYNBRIDGEPARK
KISSENAPARK
CUNNINGHAMPARK
MARINEPARK
FLOYDBENNETT
FIELD
JUNIPERVALLEY
PARKFOREST
PARK
RIVERSIDE PARK
HUDSON RIVER PARK
HIGHBRIDGEPARK
JACOBRIIS
PARK
LIBERTYISLAND
ELLISISLAND
NEW YORKTRANSIT MUSEUM
2,3 andnorthbound4,5
southbound
northbound
southbound
north
bound
southbound only
6
SexceptSexcept
7
BROOKLYN
MANHATTAN
QUEENS
THEBRONX
FINANCIALDISTRICT
BATTERY PARK CITY
CHINATOWN
LITTLE ITALYSOHO
TRIBECA
GREENWICHVILLAGE
CHELSEA
WESTSIDE
UPPEREASTSIDE
UPPERWESTSIDE
EASTHARLEM
HARLEM
WASHINGTONHEIGHTS
EASTVILLAGE
LOWEREAST SIDE
NOHO
RIVERDALE
KINGSBRIDGE
HIGH-BRIDGE
FORDHAM
TREMONT
MORRISANIA
THE HUB
HUNTS POINT
RIKERSISLAND
MOTT HAVEN
SOUNDVIEW
PARKCHESTER
CITYISLAND
BAYCHESTER
CO-OPCITY
EASTCHESTER
ASTORIA
LONGISLAND
CITY
ROOSEVELTISLAND
JACKSONHEIGHTS
CORONA
FLUSHING
HILLCREST
FRESHMEADOWS
JAMAICAESTATES
JAMAICA
HOLLIS
QUEENSVILLAGE
KEWGARDENS
KEWGARDENS
HILLS
RICHMONDHILL
FORESTHILLS
REGO PARK
MIDDLEVILLAGE
GLENDALE
WOODHAVEN
OZONEPARK
HOWARD BEACHEASTNEWYORK
OCEAN HILL-BROWNSVILLE
CANARSIE
EASTFLATBUSH
MIDWOOD
BENSONHURST
FLATBUSH
PARKSLOPE
REDHOOK
GOVERNORSISLAND
CARROLLGARDENS
FLATLANDS
ROCKAWAYPARK
BREEZYPOINT
SHEEPSHEADBAY
BRIGHTONBEACH
CONEY ISLAND
BAY RIDGE
BOROUGHPARK
SUNSETPARK
BROOKLYNHEIGHTS
WILLIAMSBURG
FORT GREENE
GREENPOINT
BEDFORD-STUYVESANT
CROWNHEIGHTS
MASPETH
DUMBO
NAVYYARD
MTA
Sta
ten
Isla
nd R
ailw
ay
Grasmere
St. George
Tompkinsville
Stapleton
Clifton S51
Old Town
Dongan Hills
Jefferson AvGrant City
S51/81
New Dorp
Oakwood HeightsS57
Bay Terrace
Great KillsS54 X7 X8
Eltingville
Annadale S55
Huguenot S55 X17 X19
Prince's BayS56
Pleasant Plains
Richmond ValleyArthur Kill
Tottenville S78
RICHMOND TERRACE
VICTORY BLVD
VA
ND
ER
BIL
T A
V
ARTHUR KILL RD
STATEN ISLAND EXPRESSWAY VERRAZANO-NARROWS BRIDGE
FOREST AV
HY
LA
N
B
LVD
HYLAN BLVD
AR
TH
UR
KIL
L R
D
WE
ST
SH
OR
E E
XP
WY
RIC
HM
ON
D A
V
SILVERLAKEPARK
SNUG HARBORCULTURAL CENTER
COLLEGE OFSTATEN ISLAND
SEAVIEW
HOSPITALSTATENISLANDMALL
NEWSPRINGVILLE
PARK
LA TOURETTEPARK
GREATKILLSPARK
CLOVELAKESPARK
STATENISLAND
PORTRICHMOND
WEST NEWBRIGHTON
MARINERSHARBOR
FOXHILLS ROSEBANK
CASTLETONCORNERS
BULLSHEAD
CHELSEA
WESTERLEIGH
TODTHILL
NEWDORPBEACH
WOODROWROSSVILLE
CHARLESTON
ARDENHEIGHTS
FRESHKILLS
RICHMONDTOWN
The subway operates 24 hours a day, but not all lines operate at all times. Call our Travel Information Center at 511 for more information in English or Spanish (24 hours) or ask an agent for help in all other languages (6AM to 10PM).
