INVESTMENT OPPORTUNITY 57, 63 & 65 STILLWATER ......at 57, 63 & 65 Stillwater Avenue in Stamford,...

INVESTMENT OPPORTUNITY

57, 63 & 65 STILLWATER AVENUE STAMFORD / CT

C O N F I D E N T I A L O F F E R I N G M E M O R A N D U M

CONTENTS

INVESTMENT SUMMARYPROPERTY OVERVIEWPROPERTY SITE PLAN

ZONING INFORMATIONLOCATION OVERVIEW 9

6

5

4

3

CONTENT

5 7, 6 3 & 6 5 S T I L L W A T E R A V E N U E

S T A M F O R D / C T

2

FOR MORE INFORMATION, PLEASE CONTACT:

Alex Haendler

Director

203.653.1744

[email protected]

Greg Romano

Senior Vice President

203.653.1757

[email protected]

S U M M A R Y

RHYS has been retained as the exclusive broker to sell three contiguous properties located

at 57, 63 & 65 Stillwater Avenue in Stamford, CT. The properties are a combined 20,001 +/-

square feet of retail, storage and residential on .58 +/- acres. The property is well positioned

for a multitude of uses including, residential redevelopment, owner/user, or a value-add

investment vehicle.

The 6 residential units are 100% occupied with rents substantially below market. The

commercial buildings are roughly 30% occupied by a single tenant.

Located within walking distance to the new 750,000 sf + Stamford Hospital, the heart of

downtown Stamford, University of Connecticut’s Stamford campus and the Mill River Park,

the property is attractive to a variety of tenants.

The property is located in the Village Commercial (V-C) zone, which allows for an FAR of 1.5,

a maximum building coverage of 50% and a minimum average unit size of 500 square feet.

Please see zoning information on page 6 for further details.

T H E C I T Y

Stamford, Connecticut is a 24/7 live, work, play city with over 20,000 apartment/

condo units, over 100 restaurants, two on Broadway theaters and the newly formed

Mill River Park. The city has experienced unparalleled growth in the last decade, which

is continuing with over 3,000 more residential units either under construction or in the

planning stages.

T H E O P P O R T U N I T Y

The property represents a unique opportunity for a purchaser to acquire a cash-flowing

redevelopment site, an income producing property at a competitive price per square

foot, or an opportunity to reposition the existing commercial space and increase

in-place rents.

A S K I N G P R I C E

The Property is being offered for sale at $2,200,000.

INVESTMENT SUMMARY

INVESTMENT SUMMARY

I N V E S T M E N T H I G H L I G H T S

| Walking distance to a vast number of amenities including Stamford’s bustling downtown,

the recently expanded Stamford Hospital, Mill River Park, and UCONN Stamford’s

expanding campus.

| Unique opportunity to capture appreciation through the gentrification of the area

surrounding Stamford Hospital and Mill River Park

| Capitalizing on a strong and growing demand for workforce rental housing.

| Cash flowing asset providing an investor with income through the approval process.



3

BUILDING OVERVIEW

TENANT OVERVIEW

5 7 S T I L L W A T E R A V E N U E

TYPE: 6-UNIT MULTIFAMILY

Lot Size: .09 Acres

Building Size: 3,612 sf

Annual Rent: $43,500

Expenses: $20,000

MTM – no leases


OFFICE/WAREHOUSE

Lot Size: .28 Acres

Building Size: 13,344± sf


Expenses: $33,000

Lease with church expires April 2018 with a

3 year renewal option (approx. 6,000 sf)


RETAIL

Lot Size: .21 Acres

Building Size: 3,045 sf

Annual Rent: $0

Expenses: $25,000

T O T A L

Lot Size: 0.578 Acres

Building Size: 20,001


Annual Expenses: $78,000

NOI: $27,000



4

PROPERTY SITE PLAN

SITE PLAN



5

ZONING INFORMATION

SPECIFICATIONS

1 1 . V - C V I L L A G E C O M M E R C I A L D I S T R I C T ( 2 0 8 - 4 0 ) 1 1 . 1 P U R P O S E .

