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85 Quay Street

Is being offered at

$5,950,000

THE OPPORTUNITY

L O C AT I O N

Marcus & Millichap is pleased to offer the following opportunity in Greenpoint. 85 Quay Street is located on the north side of Quay Street just west of Franklin Street and contains a gross square footage of 13,810 SF. The building is built 50’ x 85’ on a 60’ x 100’ lot (Block: 2589 Lot: 23). The property is zoned M1-2/R6A/MX-8. 13,810 Gross Square Feet, with 2,390 SF in Additional Air Rights Prime Greenpoint Waterfront Location Directly West of Booming Franklin Street Commercial Corridor Over 1MM SF of Planned Mixed Use Development Within Five Block Radius • 70% of the Building’s Rentable Square Footage Delivered Vacant • Greenpoint Condos are Consistently Selling for Over $1,300 PSF • Greenpoint Residential Rentals Achieving $55 PSF+ • • • •

Peter Von Der Ahe

Michael Salvatico

Shaun Riney

Matthew Steinberg

Tel: (212) 430-5114 pvonderahe@mmreis.com Tel: (718) 475-4369 sriney@ipausa.com

Tel: (718) 475-4358 michael.salvatico@mmreis.com Tel: (718) 475-4396 Matthew.steinberg@mmreis.com


85 Quay Street_

FINANCIAL OVERVIEW OFFERING PRICE

$/SF

$5,950,000

$431

TOTAL SF

13,810

TOTAL UNITS

7

33%

RATIO OF FAIR MARKET UNITS

PRO FORMA 1 METRICS

12%

PROPERTY TAXES RATIO

GRM

$4,999

PRO FORMA AVERAGE MONTHLY RENT

CAP RATE

6.3% 12.8

INCOME Gross Potential Residential Rent

CURRENT $335,940

PRO FORMA $419,940

Gross Potential Commercial Rent

$138,000

$138,000

Gross Income Vacancy/Collection Loss

$473,940 ($10,078)

$557,940 ($12,598)

Other Income

$0

$0

Effective Gross Income

$463,862

$545,342

Average Residential Rent/Month/Unit

$3,999

$4,999

$55,022 $1,920 $4,500 $5,400 $3,000 $936 $1,584 $18,554

$55,022 $4,656 $4,500 $5,400 $3,000 $936 $1,584 $21,814

Total Expenses

$90,916

$96,912

Net Operating Income

$372,945

$448,430

PRO FORMA 2 METRICS

CAP RATE

7.5%

GRM

10.9

EXPENSE RATIO

20%

$431 $/SF

EXPENSES Property Taxes Fuel - Gas Insurance Water and Sewer Repairs Common Electric (PPSF) Super Salary Management Fee

Separate Estimate $900/unit $500/unit Estimate

*Current Expenses Reflect Owner's Actual Expenses When Property is Fully Occupied **Separate Gas Heaters Installed in All Apartments. The Occupied IMD Units Reimburse Owner For Their Specific Gas Heat Usage. ***Unit 1A Has a New Electric Heater. Owner Is Reimbursed Amount Equaling What Tenant Would Have Been Paying For a Gas Heater

13,810 GROSS TOTAL SF

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap

Andrew Dansker Tel: (212) 430-5168


85 Quay Street_

RENT ROLL COMMERCIAL RENT UNIT TENANT NAME NOTES NET RSF PRO FORMA 1 PRO FORMA 2 $/PSF Retail* Vacant 3,865 Additional SF in Cellar 2,245 $11,500 $11,500 $61 MONTHLY COMMERCIAL REVENUE $11,500 $11,500 2,245 * Ceiling height on above grade space approximately 12' to 14' RESIDENTIAL RENT LEASE STATUS UNIT#

NOTES

1A RS 1B RS 2A** FM 2B RS 3A** FM 3B RS MONTHLY RESIDENTIAL REVENUE

NET RSF PRO FORMA 1 PRO FORMA 2 $/PSF

Loft law Loft law Vacant/Former Owner Occ. Loft Law Vacant/Former Owner Occ. Loft Law

ANNUAL RESIDENTIAL REVENUE ANNUAL COMMERCIAL REVENUE

TOTAL ANNUAL REVENUE There are currently 2 vacant units in the building. The super lives off site.

805 1,295 2,880 950 2,863 1,050 9,843

$2,000 $2,400 $9,500 $2,100 $9,500 $2,495 $27,995

$2,000 $2,400 $13,000 $2,100 $13,000 $2,495 $34,995

$335,940 $138,000

$419,940 $138,000

$30 $22 $54 $27 $54 $29

PRO FORMA 1 PRO FORMA 2 $473,940 $557,940

*Pro Forma 1 Rent Roll Assumes Renovating Building with Existing Unit Mix **Vacant Units Could be Divided Into Additional, Smaller Apartment Units. Pro Forma 2 Rent Roll Assumes This Scenario. ***Roof Deck Available for Redevelopment Use **** 70% of Building Square Footage is Vacant/Free Market

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap

Andrew Dansker Tel: (212) 430-5168


85 Quay Street_

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Š 2017 Marcus & Millichap

Andrew Dansker Tel: (212) 430-5168


P R O P O S E D PA R K

Planned Park begins at 56 Quay Street

85 Quay Street


85 Quay Street_

CELLAR PLANS

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Š 2017 Marcus & Millichap

Andrew Dansker Tel: (212) 430-5168


85 Quay Street_

1 ST F L O O R P L A N S

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Š 2017 Marcus & Millichap

Andrew Dansker Tel: (212) 430-5168


85 Quay Street_

2 ND F L O O R P L A N S

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Š 2017 Marcus & Millichap

Andrew Dansker Tel: (212) 430-5168


85 Quay Street_

3 RD F L O O R P L A N S

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Š 2017 Marcus & Millichap

Andrew Dansker Tel: (212) 430-5168


PROPERTY DESCRIPTION | PROPERTY PHOTOS

G R O U N D F L O O R R E TA I L

85 Quay Street


PROPERTY DESCRIPTION | PROPERTY PHOTOS

UNIT 2A

85 Quay Street


PROPERTY DESCRIPTION | PROPERTY PHOTOS

UNIT 2A

85 Quay Street


PROPERTY DESCRIPTION | PROPERTY PHOTOS

UNIT 3A

85 Quay Street


PROPERTY DESCRIPTION | PROPERTY PHOTOS

UNIT 3A

85 Quay Street


PROPERTY DESCRIPTION | PROPERTY PHOTOS

ROOF

85 Quay Street


Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney

Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

www.newyorkmultifamily.com 212 430 5114

Financing Inquiries:

Andrew Dansker

Tel: (212) 430-5168

85 Quay Street  
85 Quay Street