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SUCCESS STORIES by Development Site Advisors®

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WE KNOW ZONING® Table of Contents 03

A new lot is born in Queens: Creating an IdealDevelopment Site by Redrawing tax lot lines, Completing a Zoning Lot Merger & Transferring Development Rights.

A Contaminated Gas Station in Brooklyn – 2nd Broker in.

Astoria Assemblage – Luxury Condos & A Supermarket

Elmhurst Corner Lot – A former gas station with

Shalimar Diner – Identifying a Rezoning Candidate

Corner Flushing Lot – Getting Creative with Narrow Lots.

Lower East Side Vacant Lots: A Joint Venture Equity

Winding Down a Business the Smart Way. Maximizing Value For

About Us

Founding Partners

Sitestimate®

What We Will Do For You

Targeting the right buyer with the right terms.

On The Way; With A 2nd Project To Come.

existing leases. Getting Creative.

and Executing a Competitive Bidding Approach.

Partnership Between a Developer and an Art Gallery Owner

a Nearly Half-Century Owner via a Sale + Air Rights Transfer

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A new lot is born in Queens: Creating an Ideal Development Site by Redrawing tax lot lines, Completing a Zoning Lot Merger & Transferring Development Rights. SUMMARY 80-43 Kew Gardens Road is located in Kew Gardens, Queens, NY, bordering the Forest Hills neighborhood. The site is a 7,816.40 sq. ft. parking lot w/ a curb-cut located in a C4-4 Zoning District (R7-2 Equivalent) featuring 75.57’ feet of frontage on Kew Gardens Road and is 99.94’ feet deep. Ownership purchased a package of Capital One Bank buildings across the nation. One of these sites was 120-32 Queens Blvd, which is a 7,288 sf 3-story building with a rear parking lot, combing for a 12,242sf lot. The tax lots were not ideally mapped to maximize value, so ownership went through the process of redrawing the tax lines to make it ideal for the rear parking lot to be positioned as a prime development site. They then transferred all excess air rights from the existing bank building to the newly drawn tax lot/parking lot. This brought the Parking Lots’ Commercial ZFA to 34,335 ZFA, the Residential ZFA to 41,680 ZFA and the Community Facility ZFA to 72,284 ZFA.

Artistic Rendering

PROBLEM The ultimate purchasers had difficulties understanding the many complexities of the air rights transfer and the new tax lot lines; so, we referred them to a prominent land-use and zoning attorney. The firm was able to put together a Zoning Lot and Development Agreement ZLDA, that was acceptable and clear to both buyer and seller.

Block: 3358 Lot: 62 Air Rights Lot

SOLUTION Once development site advisors® was engaged exclusively by ownership, we were able to target specific developers successfully within our first phase of our surgical marketing process. Within 45 days, we were able to obtain 16 offers from qualified developers: ultimately achieving two indistinguishable all-cash offers. The owners decided to send out one contract to the qualified developer, with the better terms. Development Site Advisors® sold the parking lot for $5,750,000 in an all-cash transaction on June 4, 2021. This sales price equates to $138/ZFA. Below you can find a link to our drone video tour of this site: 80-43 Kew Gardens Road Drone Video OM

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A Contaminated Gas Station in Brooklyn – 2nd Broker in. Targeting the right buyer with the right terms. SUMMARY 640 86th Street, in the Bay Ridge section of Brooklyn New York is located on the corner of Battery Avenue and right off the Gowanus Expressway. The site is a corner, 80’ x 134’ (irr.), 9,005 sq. ft., development site in a C4-2A zoning district. The vacant site allows for a total of 27,015 ZFA for a commercial or mixed-use project. Development Site Advisors® sold the site for $5,650,000 in an all-cash transaction on May 7, 2019. This sales price equates to $209/ZFA. PROBLEM The site was a former gas station with underground storage tanks that were not yet removed. This posed many environmental risks for any new purchaser. The sellers, who have owned the site for nearly 35 years, initially hired a commercial real estate broker to sell the site. They went under a soft contingent contract with what turned out to be an unqualified buyer, who tied them up contractually and tried to force them to drop the agreed upon sales price.