To show service more clearly, geography on this map has been modified.
visit www.mta.info
Key
September 2017
Full time servicePart time service
All trains stop (local and express service)
Local service onlyRush hour line
extension
Free subway transferFree out-of-system subway transfer (excluding single-ride ticket)
Terminal
Bus or AIRTRAINto airport
Accessiblestation
Commuter rail service
Bus to airport
StationName
A•B
New York City Subwaywith airport and railroad connections
Police
© 2017 Metropolitan Transportation Authority
This map depicts weekday service.On weekends and late nights, these routes change:
Weekends
Late nights (midnight to 6am, daily)
Manhattan bound N skips stops dueto constructionuntil early 2018
Coney Island bound N skips stops dueto constructionuntil fall 2018
Weekends: No service atPark Place, Wall St, Clark St, Hoyt St;
use nearby stations
Auburndale
No service-use CDQ
Delancey St/Essex St-
Broadway Junction.And M shuttle
Dyre Av-South Ferry
No service ParkPlace-Hoyt St
No service-use ADQ
No service-use A
Localservice
Local inBrooklyn
Local, 207 St-Far Rockaway.
Euclid Av-LeffertsBlvd Shuttle
42 St
No service-use 7
Localservice
No service-use N
Localservice
Local, viaFinancialDistrict
Local inManhattan,
via ManhattanBridge
Whitehall St-95 St
148 St-Times Sq/42 St
Local, Woodlawn-New Lots AvSkips Hoyt St
Dyre Av-E180 StShuttle
148 St-14 St Woodlawn-New Lots Av
Local inBrooklyn
241 St-Flatbush Av
Local inBrooklyn
No service-use NR
M shuttleonly
‘‘
‘
‘
No btw Myrtle Avand Myrtle/Wyckoff Avs
‘
Free buses provide alternateservice until spring 2018
1574-1578 WILLIAMSBRIDGE ROAD TRANSPORTATION MAP
9 THE NEIGHBORHOOD THE NEIGHBORHOOD 10
TO GRAND CENTRAL VIA THE %& ̂ TRAINS60min
ParkchesterParkchester is a well-kept, 129-acre planned community located in the eastern Bronx. Part of Bronx Community Board 9, Parkchester is home to over 41,000 diverse residents. Parkchester’s Metropolitan Avenue has a Starbucks, an Applebee’s, and many mom and pop hair salons, laundromats, and supermarkets. The neighborhood is bound by East Tremont Street to the north, Castle Hill Avenue to the east, Westchester Avenue to the south and White Plains Road to the west.
Pelham BayPelham Bay is a middle class residential neighborhood located in the borough of The Bronx. Pelham Bay is in Community District 10 and is known for being ranked as the best neighborhood for children in The Bronx. Pelham Bay gets its name from Pelham Bay Park, which lies on the northeastern corner of the neighborhood. The neighborhood is bound by Pelham Parkway to the north, Bruckner Expressway to the east and south, and the Hutchinson River Parkway to the west.
Westchester SquareWestchester Square is a primarily residential neighborhood in the eastern portion of The Bronx. Westchester Square is located in Community District 10 and is home to only about 2,000 residents. The area is bound by East Tremont Avenue and Silver Street to the North and South, and Blondell Avenue to the East, and Waterbury Avenue to the West. This small section of The Bronx is best known for Owen Dolen Park, which is situated at the center of Westchester Square.
