2662 kingsbridge terrace, bronx, ny...

LichtensteinRE 5770 Palisade Ave [email protected]

Andrew Lichtenstein, Principal Riverdale New York, 10471 (800) 242-9888

LICHTENSTEINRE The One Stop Real Estate Shop August 2016

Prepared by: Andrew Lichtenstein Tatiana Lichtenstein

2662 Kingsbridge Terrace, Bronx, NY 10463

King of the Hill with Views of Manhattan's East River● Make a Huge Profit. Bargain Opportunity to the Right Buyer.● 1 Family Home Here Now.● Delivered Vacant● Unique Chance for Ready Profitable Development.

Projected Profit ROE ROI

$1,190,303 21% 92%

$2,784,240 25% 172%

Cap Rate Projected Upon CompletionFOR SALE: Seller will Accept all Cash:

10.13%$500,000 ONLY!!! REDUCED FROM $550,000!!!

Compare this to Broker Opinion of Value: $900,203

∞ Proforma Cash on Cash ROI

∞Proforma Projected Cash On Cash ROE Return on Equity Investment Net Income PLUS Principal Reduction

∞Projected Cash On Cash Return on Equity Investment Including Net Income After Debt Service PLUS Add Back Vacancy Allowance, Collection Loss, Replacement Reserves, TILC, 5% Management Fee Plus Amortization Principal Reduction From Debt Service

1.1 = GRM Gross Income Multiplier Projected After Buyer Buys, Develops, and Rents$39,150 = Price Per Unit Projected After Buyer Buys, Develops, and Rents

$127 Price Per Square Foot of Land Area

$58 Price Per Maximum Usable Buildable Square Footage and Air Rights as Residential Building

$41 Price Per Maximum Usable Buildable Square Footage and Air Rights as Residential Building Plus Optional Community Facailty.Square Feet

Subject Property Address Being Sold, Location and DescriptionProperty Address: 2662 Kingsbridge TerraceNeighborhood: Fordham Manor Section ofCity, State, Zipcode: Bronx, New York 10463Location: (Cross Streets Heath Avenue & West Kingsbridge Road)

Block & Lot # Block:3237 Lot: 0091

● 8,685 Square Foot Buildable As of Right Residential, Plus Optional 3,500SF Community/MedicalFacility Development Potential.

● Profit Potential to demo, build, rent up & sell as anordinary market rate rental development. ● Profit Potential to demo, build, rent up & sell as anordinary 13 Family Plus Optional Community Facility market rate rental development. G5

Page 1 of 8

CERTIFICATE OF OCCUPANCY INFORMATION:Property constructed before certificates of occupancy was required. There is no c of o and no "I" cards on record with NYC DOB.

Property and Land Lot Size, Square Footage, Zoning, etc.Zoning District: R6 E-Designation: None Historic District: None Landmark: None

Square Footage Feet Wide Width

Feet Deep Depth Address of Each Property Parcel Lot of Assemblage

4,133* Lot Size Land Square Footage & Land Dimensions: Per Survey Report

3,948 25.67 161 2662 Kingsbridge Avenue Block: 3237 Lot: 91 * Source Property Shark (Buyer must verify)

2.43* Maximum Allowed FAR: 2.2 Narrow Street FAR = 2.20; Wide Street FAR = 2.43Existing FAR As Built: 0.85

R5-D Zoning District Dwelling Unit Factor 680 * Square Feet

3,512 TOTAL EXISTING USABLE BUILDING Square Footage NOW8,685 TOTAL Residential as of right maximum FAR Buildable12.77 Maximum # of Buildable Units Limited by Dwelling Unit Factor

F) 5,17386% Maximum Percentage Usable Square Footage After Loss Factors for Hallways, Stairs, etc.

F)

UNUSED UNBUILT BUILDABLE ADD ON FAR SQUARE FOOTAGE Projected Maximum Potential USABLE Rentable/Saleable Actual Size of All Floor Area Square Feet including balconies including buildable FAR Air Rights after Loss Factor ADDITIONAL : 4,448

7 Projected Additional Units If Buyer Adds Unused USABLE FAR after Closing Assuming Each Unit is 600 Square Feet

0 Existing # of Units

7 Projected Total Number Of Apartments If Buyer Adds Unused USABLE FAR to Existing Number of Apartments

7Actual Number of Additonal Apartments That Can Be Built In Addition to the Existing # of Units Limited by Dwelling Unit Factor 600 Usable Square Feet of Each Interior Additional Apartment to be Constructed

Square Feet

G)TOTAL Residential as of right maximum FAR Buildable 8,685 Assuming Demolition & Construction of Maximum FAR Residential As Of Right Development

* 13 Maximum # of Buildable Units Limited by Dwelling Unit Factor86% Maximum Percentage Usable Square Footage After Loss Factors for Hallways, Stairs, etc.