Subject Property

SOLUTION The seller’s attorney then reached out to development site advisors®, knowing our reputation with only handling development sites, and introduced us to ownership. Once we were hired exclusively, we were able to create a market, implement a surgical approach, achieve 15 offers in 30 days and sell the site “As-is”, to an all-cash buyer, with non-contingent terms. We were also able to negotiate the buyers to release the 10% contract deposit to the family, out of escrow, to solve for financial needs at the time. The sellers, a long-term family partnership, were able to then complete a 1031 exchange and purchase income producing, management free properties from this sale. FROM THE SELLERS “It’s been a pleasure working with you. Thank you for getting our property sold! Your marketing methods worked, and we got the right buyer and closed smoothly! Thanks again for all your help.” LL

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Astoria Assemblage – Luxury Condos & A Supermarket On The Way; With A 2nd Project To Come. SUMMARY 2101-2139 31st Street in Astoria, NY. The entire portfolio consists of 5-Buildings, 6 Tax Lots, with 13-Stores, totaling 36,935 Square Feet of Retail Space, situated on a 400’.02 x 100.02’ lot, with 400 feet of frontage on 31st Street. This site boasts approximately 122,935 Buildable Square Feet for a ground up mixed-use development; half of which is close to topping off and becoming the luxury condominium subbed “The Rowan”. The portfolio, which was owned by multiple different owners, was broken up into 4-Transactions/6 tax lots & Air Rights for a total of $28,587,424 or $232/ZFA. 21-25 31st Street sold for $6,350,000. 2101-2119 31st Street sold for $16,050,000, 2137 31st Street sold for $5,000,000 and the Grace Lutheran Church Air Rights, Easements & Lot was sold for $1,187,424. SALE #3: SALE #1: 21-25 31st Street in Astoria, New York. The single-story building traded for $6,350,000 in an all cash transaction. The subject property is a 11,875SF one-story retail building with 125 feet of frontage on prime 31st Street between Ditmars Boulevard and 21st Avenue in the Ditmars/Steinway section of Astoria, Queens. 21-25 31st Street is situated in a C1-3/ R6A zoning area, which gives the site over 35,000 Buildable Square Feet for a future mixed-use development. SALE #2: 2101-2119 31st Street, are three, contiguous, corner singlestory retail buildings which traded for $16,050,000 in an all cash transaction on January 13, 2016. The subject properties were improved by nine (9) retail stores. Combined, the portfolio has 20,310 Above Grade SF with 225 feet of frontage on 31st Street on the corner of 21st Avenue in the Ditmars/Steinway section of Astoria, Queens. 2101-2119 31st Street is situated in a C1-3/R6A zoning area, which gives the site approximately 42,855 SF of air rights or over 63,165 Buildable Square Feet for a possible future mixed-use development.

2137-2139 31st Street was a single-story retail building that traded for $5,000,000 in an all cash transaction on September 8, 2016. The subject property was improved by three (3) retail stores. The property had 4,750 Above Grade SF with 50 feet of frontage on 31st Street between 21st Avenue and Ditmars Boulevard in the Ditmars/Steinway section of Astoria, Queens. 2137-2139 31st Street is situated in a C1-3/R6A zoning area, which gives the site approximately 9,500 SF of air rights or 14,250 Buildable Square Feet for a possible future mixed-use development. The sales price of $5,000,000, equates to $1,052.63/SF, or $350.88/Buildable SF. The seller, who built the building in the 1960’s, owned the building for almost 60 years. SALE #4: The sales price of $1,187,424 for 9,595 SF of Air Rights, a light & air easement and a rear portion of the Grace Lutheran Church of Astoria lot. The Church was able to use these funds for its school expansion.

The sales price of $16.05M, equates to $790.25/SF, roughly $254.10/Buildable SF and roughly a 2.65% capitalization rate. The sellers owned the building for over 23 years.

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Astoria Assemblage – Luxury Condos & A Supermarket On The Way; With A 2nd Project To Come.

