964fi968 east 167th street, bron, n 10459 · 964fi968 east 167th street, bron, n 10459 3 vacant...

964-968 EAST 167TH STREET, BRONX, NY 104593 VACANT MIXED-USE BUILDINGS WITH AIR RIGHTS

The depiction in the included photograph of any person, entity, sign, logo or property, other than Development Site Advisors’ (DSA) client and the property offered by DSA, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and DSA or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of DSA’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)

Lev KimyagarovManaging Principal, Co-Founder(212) 875-1800 x [email protected]

Michael MustoDirector(212) 875-1800 x [email protected]

DEVELOPMENT SITE ADVISORS135 EAST 57TH STREET

18TH FLOOR

NEW YORK, NY 10022

CONTACT EXCLUSIVE ADVISORY TEAM:

NEW PRICE: $1,750,000

Development Site Advisors has been retained on an exclusive basis to arrange for the sale of 964, 966, and 968 East 167th Street in the Bronx. The subject property consists of three (3) contiguous buildings that contain six (6) residential units and two (2) commercial units. This property offers 58 feet of frontage on East 167th Street in an area that is undergoing rapid redevelopment. 964, 966, and 968 East 167th Street are located in the proposed Southern Boulevard Rezoning Study Area, potentially increasing the ZFA of the site in the near future. The Property is in a recently designated Opportunity Zone, allowing for a long term holder to defer and even eliminate capital gains tax. The Property is well located, within walking distance of three different subway lines: the 2, 5, and 6. The Property has about ±13,500 ZFA in air rights for future development, a total of ± 21,000 as-of-right ZFA for the 3 combined lots. If one was to use the facility bonus, the total ZFA is increased to ± 25,200 ZFA. The Property is surrounded by parks, playgrounds, restaurants, schools, and other residential services that add to the desirability of the area.