G)

Projected Maximum Potential USABLE Rentable/Saleable Actual Size of All Floor Area Square Feet including balconies including buildable FAR Air Rights after Loss Factor If Building Were Demolished And Built New From the Ground Up: 7,469

13 Maximum # of Buildable Units Limited by Dwelling Unit Factor If Buyer Demolishes & Builds Maximum as of right residential USABLE FAR after Closing Assuming Each Unit is 585 Square FeetOptional Community Facility Medical Center 3,500 Square Feet Usable SF Community Facility on Ground/Cellar Level

Square Feet

Suggested Construction: Ground Floor Community Facility, Parking Plus Residential Apartments Above.

NOT INCLUDING BONUSES FOR MECHANICAL SPACES, PLUS COMMUNITY FACILITY AND GARAGE

Maximum # of Buildable Units Limited by Dwelling Unit Factor

* March 22, 2016, the City Council adopted the Zoning for Quality and Affordability text amendment Minimum Unit Size - ZQA proposed to eliminate

ADDITIONAL UNUSED UNBUILT BUILDABLE FAR SQUARE FOOTAGE In Addition To Existing Built Structure:

NOT INCLUDING BONUSES FOR MECHANICAL SPACES, PLUS COMMUNITY FACILITY AND GARAGE

DESCRIPTION: Property Consists of an existing 8+/- Bedroom 3,500+/- square foot 2.75 story residential home being delivered vacant. Proposed Construction of up to 8,685 Buildable Square Feet, for 13 apartments with 9 parking spaces. Option to Build Additional 3,500SF Community/Medical Facility.

Page 2 of 8

Projected Layout of Apartment Units and Estimated Comparable Rentals of Different Unit Sizes:

# of Each APARTMENT LAYOUTS:

Market Value Comparable Quality

Rental Apartments Secton 8 Rooms Baths Total # of Rooms

Total Monthly Market Value Of Each Apartment Unit Layout

13 2 Bedroom 1 Bathroom $1,899 4.0 1.00 51$24,253

13 TOTAL Apartments Projected Buildable 51 $24,253 Monthly

$291,037 Annually

51 TOTAL NUMBER OF ROOMSProjected Apartment Layout Summary: Potential for buyer to construct up to 13 (2 Bedrooms) totalling 60 rooms.

Page 3 of 8

Proforma Projected Financial OverviewProforma Projected Income If Property Developed Upon Completion & Rental:

Usable Square Footage Total

# of Apartments RESIDENTIAL INCOME:13 PROJECTED RENTS UPON CONSTRUCTION & RENTAL 7,469 $291,037

Average Rent Per Month $1,899Residential Rent Per Square Foot Per Year $38.97

# of Units COMMERCIAL, RETAIL AND ALL NON-RESIDENTIAL INCOME:

9 Projected Number of Parking Spaces $250 /Month/Space $26,820

1 Community Facility Medical Office $45 PSF 3,500 $157,500

10 0% 3,500 $184,320Commercial & Retail Rent Per Square Foot Per Year Square Feet

$45.00

TOTAL GROSS ANNUAL RENTAL INCOME ACTUAL & PROJECTED ALL SOURCES: $475,357Residential Vacancy & Collection Allowance: -5% ($14,552)

Commercial Vacancy & Collection Allowance: -5% ($9,216)

EFFECTIVE GROSS INCOME (EGI) After Vacancy & Collection Allowance: $451,589EXPENSES: (Estimated Ordinary Operating Expenses)Projected Ordinary Operating Expenses Upon Completion of Rental: (Excluding Capital Expenses & Improvements)* Real Estate Taxes 2016 Actual Current $3,111Water & Sewer $0.50 /SF $4,342Insurance (Actual) $500 /Unit $6,386Heating Fuel Common Areas: Tenants Will Be Directly Privately Metererd 0 $0Utilities: Electricity Common Areas: Tenants Will Be Directly Privately Metererd 0 $0Labor Payroll $4,800Repair & Maintenance: as per Seller $550 /Unit $7,024Management Fee (Estimate For New Buyer) 3% $13,548Residential Replacement Reserves Per/unit/year Underwriting Analysis $200 /Unit $2,554