Subject Property

SITUATION The sellers, all family owned, have owned for a combined 123+ years and neither family were historically transactional. All of the sites were income producing assets. When the owners of 21-25 31st Street, the “middle piece”, reached out to development site advisors® from California, we saw the possibility to expand on the sale. Using a surgical approach, we were able to identify a local player who knew the area cold and were able to finalize an all-cash transaction, with escrow being released to ownership during contract. Once closed, we targeted the owners of 2101-2119 31st Street to see if they would entertain an offer. We were able to represent the developers in an all-cash transaction to purchase the “Corner piece” We then moved on to 2137-2139 31st Street, which was owned by the gentleman who actually constructed the

building 60-years prior. The developers paid a premium, over $350/bsf to own this site. Once all buildings were assembled, we approached the Grace Lutheran Church that was at the rear and abutting the corner site. We asked what they needed; they just merged Churches and Schools and needed to expand. This sale would monetize the site for them and allow them to complete their goals. The developers purchased the Air Rights, Light & Air Easements and a portion of the rear lot. This completed the assemblage. OUTCOME The developers were able to vacate half of the site, roughly 200 feet of frontage, for their first phase of development. Once that is complete and sold off, they will be able to construct the 2nd phase of this fantastic development site.

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Elmhurst Corner Lot – A former gas station with existing leases. Getting Creative. SUMMARY 8718-8720 Queens Boulevard is located in Elmhurst, Queens NY. The site, with Curb cuts on both 55th Road and Queens Blvd, located on the Northwest Corner of Queens Blvd and 55th Road, is a 66.08’ x 91.58’, ± 6,100 sq. ft. lot in a R6 Zoning district with a C1-3 Overlay boasting ± 29,280 Buildable SF. The lot is currently improved by Two (2) buildings on one (1) lot. It is in a great location, 2-blocks to the M and R Subway Station. The as-ofright zoning called for a Residential FAR: 3.0X =±18,300 bsf, a Commercial FAR: 2.0X = ± 12,200 bsf and Using the maximum Facility Bonus FAR: 4.8X = ± 29,280 bsf. PROBLEM The site was encumbered by a long-term lease with a tenant option, which was negatively impacting current development value. In addition, the site was a former gas station with underground storage tanks still in place and possibilities of contamination.

Subject Property

SOLUTION We were able to show potential developers how they would be able to split the lots, transferring air rights to the corner, thereby creating 2 lots, one a development site utilizing all air rights and one an income producing commercial building. Our surgical marketing strategy was able to locate an all-cash buyer that purchased the site as-is, in an all-cash transaction. Development Site Advisors® sold the site for $4.85million. A price that equates to $265/bsf.

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Shalimar Diner – Identifying a Rezoning Candidate and Executing a Competitive Bidding Approach. SUMMARY We were contacted by two sisters to evaluate their site which was family owned for over 50 years. The corner site, located at 63-68 Austin Street aka 9132-9148 63rd Drive in Rego Park, Queens, housed the famed Shalimar Diner. At the time, the site was a nonincome producing asset. PROBLEM The challenge here was the site was zoned in an R4, C2-2 Zone, allowing for a developer to build only 1X the lot size for a commercial building or 0.90X the lot size for residential. This brought the max as-of-right buildable to 14,000bsf. The owners contacted 3 major commercial real estate firms, which brought them back a top line value of $4.5M; this equated to $321/bsf. SOLUTION

Subject Property

When we began our due diligence, we saw that the northeastern portion of the lot shared the lot line with an R7-1 zoned property. This, among other reasons, made this site in our estimation, a rezoning candidate. We advised the family to go out to market at $6.8MM ($485/bsf, an unheard-of number), $2.3MM more than their previous 3 valuations. Within 45 days of marketing this site, we were able to achieve 36 offers, send out 3 contracts simultaneously and close in a sit-down closing for $6.55M in a true all-cash transaction; hiring us assured they did not leave over $2MM on the table. FROM THE SELLERS “I will always remember how beautifully you orchestrated our sale…You made us happy and throughout it was wonderful to work with you. I truly hope we can continue to know one another.” HL “Thank you so very much for shepherding this sale to a successful close…It was a true pleasure.” JL

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Corner Flushing Lot – Getting Creative with Narrow Lots.