Morris ParkMorris Park, which is located in Community District 11, is bordered by Pelham Parkway to the north, Eastchester Road to the East, Sackett Avenue to the south and White Plains road to the west. Morris Park is home to Yeshiva University – Resnick Campus, Jacobi Medical Center, and Calvary High School. Residents enjoy easy access to the 2 and 5 trains at the Pelham Parkway and Morris Park stations.
FINANCIALOVERVIEW
FINANCIAL OVERVIEW 1211 FINANCIAL OVERVIEW
13 FINANCIAL OVERVIEW
ASKING PRICE$13,700,000
CAP RATE: 5.04%
PROPERTY FEATURES
FINANCIAL OVERVIEW 14
CAPITALIZATION RATE: 5.04%
GROSS ANNUAL REVENUE: $928,221
VACANCY LOSS & EXPENSES: ($237,124)
NET OPERATING INCOME: $691,097
Financial Summary:
Address:1578
WILLIAMSBRIDGE ROAD
1574 WILLIAMSBRIDGE
ROADTOTAL
Location Located on the east side of Williamsbridge Road between Pierce & Sackett Avenues.
Block - Lot: 4088-10 4088-9
Lot Dimensions: 126.09' x 118.08' 25.35' x 118.15 151.35' x 118.15' (Irregular)
Lot Size: 14,832 2,901 17,733 SF (approx.)
Building Dimensions: 85' x 85' 85' x 85' (Irregular)
Stories: 3 3
Commercial Units: 14 14
Parking Spaces: 36
Gross Building SF: 23,112 23,112 SF (approx.)
Target Rentable SF*: 26,911 26,911 SF (approx.)
Zoning: R4 R4 R4
Commercial FAR: 0.90 0.90 0.90
Facility FAR: 2.00 2.00 2.00
Facility Buildable SF: 29,664 5,802 35,466 SF (approx.)
Minus Existing Structure: 23,112 0 23,112 SF (approx.)
Available Air Rights: 6,552 5,802 12,354 SF (approx.)
Assessment (18/19): $1,662,210 $60,300 $1,722,510
Tax Rate: 10.5140% 10.5140% (Tax Class 4)
Taxes Before Exemptions (18/19): $174,765 $6,340 $181,105
ICIP Exemption: ($46,584) ($46,584)
Adjusted Taxes: $128,180 $6,340 $134,520
*Rentable square footage calculations based on a 27% loss factor
ASKING PRICE: $13,700,000GROSS ANNUAL REVENUE: $928,221
VACANCY LOSS & EXPENSES: ($237,124)
NET OPERATING INCOME: $691,097
15 FINANCIAL OVERVIEW
UNIT TENANT LEASE END
RENTABLE SF* RPRSF MONTHLY
RENTMONTHLY
CAMTOTAL MONTHLY
INCOME
1A Montefiore 7/31/23 4,736 $48 $18,830 $514 $19,343
1C Univ Phys Thy 1/31/23 2,143 $21 $3,800 $3,800
2A NY West Surgical 10/31/20 3,008 $15 $3,727 $3,727
2B Montefiore 10/31/20 1,650 $28 $3,859 $3,859
2C Kidney Renal Med 6/30/19 1,341 $16 $1,836 $450 $2,286
2D Kidney Renal Med 6/30/19 2,966 $23 $5,608 $5,608
3A Dr. S. Shah 6/14/22 671 $34 $1,910 $1,910
3B McIntyire, Donohue, 4/30/23 671 $52 $2,897 $350 $3,247
3D Diana Daza Lesmes 9/30/18 854 $57 $4,080 $4,080
3E Management 854 $42 $3,000 $3,000
3E/A Isaccs, Lebinger, Mol 11/14/19 915 $33 $2,528 $2,528
4C Montefiore 7/31/23 671 $28 $1,556 $205 $1,762
Base Dr. Barakat 5/31/22 2,969 $24 $6,060 $6,060
CA Vacant 1,742 $41 $6,000 $6,000
CB/CC Dr. May 3/31/19 1,721 $33 $4,719 $4,719
Lot** Proj. Parking Revenue 31 Spaces @ $175 / Month $5,425 $5,425
1574-1578 WILLIAMSBRIDGE ROAD
Gross Monthly Rent: $77,352
Gross Annual Rent: $928,221
Average Rent Per Target Rentable Square Foot***: $33.09
*Rent per square foot calculations are based on a 27% loss factor.**The parking lot has 36 parking spaces. Only five spaces are reserved in lease agreements.***Average rent per square foot calculations do not include the parking revenue.