TOTAL ORDINARY OPERATING EXPENSES: (Estimated) $41,765Expenses Per Unit Per Year ($3,270)

Expenses Per Square Foot Per Year ($5.59)

Expenses As Percentage of EGI 9%

NOI BDS: $409,824A) PRICING METRICS

PRICE Seller will Accept All Cash $500,000

B)

NOI BDS: $409,824B) Add Back Vacancy, Collection, TILC, Replacement Reserves & Management Fee $39,870

$449,693

B) True Value To Efficient Hands On Self Managed Buyers, but not All Lenders, Appraisers will value it based on the following:

NET INCOME PROJECTED Before Debt Service Annually: NOI BDS (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.)

B) NET INCOME CURRENT PROJECTED (Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.)

Square Feet (Estimate)

TOTAL COMMERCIAL/RETAIL GROSS ANNUAL RENTAL INCOME:


Proforma Projected Income If Property Developed Upon

Completion & Rental:

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PROJECTED RESALE VALUE UPON COMPLETION OF DEVELOPMENT, RENTAL & RESALE:

NOI BDS: $409,824C) Cap Rate: Projected Resale Value Upon Completion of Construction Development(All Cash Purchase Cash On Cash Return On Investment): (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.)

Reasonable Conclusion 6.0% $6,830,393

Projected Upon Development GRM = Gross Rent Multiplier 14.37

Projected Upon Development Price Per Unit 13 $534,816

Projected Upon Development Price Per Square Foot 8,685 $786


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D2) PROPOSED TAKEOUT PERMANENT FINANCING UPON COMPLETION OF CONSTRUCTION AND RENTAL: (Subject to lender approval & closing.)Optional Possible PRE-APPROVED FINANCING offered via 1% MORTGAGE BROKER FEE to ANDREW LICHTENSTEIN, INC. at closing.10 Year US Treasury Index Yield 1.67% As of Date: 6/22/2016 subject to change until rate locked.Spread 2.14%

FIXED INTEREST RATE: 3.81% FIXED FOR 10 YEARS WITH 30 YEAR AMORTIZATION SCHEDULEAmortization Schedule in Years 30 A

$5,464,314Projected As Completed Property Value as Stabilized Rental: $6,830,393LTV (Estimated Based on Cap Rate PROJECTED RESALE VALUE, & I&E Above): 80%

G4)($4,046,153)

NOI BDS: $409,824D2) DS: ($305,910)

Rate Constant: [Formula: Annual Debt Service P & I Divided By Mortgage Amount Borrowed] 5.60%

DSCR = Debt Service Coverage Ratio [Formula: NABDS/Annual Debt Service] (1.34)

Debt Yield: [Formula: NABDS/Lender's Proposed First Mortgage] 7.50%

LTV (Estimated Based on Cap Rate PROJECTED RESALE VALUE, & I&E Above): 80%

NOI ADS: $103,914

D2) DS: ($1,418,162)

D2) ROI: ∞D2)Amort. $99,444

D2) $203,358

D2) ROE: ∞

Add Back Principal Reduction Amortization Equity Buildup:TRUE INITIAL TOTAL RETURN: NOIADS PLUS AMORTIZATION PRINCIPAL REDUCTION From DEBT SERVICE: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty If Applicable, etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)

True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Amortization Principal Reduction: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error)


Debt Service Principal & Interest Payments Annually: (Projected Estimate Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)

NET INCOME PROJECTED AFTER DEBT SERVICE From Proposed New Financing: NOI ADS: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)

Cash Equity Required to Buy Over And Above Proposed New Financing Herein: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable, etc. Subject to Change & Error)

CASH OUT, NO CASH EQUITY AFTER REFINANCING

ROI: Initial Cash On Cash Return on Investment With Proposed New Financing:(Cash Flow Divided by Equity Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty If Applicable etc. Subject to Change & Error)

First Mortgage Offer Proposed by Lender of Mortgage Broker Andrew Lichtenstein, Inc.