The Village Commercial District (VC District) is adopted pursuant to Section 8-2 and

8-2j of the Connecticut General Statutes, as amended, and is intended to implement the

policies, goals and urban design principles articulated in the Master Plan of the City of

Stamford, calling for preservation and development of a sustainable, transit oriented and

pedestrian friendly “Main Street” character for the neighborhood centers of Stillwater,

Glenbrook and Springdale, including the development of new structures and uses with

appropriate architectural designs and the conservation and enhancement of the character

of existing buildings, sites, streetscapes and pedestrian environments. These regulations

serve to encourage development that reflects and/or retains valuable elements of the City’s

cultural, social, economic, political and architectural history and the promotion of a vibrant

commercial environment providing a broad array of amenities, services, and resources

essential to the neighborhood and community shopping needs of the City of Stamford, with

design controls to insure a compatible relationship to adjacent residential neighborhoods,

and assurance that infrastructure impacts will be mitigated. This is accomplished by the

establishment of design and use standards that apply to new and existing architectural

facades, sites and buildings, and review procedures which serve to preserve, restore and

enhance these resources, improve property values, promote and support a vibrant business

and residential environment, and enhance the architectural character and amenity of these

areas as the retailing, business, civic and cultural centers of the City’s neighborhoods. (210-

30)

1 1 . 2 A U T H O R I Z E D U S E S .

a. In the VC District, a lot or building may be altered, arranged, designed, erected or used for

any use permitted within the C-N Neighborhood Commercial District, including C-N special

exception uses, but specifically excluding Dwelling – Single Family; Dwelling – Two Family;

Boarding House, Rooming House; Auto Service Station; Laundry, Cleaning & Dyeing Agency;

Pawn Shop, Second-Hand Store, Auction Store; and Restaurant, Drive-In. In addition,

“Community Center”, “Theatre” and “Ice Skating Rink, Indoor” shall be permitted uses, and

"Café, excluding entertainment" shall be a use permitted by special exception provided that

the provisions of Section 14 of these Regulations shall not apply to any “Café excluding

entertainment” or “Restaurant excluding entertainment” within the VC District. Special

exception uses shall be subject to determination and approval by the Zoning Board. (210-30)

(216-04)

b. In addition to paragraph (a) above, the following uses may be allowed in the Stillwater

Avenue neighborhood by special exception only:

Apartment Building for the Elderly; Café including Entertainment & Liquors; Clinic,

Community Health Center; Colleges & Universities; Garages, Community; Hotel, Inn;

Nursing Home; Surgery Center/Out Patient; Food Catering; Gymnasium or Physical Culture

Establishment; Laboratories, research; and Restaurant including Entertainment & Liquors.

“Pawn Shop, Second-Hand Store, Auction Store” shall not be allowed. (210-30)

1 1 . 3 D E V E L O P M E N T S T A N D A R D S .

4 - 1 3

The following standards shall apply to the development of property within the VC District:

Required step-back above 3rd story or at 35’, whichever is less

Fig. 11.1: Required step-back

a. Minimum Lot Size:

b. Minimum Frontage:

c. Minimum Yards:

not less than twelve (12) feet from the established curb line; Rear – 20 feet; Side – None

required, but if provided must be at least four (4) feet (215-09)

d. Maximum Building Height: 4 stories and 45 feet, subject to an additional twelve (12) foot

step-back of the building facade, facing the street, above the third story or at a height of 35

feet, whichever is less. For all applications filed after July 1, 2015, the twelve (12) foot step-

back is measured from the plane of the building facade below. (see figure 11.1) (210-30;

215-09)

e. Stillwater Avenue Neighborhood Large Lot Development: On lots with an area of one (1)

acre or greater, located north of Stillwater Avenue, east of Stillwater Place and west of Spruce

Street, where the Zoning Board, in its sole discretion, deems appropriate, the following

standards may be allowed:

Continued...