Block: 2744 Lots: 23, 24, & 25

Neighborhood: Foxhurst Stories: 3

Lot Dimensions: 58' x 90' | ± 5,250 SF Building Size: 50.01’ x 50’ | ± 7,501 SF

Residential Units: 6 Commercial Units: 2

Zoning: C2-4/R7-1 ZFA: ± 21,000 SF

Combined R.E. Taxes (19/20): $7,849 ZFA with Facility Bonus: ± 25,200 SF

MASS TRANSIT OPTIONS

2, 5, & 6 TRAINDESIGNATED

OPPORTUNITY ZONEPRICE/SF

$233PRICE/ZFA

$83

Residential Units SF BRs $/SF Rent Annual

964 East 167th Street 833 2 $28.22 $1,959 $23,508

964 East 167th Street 833 2 $28.22 $1,959 $23,508

966 East 167th Street 1,250 3 $23.88 $2,487 $29,844

966 East 167th Street 1,250 3 $23.88 $2,487 $29,844

968 East 167th Street 833 2 $28.22 $1,959 $23,508

968 East 167th Street 833 2 $28.22 $1,959 $23,508

Projected Residential Totals: 5,832 $26.36 $12,810 $153,720

Commercial Units SF $/SF Monthly Rent Annual Rent

964 East 167th Street 833 $35 $2,430 $29,155

968 East 167th Street 833 $35 $2,430 $29,155

Projected Retail Totals: 1,666 $35 $4,859 $58,310

Estimated Expenses Totals: $/SF $/Unit

Real Estate Taxes (18/19) Actual $7,849 $1.05 $785

Insurance Projected @ $1.00 / SF $7,501 $1.00 $750

Water & Sewer Projected @ $900 / Unit $7,200 $0.96 $900

Heat & Electric Projected @ $0.50 / SF $3,751 $0.50 $375

Repairs & Maintenance Projected @ $1.00 / SF $7,501 $1.00 $750

Super Projected @ $500 / Month $6,000 $0.80 $600

Management Projected @ 3% of GAI $6,361 $0.85 $636

Total: $46,162 $6.15 $4,616

Projected Gross Income: $212,030

Less Expenses: $46,162

Projected NOI: $165,868

PROFORMA

***Residential rents based on 2019 Section 8 Payment Standards






18TH FLOOR

NEW YORK, NY 10022


964-968 EAST 167TH STREET

C2-4/R7-1 Residential Commercial Community Facility

FAR: 4.00 2.00 4.80

Lot Size: 5,250 5,250 5,250

ZFA: 21,000 10,500 25,200

Existing: 5,747 1,754 7,501

Air Rights: 15,253 8,747 17,699

R7 districts are medium-density apartment house districts mapped in much of the Bronx as well as the Upper West Side in Manhattan and Brighton Beach in Brooklyn. The height factor regulations for R7 districts encourage lower apartment buildings on smaller zoning lots and, on larger lots, taller buildings with less lot coverage. As an alternative, developers may choose the optional Quality Housing regulations to build lower buildings with greater lot coverage.Regulations for residential development in R7-1 and R7-2 districts are essentially the same except that R7-2 districts, which are mapped primarily in upper Manhattan, have lower parking requirements.

Floor Use GSF

1stCommercial

& Facility 5,250

2nd Residential 3,480

3rd Residential 3,480

4th Residential 3,480





MIXED-USE BUILDING ENVELOPE

Massing provided for visualization purposes only. All numbers should be independently verified by an architect.






18TH FLOOR

NEW YORK, NY 10022


The study area encompasses the Crotona Park East and Longwood neighborhoods and in general flanks Southern Boulevard between the Cross Bronx Expressway and East 163rd Street including the Bronx River and Crotona Park. The study area covers more than 130 blocks and spans parts of Community Districts (CD) 2 and 3, and a small area of CD9 (one block of the western shore of the Bronx River). The area is home to almost 60,000 residents, of which 67% are of Hispanic origin, according to the 2010 Census. There are approximately 17,000 existing residential units within the Southern Boulevard study area. Almost two-thirds of these units were constructed before 1976, mostly between 1910 and 1939, but with renewed reinvestment in the area, there’s been a growth in housing, and 13% of all units (2,300) were constructed between 2005 and 2014.

In recent years, the neighborhoods surrounding Southern Boulevard have participated in a number of planning processes and have seen public investments, specifically in affordable housing, which have had a significant positive impact on the community. However, there are still a number of gaps and opportunities remaining in addition to the need for a comprehensive approach to the area. The Southern Boulevard planning process will be an opportunity to build on past plans, implement previous recommendations, identify additional needs, and create a unified vision for the area.

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Southern Boulevard Neighborhood Study Current Land Use + Zoning

Land Use01 - One & Two Family Buildings

02 - MultiFamily Walkup Buildings

03 - MultiFamily Elevator Buildings

04 - Mixed Commercial/Residential

05 - Commercial/Office Buildings

06 - Industrial/Manufacturing

07 - Transportation/Utility

08 - Public Facilities & Institutions

09 - Open Space

10 - Parking Facilities

11 - Vacant Land

All Others or No Data.

Buildings

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EAST 167 STREET

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Southern Boulevard Neighborhood StudySouthern Boulevard

ROADSheridan Boulevard Mixed Use Zoning Residential Zoning Shore Public Walkway / BX River Greenway

+- 115’ LANDLAND WATER(front)+- 200’ +- 150’

Strong Housing Stock

Sheridan-Hunts Point Land Use and Transportation Study

New Affordable Housing

Bronx River Parks

A neighborhood snapshot of Assets + Opportunities

Disconnected Retail

Under the 2/5: Traffic, Pedestrian Safety, Lighting, Seating, Greening, & Noise

Stable Homeownership (Charlotte Gardens)

Organized BID: Southern Boulevard BID

Youth Needs

Local Art & Culture

Historic Architecture & Unique Character

(PS98 Herman Ridder)

Strong Community Groups

Vacant Retail

Crotona Park

DRAFT 2016

964fi968 east 167th street, bron, n 10459 · 964fi968 east 167th street, bron, n 10459 3 vacant...

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