Cost Basis Purchase Price Plus (G3) Hard & Soft Cost of Ground-Up Construction , before closing costs

Page 6 of 8

E) E) True Value To Efficient Hands On Self Managed Buyers, but All Lenders, Appraisers will not value it based on the following:

NOI ADS: $103,914E1,E2&E3) $39,870D2)Amort. $99,444

E4) $243,228

D2) DS: ($1,418,162)

E5) ROE:

∞

TRUE INITIAL TOTAL RETURN: NOIADS PLUS ADD BACK VACANCY, COLLECTION LOSS, REPLACEMENT RESERVES, 5% MANAGEMENT FEE PLUS AMORTIZATION PRINCIPAL REDUCTION From DEBT SERVICE: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty If Applicable, etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)

Cash Equity Required to Buy Over And Above Proposed New Financing Herein: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable, etc. Subject to Change & Error)

CASH OUT, NO CASH EQUITY AFTER REFINANCING

True Initial Cash On Cash Return on Equity Investment Including Net Income After Debt Service PLUS Add Back Vacancy Allowance, Collection Loss, Replacement Reserves, TILC, 5% Management Fee Plus Amortization Principal Reduction From Debt Service: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error)

NET INCOME AFTER DEBT SERVICE From Proposed New Financing: NOI ADS: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)

Add Back Vacancy, Collection Loss, Replacement Reserves, TILC and 5% Management Fee

Add Back Principal Reduction Amortization Equity Buildup:

Page 7 of 8

G)

G1) NOI BDS: 13 $409,824

G2) 6.00% $6,830,393

($300,000)Estimated Costs to Construct Parking assuming 4,000 SF x $50 PSF ($200,000)

3,500 $250 ($875,000)

G3) 8,685 $250 ($2,171,153)Minus PRICE Seller will Accept All Cash $500,000 $500,000

G4) ($4,046,153)

G5) $2,784,240

40% $1,618,461G7) 10.1%

Projected GRM Gross Rent Multiplier Upon Completion: 8.5G8) 25.32%G9) 172.03%

Highlights, Notes, Remarks, Comments, Conditions and Some Known Violations:● Valuable desirable location with views of Manhattan East River.● Possibility to construct Multifamily building with 13 residential apartments, plus 9 Parking Spaces.

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Contact Seller's Exclusive Broker ONLY: Andrew Lichtenstein (800)242-9888 [email protected] Do Not circumvent Broker. No site access without Broker appointment.Cooperating Buyer's Broker will be paid 25% to 50% of the fee received from Seller by Broker ALI. (Fee Currently Set at 4%)This opportunity is limited and restricted to a single Institution or Accredited Investor. The statements, figures and information including financial analysis regarding this opportunity, business, affiliates, or affiliated matters or any of the numbers or of any economic value attributable to the subject investment et al etc. herein or provided hereafter at all times are received from sources believed to be reliable and authoritative, but no representation, warranty, or guarantee is made, express or implied or is to be relied upon, as to its accuracy, correctness or completeness and all is subject to errors, inaccuracies, omissions, withdrawal, cancellation, modification, constantly changing conditions, price, terms, rate, availability, prior sale, lease, rental, occupancy, vacancy, collection, arrears, approval, closing, financing, placement or other conditions, etc. all without notice and we hereby disclaim any duty or obligation to update such information. As with any real estate or business transaction, the principle of caveat emptor applies, and anyone considering this opportunity must perform their own independent due diligence investigation and personally vet anything related to herein verify all information and bear all risk for any inaccuracies, error, omission etc. Independent estimates of business, financial, investment or economic attributes should be developed with due diligence of and are advised to be represented by legal counsel and independent professionals before any decision is made regarding this. References to square footage or age are approximate, or estimated. This summary is for information only and does not constitute all or any part of an offer or contract. The materials and information shall not constitute an offer or a solicitation of an offer for the purchase or sale of any securities whatsoever or in any business affiliated herein, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This is not an offering, we are not licensed to solicit or sell securities. An offering may only be made by means of a prospectus supplement and accompanying base prospectus or confidential Private Placement Memorandum. To the extent that any information is deemed to be a 'forward looking statement' as defined in the rules and regulations of the Securities Act of 1933 or of the United States Private Securities Litigation Reform Act of 1995, as amended, such information is intended to fit within the 'safe harbor' provisions for forward looking information and is subject to material risk factors which may or may not be disclosed herein. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. We, and any business affiliated with us, do not intend to make any investment representations about opportunities and should not be viewed as such. This message is for the named person's use only. This is the product of confidential proprietary information from Andrew Lichtenstein, Inc. whom you must pay, and protect that same is paid and not circumvented. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any erroneous transmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. Unless otherwise stated, any pricing information given in this message is indicative only and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation. This message cannot be considered spam as long as we include the way to be removed, Paragraph (a)(c) of S. 1618. To be removed from receiving further communication just call toll free 24 hours a day 800-242-9888, or fax to our 24 hour fax line 866-591-1138 reply “REMOVE” with your fax number, or email reply Unsubscribe REMOVE in the subject line and tell us the fax number or email address this was sent to. This message is sent in compliance of the new email bill section 301. Under Bill S. 1618 TITLE III passed by the 105th US Congress.

