East River Mortgage Auction Property Descriptions
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Proper ty Descriptions FOR: PUBLIC AUCTION OF REAL PROPERTY Conducted by EAST RIVER MORTGAGE CORP. Auction Dte nd Ti!e" M#c$ %&' %()* )("(( AM P+ce o, Auction" BROO-LYN BRIDGE MARRIOTT Ad!/ St#eet' B#oo0+yn NY ))%() Proper ty Descriptions ****DRAFT*** Cash flowing properties: 194 South 2nd Street !roo"lyn #$ This property is a huge lot on an R6 zoning map with huge unused air rights. The potential usable air rights is 2.43 FAR 2!"2#$%&'2#. (ondos in the area a re selling )or between "&### and "&2## per suare )oot& ma+ing this property worth o,er -m )inished. ot 2!"2# /uilding 2242 0ro1eted rents urrent un+own as there is a reie,er5 These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either expressed or implied, concerning the Properties is made by the Seller, Action !ompany or any o their Agents# The inormation contained herein was deri$ed rom sorces deemed reliable, bt is not garanteed# %ost o the inormatio n pro$ided has been obtained rom t hird party sorces and has not been independently $eri&ed# It is the responsibility o t he 'yer and(or 'yer)s 'ro*er to determine the accracy o all components o the sale and Property # Each potential bidder is re sponsible or condcting his or her own independent inspections, in$estigations, in+iries, and de diligence concerning the Property , inclding withot limitation, en$ironmental and physical conditio n o the Property # All prospecti$e bidders are rged to condct their own de diligence prior to participating in the Pblic Action# 'id rigging is illegal and sspected $iolations will be reported to the epartment o -stice or in$estigation and prosection# 1
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Descriptions of properties for sale by James McGown, operating under the name East River Mortgage Corp.
Transcript of East River Mortgage Auction Property Descriptions
Property DescriptionsFOR:PUBLIC AUCTION OF REAL PROPERTY
Conducted byEAST RIVER MORTGAGE CORP.
Auction Date and Time:March 27, 201510:00 AM
Place of Auction:BROOKLYN BRIDGE MARRIOTT333 Adams Street, Brooklyn NY 11201
Property Descriptions
****DRAFT***Cash flowing properties:194 South 2nd Street, Brooklyn NYThis property is a huge lot on an R6 zoning map with huge unused air rights. The potential usable air rights is 2.43 FAR X25X120=7,920. Condos in the area are selling for between 1,000 and 1,200 per square foot, making this property worth over 8m finished.
Lot 25X120Building 22X42
Projected rents (current unkown as there is a reciever):Apt 1$3,500Apt 2$3,500Apt 3$3,500 (being evicted)Apt 4$3,500 (vacant Recently updated) Total market rents $ 14,000Total Annual Income $168,000
Projected ExpensesTaxes$3,300Water/Sewer$4,000Insurance$4,000Electric/Heat$0Repairs$3,500-------------Totalexpenses$10,800
Net Income$157,200Total Estimated Value (3.5cap)4.5MilPlus huge additional air rights.
259 4th ave8 fam and Store. The property is 25X100 with two buildings, one at the front and one at the back. The front building is approximately 22X40 and the rear is 25X22. Both were completely renovated with separate Heat, Hot Water and Electric. A new C of O was recently issued by NYC. The only landlord expenses are taxes, repairs, water sewer and insurance. The property is currently being managed by a NY Supreme Court appointed receiver, pursuant to a court order and the terms of a mortgage in default. The exact current income is not known.
Estimated incomeApartments 8X $2,000 $16,000Store: $3,500 Total Income$19,500/ 234kper year
Projected ExpensesTaxes$13,900Water/Sewer$4,000Insurance$4,000Electric/Heat$0Repairs$3,500-------------Totalexpenses$25,400
Net Income$208,600Total Estimated Value (3.5cap)5.9Mil
65 4th Avenue, Brooklyn NYThis property is a three family over a store. The store is owner occupied and will be delivered vacant. The three upper floors are rented. Projected (current) are as follows:
Apt 1$3,200 actualApt 2$3,200 (2350)Apt 3$$3,200 (1,950)
Store$8,000 (Owner Occupied)Total Income: 17,600 per month or 211,200 annually
Projected ExpensesTaxes$22,400Water/Sewer$4,000Insurance$4,000Electric/Heat$0Repairs$3,500-------------Totalexpenses$33,900
Net Income$177,300Total Estimated Value (3.5cap)5.1MilTHIS PROPERTY HAS HUGE UPSIDE FROM AVAILABLE AIR RIGHTS
85 luquer Street, Brooklyn NYProjected rents (current):Apt 1$4,000 (Owner Occupied)Apt 2$4,500 (2800)Apt 3$4,500 (being evicted)Apt 4$4,500 (vacant Recently updated) Total market rents $ 18,000Total Annual Income 216,000
Projected ExpensesTaxes$6,300Water/Sewer$4,000Insurance$4,000Electric/Heat$0Repairs$3,500-------------Totalexpenses$17,800
Net Income$198,200Total Estimated Value (3.5cap)5.7Mil
589 hicks Street, Brooklyn NYThis is a four family renovated property with under-market rents.