6

ZONING INFORMATION

SPECIFICATIONS

1 1 . 3 D E V E L O P M E N T S T A N D A R D S . C O N T I N U E D

Parking structures below grade or fully enclosed behind active uses or with roof or upper

deck not more than twenty-five feet above average grade and suitably enclosed and/or

landscaped and screened from pedestrian views to the satisfaction of the Board, may be

excluded from the calculations of building coverage and floor area. (210-30)

f. Minimum Building Height: Fourteen (14) feet to the top of the front wall

g. Maximum Building Coverage: 50% Parking structures with roof or upper deck not more

than five (5) feet above average finished grade, measured at the perimeter of the parking

structure, suitably enclosed and/or landscaped to the satisfaction of the Board, may be

excluded from the calculation of building coverage.

h. Floor Area Ratio: Building floor area shall not exceed a ratio of 1.50, defined as the total

gross floor area of all uses including dwelling unit area contained within buildings, divided

by the area of the lot, but excluding from such calculation portions of a building housing

mechanical equipment and the gross floor area of parking structures below-grade or fully

enclosed within the building behind solid facades, or with roof or upper-deck not more than

five (5) feet above average finished grade measured at

the perimeter of the parking structure, suitably enclosed and/or landscaped to the

satisfaction of the Board. Basement space dedicated exclusively to ground floor commercial

uses, not to exceed a Floor Area Ratio of .1 or the floor area of the ground floor commercial

use, whichever is less, may also be excluded from the maximum Floor Area Ratio calculation.

(215-26)

Residential Density: Residential density shall be determined by the maximum floor area

permitted, provided that the average floor area of dwelling units shall be not less than five

hundred (500) square feet.

j. Below Market Rate Housing: Proposed development establishing ten (10) or more dwelling

units shall provide not less than ten percent (10%) of the total number of dwelling units as

Below Market Rate (BMR) units, affordable to households earning not more than fifty percent

(50%) of the Stamford SMSA Median income, in accordance with the standards, definitions

and procedures contained within Article III, Section 7.4 of these Regulations; provided

however, that BMR units provided on-site shall be comparable in average size to the average

size of market rate units.

k. Parking, Loading and Vehicle Access: The amount, location and dimensions of parking and

loading and dimensions of driveways shall comply with the standards of Section 12 of these

Regulations, as modified by the following special standards applicable to development within

the VC District.

(1) Parking for residential dwelling units shall be provided at the following minimum rates:

one (1.0) space for every studio unit, one and one-quarter (1.25) spaces for every one-

bedroom unit, one and one-half (1.5) spaces for every two-bedroom unit, and one and two-

thirds (1 2/3) spaces for every three-bedroom unit.

(2) Parking for retail and/or personal service establishments shall be provided at the minimum

rate of three (3.0) spaces for each one thousand (1,000) square feet of gross floor area,

provided that there shall be no parking requirement for the initial 3,500 square feet of retail

business floor area for each parcel.

(3) Parking for non-residential uses may be reduced by one (1.0) space for every twenty-five

(25) feet of lot frontage on a public street right-of-way having a width of not less than fifty

(50) feet.

(4) Parking spaces shall be provided at a point not more than 500 feet distant in a direct line

from the nearest part of any commercial use served, and at a point not more than 1,000 feet

distant in a direct line from the nearest part of any residential use served.

Continued...



7

ZONING INFORMATION

SPECIFICATIONS

1 1 . 3 D E V E L O P M E N T S T A N D A R D S . C O N T I N U E D

(5) Shared Parking: The shared use of parking may be permitted, subject to Special

Exception approval by the Zoning Board, where a finding is made by the Zoning Board that

individual uses such as residential, office, and retail will experience peak parking demand

at different times. In such cases, the Zoning Board may authorize a reduction in parking by

recognizing the opportunity to share common parking spaces, including off-street public

parking facilities, in accordance with the general methodology entitled "Shared Parking",

published by the Urban Land Institute in 1983, as amended and updated. Shared parking

may be considered for multiple uses on individual parcels as well between two or more

parcels, subject to Zoning Board approval of a suitable parking management plan and legal

agreement, recorded on the land records, assuring the continued availability of the shared

parking spaces on the affected properties for the life of the proposed development or use.