Seller's Required Terms and Conditions of Sale: All Cash. Unconditional agreement of sale to be signed by buyer upon completion of buyer’s due diligence with 10% non-refundable deposit closing in “As Is” condition, subject to any and all violations, without any contingencies except good marketable insured title at closing. Buyer must sign Broker ALI's Buyer Registration NCCFA Non-Circumvention and Conditional Andrew Lichtenstein, Inc. 1% Financing brokerage Agreement and if Buyer requires property inspection and receipt of confidential seller due diligence this shall be made available to only bona fide buyer who first submits letter of intent offer to buy satisfactory to Seller "subject to satisfactory property inspection and due diligence that includes Buyer's proof of cash funds for the required equity over proposed mortgage financing."

Projected Cap Rate Upon Completion:

Projected Initial Annual Cash On Cash Return On Equity Investment: (G1 divided by G6) =Projected Return On Investment Projected Resale Upon Completion of Buildup & Rentup: (G5/G6) =

Minus Estimated Hard & Soft Construction Costs to Build Optional Community Facility SF x $PSF: Gross Buildable Square Feet Minus Estimated Hard & Soft Construction Costs to Build SF x $PSF: Gross Buildable Square Feet

Cost Basis Purchase Price Plus (G3) Hard & Soft Cost of Ground-up Construction, before closing costsProjected Profit Assuming Construction of Unused FAR if resold at Projected Value Upon Completion of Construction: G2 - G4 =G6) Estimated Cash Investment Required if Buyer Builds With 40% of Project Cost Basis In Cash and Borrows 60% LTC New Construction Financing Mortgage:

POTENTIAL VERTICAL DEVELOPMENT ALL FAR AIR RIGHTS NEW BUILDABLE SQUARE FOOTAGE ON VACANT LAND with Optional Excavation, Demolition & Bedrock Removal: PROJECTED NET INCOME IF PROPERTY IS CONSTRUCTED Before Debt Service Annually: NOI BDS with on site parking plus total projected number of apartments: (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.)

Projected Capitalized Future Potential Resale Value of Property Upon Buyers Completion of Ground-up After Closing:Optional Excavation of Bedrock & Demolition of Buildings ESTIMATED COSTS

Page 8 of 8

Cheapest bedrock excavation contractor & General Contractors that I know of The person below is someone I met at an excavation site. He was removing bedrock and operated the hydraulic excavator heavy construction equipment with pneumatic Jack Hammer attachment to the boom, dipper stick, bucket and rotating platform cab with rubber tracks in Riverdale and excavated a tremendous site that was pure granite bedrock.

The following was quote on a DIFFERENT property You can use this as a guide but is not a representation and has no bearing on the required contract for the property being sold “as is.”

Carlos 914-618-1631 Fully Insured/Free estimate-Excavation, Foundation, Demolition, Concrete, Water Proofing. Fully Insured

His wife’s email address is: [email protected] Fully Insured/Free estimate- His Brother’s cell 860-209-0081

Carlos give me a verbal quote once on a similar Bronx lot that was entirely on bedrock. The estimated budget for demolition and excavation is based on a quote received from site at 71 West 174th Street Bronx. Carlos the excavation contractor gave me the following quote on that huge bedrock filled Bronx site that had bedrock 30+ feet high above the curb. “$100 per cubic yard excavation once I break it up into loose materials

Choice of 2 options: A) Cost: $68,000 for first 20 feet back to face of building that is sitting 25 feet back from the front lot line. This if you want to build the building on the same level that the building is sitting on right now or retrofit the current structure with new construction on, above and behind it. Turnaround time :20 days;