Projected rents (current):Apt 1$3,800 (2,200)Apt 2$3,800 (2,100)Apt 3$3,800 (being evicted)Apt 4$3,800 (2,400) Total market rents $ 15,200Total Annual Income 182,400
Projected ExpensesTaxes$13,800Water/Sewer$4,000Insurance$4,000Electric/Heat$0Repairs$3,500-------------Totalexpenses$25,300
Net Income$157,100Total Estimated Value (3.5cap)4.5Mil
320 Court StreetProjected rents (current):Apt 3R$4,500 (4,500)Apt 3L$4,500 (4,500)2nd floor store$7210 +3% increases per annum2nd floor StoreTax Contribution15% of 2013-2014Plus 30% of allIncreases$600/monthStore$15,000 (Owner Occupied, delivered Vacant) Total market rents $ 31,810Total Annual Income 381,720
Projected ExpensesTaxes$41,700Water/Sewer$4,000/tenant paid for 1st and 2ndInsurance$4,000Electric/Heat$0Repairs$3,500-------------Totalexpenses$53,200
Net Income$328,520Total Estimated Value (3.5cap)9.4Mil
Properties requiring renovation (vacant)84 Clinton Avenue, Brooklyn NYThis property is a grand structure on a historic block in prime Clinton Hill between Myrtle and Park. It is five stories including an English basement that has over 8 ceilings. The building is 20x65 on a 100 ft lot. The property has usable 20X65X5=6500sqft. There is an illegal structure on the top floor that would have to be removed as part of any renovation contemplated.
Projected rents (current):Apt 1duplex with basment$8,000 Apt 2$5,500Apt 3$5,500Apt 4$5,500
Total market rents $ 24,500Total Annual Income 294,000
Projected ExpensesTaxes$41,700Water/Sewer$4,000/tenant paid for 1st and 2ndInsurance$4,000Electric/Heat$0Repairs$3,500-------------Totalexpenses$53,200
Net Income$328,520Total Estimated Value (3.5cap)9.4Mil
300 van brunt st
Properties requiring renovation (with Huge Upside)555 union st557 union stThese properties lie in the GOWANUS REDEVELOPEMENT CORRIDOR and may have huge upside. Meanwhile approved plans are in place for the renovation of the existing property at 555 union and plans have been filed for the repair and renovation of 557 Union. The current architect may be available to continue the projects for a fee of $10,000 depending on the needs of the client.
Value as is (for each propertyProjected rents (current):Apt 1$4,500Apt 2$4,500Apt 3$4,500Apt 4$4,500Total market rents $ 18,000Total Annual Income 216,000
Projected ExpensesTaxes$0-j51 or other tax abatement should be availableWater/Sewer$4,000Insurance$4,000Electric/Heat$0Repairs$3,500-------------Totalexpenses$11,000
Net Income$205,000 (each property)Total Estimated Renovated Value (3.5cap)5.8Mil
Sold Properties1509 pacific st
Vacant Land1511 pacific stThis property is approximately 15.5X63.83. It appears to be in a R6 zone which may allow for 2.43 buildable FAR for a total of 2,404 buildable sqft. One may also be allowed to increase usable sqft with a cellar and parking on the ground floor. This property provides a great opportunity for a grand one family house or condo units.
At $200 per buildable foot, the property is estimated at $480,000
A survey is available on request.
1These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either expressed or implied, concerning the Properties is made by the Seller, Auction Company or any of their Agents. The information contained herein was derived from sources deemed reliable, but is not guaranteed. Most of the information provided has been obtained from third party sources and has not been independently verified. It is the responsibility of the Buyer and/or Buyer's Broker to determine the accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation, environmental and physical condition of the Property. All prospective bidders areurgedto conduct their own due diligence prior to participating in the Public Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.