(6) When the total amount of parking required by these Regulations is in excess of ten (10)

spaces, the access driveways or roadways provided for access to a required off- street

parking area shall be not less than eighteen feet (18') and not more than twenty feet (20’) in

width between curbs for two-way operation and not less than ten feet (10') and not more

than twelve feet (12’) in width for one-way operation, provided further that in no case shall

parking be permitted within the required minimum width of any such driveway. Access to

parking areas serving ten (10) or fewer spaces shall be not less than ten feet (10') and not

more than twelve feet (12’) in width for either one-way or two-way operation.

(7) The standards of Sections 12-B and 12-C of these Regulations shall not apply. (215-09)

(8) Where fifty (50) or more parking spaces are provided, the Zoning Board, by issuance of

a special exception, may permit tandem parking, provided tandem spaces shall not exceed

twenty percent (20%) of the required parking. (215-09)



8

LOCATION OVERVIEW STAMFORD, CT

9

S T A M F O R D C O N N E C T I C U T

Stamford is located in the coastal Southwestern portion of Fairfield County,

Connecticut. It is just 33 miles from New York City and is the main branch of the

New Haven Line on the Metro-North Railroad. The 2010 Census recorded Stamford’s

population as 122,643, but as of 2016, the population had risen to 129,113 making it the

third largest city in the state and seventh largest in New England.

Stamford is vibrant, culturally diverse, rich in history and is known for its thriving

economy, major transportation center and booming downtown district. Stamford is

also home to four Fortune 500 Companies, nine Fortune 1000 Companies, and thirteen

Courant 100 Companies, as well as numerous divisions of large corporations.

Accessibility is a key contributing factor for companies looking to relocate to Stamford.

With over 55,000 commuters accessing Metro-North and Amtrak lines daily, the

Stamford Transportation Center is a major transportation hub and the busiest train

station between New York City and Boston. Stamford is also located within 30-60

minutes of four major airports including LaGuardia, John F. Kennedy, Newark, and

Westchester, and is easily accessible from both Interstate 95 (Exits 6-9) and the Merritt

Parkway (Exits 33-35).

The city provides a wide-range of public transportation options including CTtransit

local and regional buses which link neighborhoods with urban centers and provide

connections within and between communities, and the Greyhound and Peter Pan

intercity buses. Stamford has an additional rapidly growing network of private shuttle

bus connections to employment and residential complexes. The Harbor Point Trolley is

a free form of transportation that connects Stamford Downtown and Harbor Point and

runs every day in a 14-stop, 30-minute clockwise loop. For those with personal vehicles,

there are more than 9,500 parking spaces in 15 locations around the downtown area,

making it convenient to work, shop and dine.

Stamford has a vibrant downtown area with restaurants, retail shopping and a variety

of entertainment. The central business district contains over 1.7 million square-feet of

retail space, 4 major hotels and thousands of residential units. There are more than 80

restaurants and clubs, hundreds of stores and services, movie and live theaters, galleries

and special events year-round, attracting thousands of people into Stamford regularly.

The Stamford Downtown Special Services District (DSSD) is responsible for creating,

managing and promoting a quality environment for people and has a mission to

enhance the economic vitality of Stamford Downtown. The DSSD’s 2016 Demographic

Survey indicates that 38% of downtown residents are between the ages of 25-44 with

a median income of $108,000, which adds significant buying power to the downtown

economy. The growth of the residential sector has transformed the atmosphere and

the economy of downtown, creating an active day and nighttime community. Today,

7,080 residential units (more than 10,000 people) exist downtown compared to 3,250

residences in 1992.

The Central Business District of Stamford is an economically thriving area with major

establishments including The Stamford Town Center Mall and the 772,000-square foot

University of Connecticut Stamford campus. The Stamford Town Center Mall is located

in the heart of downtown and is the eighth-largest shopping mall in Connecticut with

over 100 retailers. Additionally, the Harbor Point development in the South End of

Stamford is one of the largest private-sector development projects in the United States,

attracting retailers, hedge funds and thousands of new employees. With more than

217,000 jobs in Stamford, the city maintains the largest labor force in Connecticut,

and boasts unemployment levels that are consistently lower than the state and

federal unemployment rates. According to the Connecticut Department of Labor, the

unemployment rate in Stamford is currently 3.8% with a labor force of 71,142 people.