Or B) Cost: $400,000 to excavate flat to the curb level the entire lot that is 75 feet wide x 132 feet deep = 9,900 square foot lot size that has bedrock throughout where the site rises up to 30+ feet high complete site excavation. Price Formula: = $40.40 Per Square Foot Lot that has huge hill filled with bedrock.” Turnaround time: 3 month plus concrete retaining wall, if required. ************************************************************

Cheap General Contractors: Prices Quoted Over the Phone: Aaron Choi Building Protectors Inc. & ABC Testing Service Inc [email protected]; [email protected] General Contractor & Architect 64-70 Maurice Avenue Maspeth NY 11378 Fax: 718-732-2778 14337 38th Avenue Apartment 5p Flushing, NY 11354 KenLee So, S&K Building Systems- Architect 917-968-5925 bp-nyc.com

9/2016 $175 pbsf. Architect $15,000 to $20k; Permit demolition plan, construction,

foundation, fence, electrical, plumbing $2kto $3k per permit;

4-6 months DOB time to get architecturalconstruction plan approval.

1/'17 $150PBSF hardcost only WoodFrame Bronx;

$150pbsf 4 story brick & block Bronx;

$170pbsf 8 story brick block Bronx

Yedidya Blau Yedid Builders 718-522-3734 Cellphone: 347-986-9482 [email protected] General Contractor 157 Wallabout Street - Suite 4-P Brooklyn NY 11206 713 Myrtle Ave, Brooklyn, NY 11205 22 Lenore Ave APT 214 Monsey, NY 10952 yedidbuilders.com

$170 pbsf 9/2016.

Mr. Dee Dharminder Singh OM General Contractors Corp 718-585-5464 718-666-1961 [email protected] President 250 East 139th Street Bronx NY 10451 Fax:718-585-5463

$150 to $225 psf general contractor. Exterior restoration & roofing specialist

Comparable Sales and BOV

Valuation

Subject Properties:#1

Comparable Building Sold

#2 Comparable

Building Sold

#3 Comparable

Building Sold

#4 Comparable

Building Sold

#5 Comparable

Building Sold

#6 Comparable

Building Sold

#7 Comparable

Building Sold

#8 Comparable

Building Sold

#9 Comparable

Building Sold 9Addresses of Subject Property and Comparable Building Sales For Appraisal

2662 Kingsbridge

Terrace

929 East 215th Street

Bronx, NY 10469


Bronx, NY 10469


Bronx, NY 10469


Bronx, NY 10469

841 Tilden Street

3564 Paulding

Avenue


2880 Jerome Avenue

727 East 217 Street

TOTAL of ALL These SOLD BUILDING Comparables

AVERAGE of ALL These SOLD BUILDING Comparables

Borough Bronx, NY Bronx, NY Bronx, NY Bronx, NY Bronx, NY Bronx, NY Bronx, NY Bronx, NY Bronx, NY Bronx, NY

Neighborhood Fordham Manor Williamsbridge Williamsbridge Williamsbridge Williamsbridge Williamsbridge Williamsbridge Williamsbridge Bedford Park Williamsbridge

Zipcode 10463 10469 10469 10469 10469 10467 10469 10469 10468 10467

Block & Lot # Block: 3237 Lot: 91 Block: Lot: 4686-0019 Block: Lot: 4686-0019 Block: Lot: 4686-0019 Block: Lot: 4686-0019 Block: Lot: 4671-3 Block: Lot: 4695-34 Block: Lot: 4681-58 Block: Lot: 3319-46 Block: Lot: 4665-37

Building Class B3 Two Family Frame (B2)

Two Family Frame (B2)




Two family Brick (B1) Shed (Z0) Two Family Frame (B2)

Two family (B3)

Date Closed FOR SALE NOW 5/4/2012 4/1/2012 5/16/2012 4/25/2012 5/12/2016 2/26/2016 6/7/2016 7/30/2015 5/10/2016

Gross ACTUAL BUILT USABLE Square Footage 3,512 3,018 3,018 3,018 3,018 1,728 1,920 682 2,813 1,332 20,547 2,283

Price Sold $/PSF FOR SALE NOW $189 $187 $181 $181 $463 $323 $614 $640 $338 $307Price Sold $/Unit FOR SALE NOW $285,750 $281,500 $273,500 $272,500 $400,000 $310,000 $419,000 $900,000 $225,000 $371,500$ Land PSF=Price Sold/Land SF FOR SALE NOW