SUMMARY 189-02 37th Ave is a vacant lot located on the corner of 37th Avenue and Utopia Parkway in the Auburndale/Murray Hill sections of Flushing, New York 11358. This 23.05’ x 107.68’ (irr), 2,982 square foot lot is situated in a R5B zoning district, allowing for 4,206 Residential ZFA or 5,964 Facility ZFA. This location, along with its zoning district, is ideal for a New Multi-Family Home or a Community Facility Building (Medical/ Religious/School/Day Care). PROBLEM The irregular shape of the lot was a concern for most developers. Though the lot is 23.05’ x 107.68’, the frontage was closer to 17’, which is much less than the 25’ minimum frontage that most developers prefer. In addition, this lot was in a zoning district that required parking and a 5’ front yard. Subject Property

SOLUTION No land is bad land. We were able to show potential developers to utilize the irregularity shape of the lot to their advantage. By doing a setback, a developer can provide two parking spaces with a 5’ front yard while maintaining the Max ZFA. Our surgical marketing strategy identified a buyer who purchased the site as-is, in an all-cash transaction with a 30 day closing and no due diligence period.

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Lower East Side Vacant Lots: A Joint Venture Equity Partnership Between a Developer and an Art Gallery Owner SUMMARY 282-286 Grand Street is a shovel ready vacant site that sits on a 4,383 SF lot with 50 ft frontage in a C4-4A zoning district. There are approved plans in place for a 23,600 GSF, 20 unit residential rental building with commercial space on the ground floor and cellar. The ownership hired Development Site Advisors to arrange this site as a joint venture development opportunity. PROBLEM The partners of this site began the development process back in 2017 and got as far as the building demolition. However, the parties involved were not able to see eye-to-eye on the timeline of the project. The property has been with the family for a couple of generations and they intend to keep it that way so there were no incentive to sell; it was imperative to get the project completed.

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Subject Property

SOLUTION After hearing the history of this development, we suggested a solution to this partnership dispute. We offered to find a new partner who will not only buy out the current one, but also lead the development for this rental project. Once the partner agreed to be bought out and we were exclusively signed, we generated 13 offers and pinpointed an experienced, reputable developer with cash within a couple of weeks.

As of May 2020, the two will continue into a contractual relationship once the construction financing is secured.

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Winding Down a Business the Smart Way. Maximizing Value For a Nearly Half-Century Owner via a Sale + Air Rights Transfer

Subject Property

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SUMMARY 11-32 31st Avenue in Astoria, Queens NY, is impeccably situated right off the East River. The subject property is a 7,000 sq. ft., 46’ x 125’ L-Shaped lot improved by a single-story + cellar, 3,500 sq. ft. Warehouse building. The site is located in an R7A Zoning district within a Voluntary Inclusionary Housing Zone; giving a developer 3.45X FAR or 24,150 ZFA for an as-of-right project and a bonus FAR of 4.6X or 32,200 ZFA for an affordable housing project. PROBLEM The seller, Mr. Rosner, owned the property for 50-years and also operated his business here “Rosner Custom Sounds”, a pioneer in the Soundsystem world. He decided to wind down his business and monetize by disposing of the property to a developer. Mr. Rosner also resides in and owns the 2-Family home connected to the rear L-shaped portion of the subject property. One of the challenges to this transaction was the fact that the owner parks 3 classic cars behind his home, which he gets to using the L-shaped subject property; so any new development would have to have a right-of-way easement granted post-development so Mr. Rosner could then park his

3 cars back in its places. Also during construction, we would have to relocate the 3-cars to indoor parking spaces in the immediate area. On top of marketing the site during the Covid-19 crisis, the owner was firm on his pricing in achieving north of $5million for his site. SOLUTION We got creative and showed the owner how we can monetize his current residence without selling and transfer air rights from his home, since it connected via the rear in an L-shape, to the subject property. Utilizing our surgical marketing approach, we were able to choose a developer who would 1. Grant Mr. Rosner a rightof-way post development to get to his parking spaces using the new developments lot. 2. Purchase 3,000 sq. ft. of air rights from the seller’s residence, while still leaving some air rights intact for future use. This was done in a manner that did not negatively impact the sellers 2-family home. And 3. Pay for the temporary relocating of the sellers three vehicles during construction, which we were able to locate and procure on the same block.