FINANCIAL OVERVIEW 16
INCOME & EXPENSES
Gross Annual Revenue: $928,221
Vacancy Allowance @ 5% of Gross Annual Income: ($46,411)
Effective Gross Annual Office Revenue $881,810
Annual Revenue:
EFFECTIVE GROSS ANNUAL REVENUE: $881,810
LESS EXPENSES: 26% ($190,713)
NET OPERATING INCOME: $691,097
Taxes 2018/2019 Actual $181,105
ICIP Exemption* 2018/2019 Actual ($46,584)
Water/Sewer Actual $8,155
Insurance Actual $9,676
Gas & Electric Actual $20,725
Repairs & Maintenance Actual $12,992
Management @ 2.0% / EGR $17,636
Total Expenses: $190,713
Expenses (Estimated): C&W Projected
*The property is phasing out of its ICIP exemption due to expire on June 30, 2027
DEVELOPMENT OPPORTUNITY
DEVELOPMENT OPPORTUNITY 1817 DEVELOPMENT OPPORTUNITY
1574-1578 WILLIAMSBRIDGE ROAD DEVELOPMENT OPPORTUNITY
19 DEVELOPMENT OPPORTUNITY DEVELOPMENT OPPORTUNITY 20
1574-1578 Williamsbridge Road also provides investors with the opportunity to re-develop the property or develop a new property on the parking lot as medical office space with the remaining 12,354 square feet of air rights. Due to high demand for medical office space, future investors and developers can leverage the properties close proximity to the Bronx’s major healthcare institutions and build a space that benefits the area. Additionally, ownership has been notified by the Department of Buildings that the property can keep the existing parking lot and build additional office space 8 feet above without having to utilize any FAR for the potential covered parking area.
Development Opportunity:
Development Highlights:• 12,354 SF of available air rights
• Ability to create highly desirable newly constructed office space
• Ability to create covered parking
21 DUE DILIGENCE
DUEDILIGENCE
DUE DILIGENCE 22
1574-1578 WILLIAMSBRIDGE ROAD
23 DUE DILIGENCE
Tax Map:
Zoning Map:
PIERCE AVENUE
SACKETT AVENUE
YATES AVEN
UE
WILLIAM
SBRIDGE ROAD
DUE DILIGENCE
DUE DILIGENCE 24
Page 1 of 2
CO Number: 200997626F
Certificate of Occupancy
This certifies that the premises described herein conforms substantially to the approved plans and specifications and to the
This document or a copy shall be available for inspection at thebuilding at all reasonable times.
requirements of all applicable laws, rules and regulations for the uses and occupancies specified. No change of use or occupancy shall be made unless a new Certificate of Occupancy is issued.
Borough: BronxA.Address: 1578 WILLIAMSBRIDGE ROAD
Building Identification Number (BIN): 2044276
Block Number: 04088
Lot Number(s): 10
Building Type: Altered
Certificate Type: Final
Effective Date: 07/15/2013
B.
C.
D.
E.
Construction classification:
Building Occupancy Group classification:
Multiple Dwelling Law Classification:
No. of stories: Height in feet: No. of dwelling units:
Fire Protection Equipment:
Type and number of open spaces:
This Certificate is issued with the following legal limitations:
3 34
E
None
None associated with this filing.
0
None associated with this filing.
None
Borough Comments: None
For zoning lot metes & bounds, please see BISWeb.
(1968 Code)
1-D (1968 Code)
Borough Commissioner Commissioner
DOCUMENT CONTINUES ON NEXT PAGE
Certificate Of Occupancy:
1574-1578 WILLIAMSBRIDGE ROAD
25 DUE DILIGENCE
Tax Bill - 1574 Williamsbridge Road:
Statement Details
Did your mailing address change?If so, please visit us at nyc.gov/changemailingaddress or call 311.