$290 $286 $278 $277 $152 $344 $160 $262 $116 $223PRICE SOLD FOR SALE NOW $571,500 $563,000 $547,000 $545,000 $800,000 $620,000 $419,000 $1,800,000 $450,000 $6,315,500 $701,722Transfer Type

FOR SALE NOWNormal Normal Normal Normal Normal Normal Normal Normal For

Development Normal

Year Built 1901 2011 2011 2011 2011 1925 1960 1930 1910 1920

# of Residential Units 1 2 2 2 2 2 2 1 2 2 17 2# of Stories High 2.75 2 2 2 2 2 2 2 2.75 2

Lot Size Land Area Square Footage 3,948 1,971 1,971 1,971 1,971 5,265 1,800 2,625 6,860 3,885 28,319 3,147Zoning R6 R4 R4 R4 R4 C1-4/R4 & R6A R8

Photos

Total # of Units 1 2 2 2 2 2 2 1 2 2 17 2Source: Public Records, CoStar, PropertyShark, Loopnet, etc.

2 Family Homes Comparable Nearby Sales Report BOV VALUATION

Subject PROPERTY OR COMBINED PROPERTIES

#1 Comparable Building

Sold

#2 Comparable

Building Sold 2Addresses of Subject Property and Comparable Building Sales For Appraisal

2662 Kingsbridge

Terrace 3802 White Plains Road

920 E 231st Street

TOTAL of ALL These SOLD BUILDING Comparables

AVERAGE of ALL These SOLD BUILDING Comparables

Borough Bronx Bronx Bronx

Neighborhood Fardham Manor Williamsbrudge, Olinville Pelham Parkway

Zipcode 10463 10469 10468

Block & Lot # Block: 3237 Lot: 91 Block: 4667 Lots: 48 Block:4866 Lot: 59

Building ClassB3

Vacant Land - Not Zoned Residential or Manhattan

Below 110 St (V1)Vacant Land

Date Closed FOR SALE NOW 5/18/2015 4/4/2006

Gross ACTUAL BUILT USABLE Square Footage 3,510 0 0 0 0

Price Sold $/FAR Maximum Allowed Multiplier Times Building Base Area

FOR SALE NOW

$103 $232 $128.89

$ Land PSF=Price Sold/Land SF FOR SALE NOW

$250 $209 $233PRICE SOLD FOR SALE NOW $1,000,000 $572,400 $1,572,400 $786,200Year Built 1901

Building Built Feet Deep Depth 45 0 0

Building Dimensions 19Ft. x 45Ft. Ft. x Ft. Ft. x Ft.Building Built Feet Wide Width Frontage 19 0 0# of Commercial or Retail Units 0 0 0

FAR as Built 0.85 0 0# of Residential Units 0 0 0 0Sq. Ft. Over FAR

# of Stories High 2.75 0 0Year Last Altered

Corner Lot? Yes or No NO

Lot Size Land Area Square Footage 3,948 4,004 2,744 6,748 3,374Lot Depth Feet 161 80.08 110

Lot Dimensions 25.67Ft. x 161Ft.50 ft x 80.08 ft 25 ft x 110 ft

Lot Wide Width Frontage Feet 25.6750 25

Zoning R6 R4, Bronx (C3)

Photos

Total # of Units 2 0 0 0 0Maximum Allowed FAR 2.20 2.43 0.90Maximum Potential Available Buildable Usable SF FAR Air Rights (Ignoring existing structure)

8,686 9,730 2,470 12,199 6,100

Price Sold $/FAR Per Each Total Buildable Square Foot(Ignoring existing structure) FOR SALE NOW

$103 $232 $129

Unused Buildable Square Footage FAR 5,176 9,730 2,470 12,199 6,100

Source: Public Records, CoStar, PropertyShark, Loopnet, etc.