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Winding Down a Business the Smart Way. Maximizing Value For a Nearly Half-Century Owner via a Sale + Air Rights Transfer The site went under hard contract during the beginning of the Covid pandemic and since it was a tough lending environment to close in; we negotiated for the developer to file Demolition Plans and New Building Permits, with the owner’s full cooperation during contract. When the developer needed an extension on closing, the seller granted the buyers an extension with a release of escrow and a $20,000/month extension fee, which ended up going out another 6-months. This allowed the seller to earn a monthly income while allowing the developer to get all appropriate plans and permits filed along with arranging the financing needed to get to a smooth close. As of May 2020, the two will continue into a contractual relationship once the construction financing is secured. Development Site Advisors® exclusively represented the seller and was the sole broker in the transaction. The property + air rights closed in an all-cash transaction on Friday July 23, 2021 for $5,500,000; which equates to $183/ZFA. WHAT IS BEING BUILT? The developer has filed New Building permits to construct a new 29,966 SF, 8-Story, 80 Foot tall, 29-Unit Apartment Building.

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ABOUT US DEVELOPMENT SITE ADVISORS®

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About Company DEVELOPMENT SITE ADVISORS®

Development Site Advisors® is a New York City based firm that provides advisory services to landowners with development rights. Our focus lies solely in developable parcels, a unique concentration that allows us to uncover its true value. DSA is the brainchild of 26 years’ worth of commercial real estate brokerage experience at Massey Knakal, Cushman Wakefield, and Eastern Consolidated. During their careers at these top firms, the founders of the company realized that there was a void in the development sector. While income producing real estate commanded the lion’s share of transactions and dollar volume and will continue to do so, development sites have quickly become more than cap rates and price per square foot. The exceedingly complex nature of developable parcels has carved a section out of the real estate market. It is evident that development sites can no longer be considered in the same area of expertise as the traditional commercial real estate asset classes of multifamily, office, industrial, etc. Specialization in this new market demands an innate knowledge of the multifaceted nature of zoning laws, which can only be learned, tracked, and improved upon through constant contact with owners and developers in the space. As the only firm exclusively operating in this new space, we have set the standard for development site advisory.

and penalties, and more found in the thousands of pages in the Zoning Resolution, development sites today need extensive upfront due diligence in order to correctly value the property. Developable potential is governed by much more than the zoning of the lot in question, we know those factors and bring them into the conversation early to avoid unpleasant surprises later down the line.

For too long development sites have been an asymmetric information market, with experienced developers and architects holding all the cards. In the past 10 years, over 50% of development sites sold from owner directly to a developer with no owner representation. In closing the information gap, we endeavor to facilitate transactions as smoothly as possible. When conducting initial due diligence, the normal operating procedure had been to check zoning, multiply the as-of-right FAR by the lot size and market that ZFA. With the rezonings, special districts, zoning incentives

Our decades of experience is backed by industry leading data which allows us to provide insights to owners and developers about the current state of the neighborhood and its trajectory going forward. Identifying these trends has allowed us to set the benchmark sales in many neighborhoods, with transactions that leave both the seller and the buyer content with the deal.

We strive to provide value by saving time, both for owners and for developers. Our Due Diligence Accelerator Package™️ puts both parties on an expedited track to a decision. Owners see what can be done and how much that is worth, developers are then sent the same thing, saving both parties time and money. The practice of “buying listings” by hitting the market with unattainable prices to appease an owner is not conducive to arranging the sale. If an owner will only entertain offers above the current market they are not a seller, they’re an opportunist. The same logic applies to developers searching for far below market deals. We operate within the market, connecting real sellers to real buyers.