THE LOCATION 6 0 0 S U M M E R S T R E E T / S T A M F O R D C T



10

TRAVEL TIME Transportation Center 0.7 miles / 4 min

I-95 S at Exit 7 0.5 miles / 3 min

Merritt Parkway 4.2 miles / 10 min

LOCATION MAP

57, 63 & 65STILLWATER AVENUE

STAMFORDHOSPITAL

MILLRIVERPARK

UCONNSTAMFORD

CAMPUS

STAMFORDTRANSPORTATION

CENTER

TOWNECENTER

MALL



11

A CITY ON THE RISE

The rapid and consistent growth that the City of Stamford has witnessed in recent years is due, in part, to the arrival of a young, prosperous, and well-educated labor force seeking a

plethora of new jobs, a vibrant lifestyle, and transit-oriented convenience to Manhattan. The relocation of multiple high-quality companies (of diverse industries) to Stamford further

solidifies the city’s status as one of the most desirable business hubs in the Northeast.

Stamford's unemployment rate has

been cut by almost half since 2010

(7.2%) and is significantly lower than in

any of Connecticut's other major cities.

The city's average household income

has increased by 11.6% since 2010 and is

well above state and national averages.

Stamford's population has grown by 5.3%

since 2010, making it the third largest city

in Connecticut and the seventh largest in

New England.

KEY DEMOGRAPHIC HIGHLIGHTS

129,113 $127,754 3.8%



12

CORPORATE CLIMATE 6 0 0 S U M M E R S T R E E T / S T A M F O R D C T

STAMFORD TRANSPORTATION CENTER

GOVERNMENT CENTER

LANDMARK SQUARE

FUTURE HOME OF

RECENT NOTABLE CORPORATE ADDITIONS

Telecommunications

500,000+/- SF

406 Washington Boulevard

Biosciences

29,464+/- SF

333 Ludlow Street

Consumer Products

155,000+/- SF

200 Elm Street

Insurance

49,674+/- SF

200 First Stamford Place

Professional Services

29,000+/- SF

200 Elm Street

Entertainment Management

61,578+/- SF

290 Harbor Drive

Healthcare

61,000+/- SF

260 Long Ridge Road

Food and Beverage

43,500+/- SF

201 Tresser Boulevard

Financial Services

36,782+/- SF

400 Atlantic Street

Financial Services

137,953+/- SF

2200 Atlantic Street

Professional Services

118,000+/- SF

200 Elm Street

Apparel/Retail

91,000+/- SF

181 Harbor Drive



14

AN EXPANDING LANDSCAPE

CHARTER COMMUNICATIONS

SIGNIFICANT NEW DEVELOPMENTS & CONSTRUCTION

UCONN STAMFORD DORMSURBY STAMFORD

Charter Communications is relocating its corporate

headquarters from 400 Atlantic Street in Downtown

Stamford to a new 500,000-square-foot facility built

by Building and Land Technology at 406 Washington

Boulevard. In exchange for incentives, Charter

Communications has committed to add more than

1,000 jobs in Connecticut and invest $100 million in the

state over the next seven years.

UConn Stamford’s first residence hall was completed

in August 2017 with a total of six stories and 116 units.

The student dormitory currently houses 260 full-time

students, most of which are in their first year at the

university. The residence hall has peaked student interest

and enrollment for the fall semester has increased from

2,100 to 2,300 students. Additionally, there was a 500

percent increase among incoming students who listed

the Stamford campus as their first choice. The size of

the incoming class has also grown to 550 students

compared to 370 in the previous year.

Known as the “hole in the ground” by Stamford residents

for decades, this 4.3-acre pit is being redeveloped into

an 11-building, 648-unit housing development known as

“Urby Stamford.” The project will be built in two phases.