When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronicfund transfer from your account or to process the payment as a check transaction.
Home banking payment instructions:
1. Log into your bank or online bill pay website.2. Add the new payee: NYC DOF Property Tax. Enter your account number, which is your boro,
block and lot, as it appears here: 2-04088-0009 . You may also need to enter the address for theDepartment of Finance. The address is P.O. Box 680, Newark NJ 07101-0680.
3. Schedule your online payment using your checking or savings account.
June 1, 2018Prilep Properties, L.
1574 Williamsbridge Rd.2-04088-0009
Page 2
Billing Summary Activity Date Due Date AmountOutstanding charges including interest and payments $0.00Finance-Property Tax 07/01/2018 $1,584.98Total amount due $1,584.98
Tax Year Charges Remaining Activity Date Due Date AmountFinance-Property Tax 10/01/2018 $1,584.98Finance-Property Tax 01/01/2019 $1,584.98Finance-Property Tax 04/01/2019 $1,584.98Total tax year charges remaining $4,754.94If you pay everything you owe by July 2, 2018, you would save: $31.70
Annual Property Tax DetailTax class 4 - Commercial Property Tax rate Current tax rate 10.5140%
Estimated market value $134,000 Billable assessedvalue Tax rate Taxes**
Tax before exemptions and abatements $60,300 X 10.5140% = $6,340**Tax before abatements $6,340**Annual property tax $6,340**
The NYC Health Department would like to remind property owners that they must remove standing water, wheremosquitos can breed in warm weather. For more information, please visit nyc.gov/health or call 311.
DUE DILIGENCE
DUE DILIGENCE 26
Tax Bill - 1578 Williamsbridge Road:
Statement Details
Did your mailing address change?If so, please visit us at nyc.gov/changemailingaddress or call 311.
When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronicfund transfer from your account or to process the payment as a check transaction.
Home banking payment instructions:
1. Log into your bank or online bill pay website.2. Add the new payee: NYC DOF Property Tax. Enter your account number, which is your boro,
block and lot, as it appears here: 2-04088-0010 . You may also need to enter the address for theDepartment of Finance. The address is P.O. Box 680, Newark NJ 07101-0680.
3. Schedule your online payment using your checking or savings account.
June 1, 2018Prilep Properties, L.
1578 Williamsbridge Rd.2-04088-0010
Page 2
Billing Summary Activity Date Due Date AmountOutstanding charges including interest and payments $104.59Finance-Property Tax 07/01/2018 $64,090.18Total amount due $64,194.77
Tax Year Charges Remaining Activity Date Due Date AmountFinance-Property Tax 01/01/2019 $64,090.18Total tax year charges remaining $64,090.18If you pay everything you owe by July 2, 2018, you would save: $640.90
Annual Property Tax DetailTax class 4 - Commercial Property Tax rate Current tax rate 10.5140%
Estimated market value $4,013,000 Billable assessedvalue Tax rate Taxes**
Tax before exemptions and abatements $1,662,210 X 10.5140% = $174,765**ICIP $-443,070 $-46,584**
Tax before abatements $128,181**Annual property tax $128,181**
The NYC Health Department would like to remind property owners that they must remove standing water, wheremosquitos can breed in warm weather. For more information, please visit nyc.gov/health or call 311.
If you would like a payment agreement for your outstanding property taxes, we now offer a monthly payment agreementas well as the semi-annual and quarterly agreements.
1574-1578 WILLIAMSBRIDGE ROAD
27 DUE DILIGENCE
DOB Overview / Violations - 1574 Williamsbridge Road: DOB Overview / Violations - 1578 Williamsbridge Road:
DUE DILIGENCE 28
DUE DILIGENCE
For more information contact:
Jonathan SquiresDirector(212) [email protected]
Michael FioravantiAssociate Director(212) [email protected]
Josh NeustadterAssociate(212) [email protected]
Addison BernikerAssociate(212) [email protected]
Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