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Founding Partners DEVELOPMENT SITE ADVISORS®

The principals of DSA have been involved with the sale of over $1bn and engaged in projects of various sizes and manners of complexity, with non-profit clients including religious organizations, schools, and supportive housing developers. Lev is one of the Managing Principals and Co-Founders of development site advisors®. His expertise lies mainly in Upper Manhattan and the Bronx, where he has been involved in the sale of over 100 properties during his time in the industry. DSA focuses solely on development sites and conversion opportunities in the five boroughs. This specialization leads to more positive client experiences due to the superior knowledge the firm offers. Before co-founding DSA, he was a Senior Director at Eastern Consolidated, Cushman & Wakefield, and Massey Knakal Realty Services, where he was recognized for his outstanding performance. Aside from his professional achievements, Mr. Kimyagarov is a soccer player and Judo expert and is active in charitable organizations such as the Museum of Jewish Heritage and Ezer Mizion. Additionally, he is fluent in Russian and is a Certified Negotiation Expert (CNE), a designation he earned at the Real Estate Negotiation Institute.

Lev Kimyagarov Managing Principal, Co-Founder

Rubin Isak

Rubin Isak is a Managing Principal and Co-Founder of development site advisors®. Rubin’s expertise lies particularly in the borough of Queens, NY where he has been involved in the sale of over 100 properties during his time in the industry. In recognition of his success Costar has recognized Mr. Isak as a Powerbroker. development site advisors® focuses solely on development sites and conversion opportunities in the five boroughs. This specialization leads to more positive client experiences due to the superior knowledge the firm offers. Prior to co-founding development site advisors®, Rubin was a Senior Director at Eastern Consolidated, Cushman & Wakefield Massey Knakal Realty Services and most recently Founding Partner of investment sales firm, Goldenwood Property Advisors Group. Rubin earned a BBA degree in International Marketing from Baruch College. He was born in Brooklyn, raised in Queens and now resides in the Upper East Side neighborhood of Manhattan with his wife, daughter and son.

Managing Principal, Co-Founder

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DEVELOPMENT SITE ADVISORS®

SITESTIMATE®

The Sitestimate® is a systematic, data-driven approach to valuating development sites, it is what makes us unique and sets us apart from others in the commercial real estate space. It is how we get our clients the highest price with the best terms.

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WHAT WE WILL DO FOR YOU DEVELOPMENT SITE ADVISORS®

MARKET TREND AWARENESS

COLLABORATIVE GAME PLAN

Our office tracks everything that goes on in the

We will work together to craft a tailor made plan for

market, allowing us to spot trends faster and

you. You will know what we are doing, how, and why,

create value from those opportunities.

at all points in the plan.

ZONING FEASIBILITY STUDIES

ALIGNED GOALS

Every property that we identify for you will be

We view our clients as partners, we take success in

meticulously broken down to show exactly what

their success. In this way, our goals will always be

can be built there.

aligned with yours.

INSIDER RELATIONSHIPS

TECHNOLOGY BASED APPROACH

We know the major and minor players in New York

Our use of technology and ability to parse massive

City, and our relationships with them will help get

amounts of data set us apart. As do our consistently

the deal done.

above market results.

DEVELOPER NETWORK

MARKETING REPORTS

We have active developers a phone call or email

Every Friday our office will send you a comprehensive

away who are constantly looking for community

report detailing the efforts we made that week and

facility tenants.

what we will do next.

MARKET RESEARCH

COST EFFECTIVE SOLUTIONS

We pride ourselves on meticulous research.

As our client, it is our job to get you what you want at the

Research that has seen our company’s articles

price you want it. We will accept no less than complete

published widely throughout the industry.

satisfaction on both sides.

SYNERGISTIC TEAM STRUCTURE

PRINCIPALS ONE CALL AWAY

We are structured so that everyone is motivated

You will always be dealing with the founders. Principals

to work together in the best interest of the client.

who have done over $1 billion in transactions.

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Development Site Advisors® 135 East 57th Street, 18th Floor New York, NY 10022 developmentsites.com phone: (212) 875 -1800

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