The first phase will complete a majority of the project by

constructing 464 units. The remaining 184 units will be

built in phase two, and all 11 structures will be attached.

A 2,800-square-foot café is also planned for the site in

addition to other amenities.



15

STAMFORD HOSPITAL MILL RIVER PARKHARBOR POINT

Completed in September of 2016, the redevelopment

of Stamford Hospital includes innovative technological

advances, new all-private patient rooms, an expanded

Emergency Department, as well as an Intensive Care

Unit. The hospital is now a centralized location for

its Heart and Vascular Institute, which is the only

cardiovascular health program in Lower Fairfield County.

Thanks largely to millions of dollars in donations

and the efforts of the City of Stamford and the Mill

River Collaborative, Mill River Park has recently been

transformed into a 28-acre, world-class urban park

that meets the recreational and civic needs of a diverse

downtown population. The park now provides areas for

active and passive recreation in a serene downtown setting,

including the recently completed Brownstein/Selkowitz

Pavilion that houses the Nissen Carousel. Ground was

recently broken on the Steven & Alexandra Cohen Skating

Center and Fountain, which will offer residents an outdoor

skating venue during the winter months and an interactive

fountain from the spring through fall, providing year-round

entertainment for all ages.

One of the largest active redevelopment projects

in the country, the $3.5 billion Harbor Point project

has transformed Stamford’s South End peninsula

into Connecticut’s most dynamic neighborhood of

luxury residences and Class A office and retail space.

Encompassing over 100 acres along Stamford’s

waterfront, Harbor Point has become a true “Live, Work &

Play” community, located just minutes from the Stamford

Train Station. There are over 2,360 existing apartments

in nine unique residential buildings, which will ultimately

grow to over 4,000 units. Paired with 1,000,000 square

feet of commercial space and 20 acres of public parks,

Harbor Point is the gold standard for mixed-use, transit

oriented developments.

AN EXPANDING LANDSCAPESIGNIFICANT NEW DEVELOPMENTS & CONSTRUCTION



16

# DEVELOPMENT # UNITS

The Residence at Summer Street 104

9-43 West Main 110

Vela on the Park 209

Marriott Residence Inn 131

245 Atlantic 212

Atlantic Station Phase I 325

Atlantic Station Phase II 325

URBY Stamford 648

N.P. 1000 Commons Park North 392

N.P. Davenport Landing 218

N.P. Stamford Landing 108

N.P. P4/P5 435

# HOTEL # ROOMS

Hampton Inn & Suites Stamford 99

Stamford Suites Hotel 45

Courtyard by Marriott Stamford Downtown 115

Hotel Zero Degrees 97

Sheraton Stamford Downtown 375

Stamford Marriott Hotel & Spa 500

N.P. Stamford Crowne Plaza Hotel & Conference Center 448

N.P. Hilton Stamford Hotel and Executive Meeting Center 484

# DEVELOPMENT # UNITS

Parallel 41 124

The Moderne 62

Summer Place 48

The BLVD 94

Trump Parc Stamford 170

The Verano 58

Element One 175

The Summer House 226

66 Summer Street 209

UConn Stamford Dorms 116

75 Tresser 344

Bedford Hall 82

Highgrove 93

Glenview House 146

Eastside Commons 108

Metro Green Terrace 131

Metro Green Residences 100

N.P. The Key at Yale and Towne 107

N.P. 111 Harbor Point 228

N.P. Baypointe 109

N.P. Beacon Harbor Point 239

N.P. 101 Park Place 336

N.P. Infinity Harbor Point 242

N.P. Postmark Apartments 400

N.P. The Vault Apartments 252

N.P. 121 Towne Apartments 329

N.P. The Lofts at Yale and Towne 225

DEVELOPMENTS CURRENTLY UNDER CONSTRUCTION OR PROPOSED 12 DEVELOPMENTS TOTALING 3,217 UNITS CURRENTLY UNDER CONSTRUCTION OR PROPOSED

27 MULTIFAMILY DEVELOPMENTS TOTALING 4,753 UNITS COMPLETED IN LAST TEN YEARS

HOTELS IN THE AREA

DEVELOPMENTS COMPLETED IN THE LAST TEN YEARS

RESIDENTIAL DEVELOPMENTSAn increased desire to live in Downtown Stamford has resulted in the construction of many

new residential buildings. In the next three years, more than 3,000 units are planned to be

developed. The following pages showcase the various residential developments and hotels

within close proximity to the subject property, including developments completed in the

last ten years and those that are currently under construction or proposed.

1

8

7

2

4

5

6

3

3

1

5

6

2

4

17

5

8

13

12

9

4

1

10

16

3

6

7

11

14

15

2



17

C O N F I D E N T I A L O F F E R I N G M E M O R A N D U M

The information contained in this Offering Memorandum is confidential, furnished solely for the purpose

of review by a prospective purchaser of certain information relating to the property mentioned herein

(the “Property”), and is not to be used for any other purpose or made available to any other person

without the prior written consent of RHYS.

The material is subject to errors and omissions, and based in part upon information supplied by sources

deemed reasonably reliable. Summaries of any documents are not intended to be comprehensive or

all-inclusive, but rather, only an outline of some of the provisions contained therein. No warranty or

representation, expressed or implied, is made by Owner, RHYS or any of their respective affiliates, as to the

accuracy or completeness of the information contained herein or any other written or oral communication

transmitted to a prospective purchaser in the course of its evaluation of the Property. No legal liability is

assumed or to be implied in connection with such information or such other communications.

Without limiting the generality of the foregoing, the information shall not be deemed a representation

of the state of affairs of the Property since the date of preparation of the information. Prospective

purchasers should make their own evaluations, projections and conclusions without reliance upon

materials contained herein and conduct their own independent due diligence, including engineering

and environmental inspections, to determine the condition of the Property and whether the Property is

suitable for purchase and/or investment, as well as the existence of any potentially hazardous materials.

This Offering Memorandum was prepared by RHYS and has been reviewed by Owner. It contains select

information pertaining to the Property and does not purport to be all inclusive or to contain all of the

information a prospective purchaser may desire. All financial projections are provided for general

reference purposes only and are based on assumptions relating to the general economy, competition

and other factors beyond the preparer's control and, therefore are subject to material change or variation.

An opportunity to reasonably inspect the Property will be made available to qualified prospective

purchasers. Any and all parties reviewing this offering memorandum or inspecting the Property shall rely

exclusively on their own due diligence and/or investigations.

In this Offering Memorandum, certain documents and other materials are described in summary

form. The summaries do not purport to be complete, nor necessarily accurate descriptions of the full

agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are

expected to independently review all documents and consult with their own advisors.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal

without notice or liability and does not constitute a recommendation,endorsement or advice as to the

value of the Property by RHYS or the Owner. Each prospective purchaser is to rely solely upon its own

investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

Owner and RHYS expressly reserve the right, at their sole discretion, to reject any or all expressions of

interest or offers to purchase the Property and/or to terminate discussions with any party at any time

with or without notice and without liability. Owner shall have no legal commitment or obligation to

any purchaser or other party reviewing this Offering Memorandum or making an offer to purchase

the Property unless a definitive written agreement for the purchase of the Property has been fully

executed, delivered, and approved by the Owner and any conditions to Owner’s obligations thereunder

have been satisfied or waived. RHYS is not authorized to make any representations or agreements on

behalf of Owner.

+1 203.274.9800 / rhysre.com

9 West Broad Street

Stamford, Connecticut 06902

RHYS disclaims any warranty of any kind, expressed or implied, as to any matter whatsoever relating to this service. In no event shall RHYS be liable for any indirect, special, incidental

or consequential damages arising out of any use of or reliance on any content or information contained herein.

F O R S A L E I N F O R M A T I O N , P L E A S E C O N T A C T:

A L E X H A E N D L E R

Director

203.653.1744

[email protected]

G R E G R O M A N O

Senior Vice President

203.653.1757

[email protected]

INVESTMENT OPPORTUNITY 57, 63 & 65 STILLWATER ......at 57, 63 & 65 Stillwater Avenue in Stamford,...

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