V2VACANT LAND BOV VALUATION

2 =3

4 A1 A2 B C = V1 V2 =Average V1 & V2 VALUE CONCLUSION: =

VALUATION METHODOLOGIES:

CONCLUSION: Value of Subject Property Based On Average of the All These Valuation Methodologies A & B

AVERAGE VALUE OF 1, 2 & 3

RECONCILED VALUE AND

UNIMPROVED "AS IS" VALUE

Seller's Asking Price:

Maximum Buildable Square Foot If Developed 8,685 8,685 # of Units

Assuming You constructed this number of units 13

Maximum Potential Available Buildable Usable SF FAR Air Rights (Including or Ignoring existing structure as if it were demolished and biggest building constructed)

8,685

Subject Property Lot Size Land Area Square Footage:

3,948 3,948 3,948

Comparable Market Value Indexes: A:$ Per Existing Sq.Ft.; B:$ Per Unit; C:$Per Max Buildable SF;

$307 $293 $371,500 $223 $223 $233 $228

Subject Property Appraisal BOV $2,669,375 $2,544,591 $4,829,500 $1,936,866 $2,995,083 $880,455 $919,952 $900,203 $1,937,769 $550,000

Price Per Unit at Valuation Conclusion: $148,990 $230,391 $67,727 $70,766 $69,246 $149,059 $42,308Price Per Square Foot at Valuation Conclusion: $223 $345 $101 $106 $104 $223 $63

2662 Kingsbridge

Terrace Bronx, NY

10463

$PSF Valuation of Subject

Property: Price Per Projected As

Completed Buildable

Square Footage Based on Most

Relevant Comparable B2 TWO 2 Family

Homes Properties SOLD

Data In This Report:

$PSF Valuation of Subject

Property: Price Per Projected As

Completed Buildable

Square Footage Based on Most

Relevant Comparable

CONDOMINIUM APARTMENTS SOLD Data In

Separate Report:

Value of Subject Property Based on the Average Price per Unit Buildings Sold

Data In This Report:

Value of Subject Property Based at

Average Comparable Sales

Price Per Maximum Buildable FAR

Square Foot Sold times Subject

Property's Maximum Buildable

FAR Sq Ft including Air

Rights:

UNIMPROVED "AS IS" Value of Subject

Property Based on Comparable Average

Price Paid of Land Under 2 Family

Homes Sold Nearby Times Per Square

Foot. Price Sold=Price Sold/Land SF:

Vacant Unimproved Land

Sold "AS IS" Value of

Comparable Lots Sold Times Land Square Footage This Property.

Price Sold=Price Sold/Land SF:

Prepared: 10/23/2014

Tenant UseSquare Footage

Lease Expiration

Lease Inception Monthly Rent

$ Per Square Foot Per Year Rent

Medical Offices On Retail Street Level 2,854

10/30/2026 Plus Two (5)

Year Renewal Options

2015 (New Lease) $18,039.00 $75.85

Radiology 5,400 7/31/2022 08/01/2012 $18,727.00 $41.62Medical Offices On Retail Street Level 2,020

1/31/2023 01/21/2013 $6,009.50 $35.70

Medical Offices On Retail Street Level 1,980

1/31/2023 01/21/2013 $5,890.50 $35.70

Medical Offices in building interior

NOT retail 7002/28/2018 03/01/2013 $2,142.00 $36.72

Medical Offices in building interior

NOT retail 4,86011/30/2024 08/31/2012 $14,871.60 $36.72

Total Square Feet: 17,814 $43.72

Community Facility Actual Current Comparable Rents Paid In Kingsbridge Section of Riverdale.

Addresses are confidential but will be released to qualified buyer who submits offer that is accepted by the seller.

Average Annual Rent Per Square Foot Community Facility Tenants in Kingsbridge Section of

Riverdale

ZILLOW Value Estimate:

View of East River/Harlem River and Bridge to Kingsbridge Riverdale Broadway

BAYOMI ARCHITECT, PC

613 EAST 187TH STREET, #3

BRONX, NY 10458

November 09, 2016

RE: 2662 KINGSBRIDGE TERRACE, BRONX, NYC ZONING BUILDABLE SQUARE FEET.

Block: 3237; Lot 91

Zoning District = R6; MAP 3C

Lot Area = 3,947.55 sf (25.67’ x 161’)

23‐151 Minimum Required Open Space Ratio and Max. Floor Area Ratio in R6 District.

For a Height Factor of 6: Min. OSP =30.0

Residential Construction Using 2.20 FAR:

2.20 FAR (narrow street) under quality housing 55 foot height limit = 6 stories high

Max. Buildable Floor Area allowed = Lot Area x 2.20 = 3,947.55sf x 2.20 = 8,684.61 Square Foot Buildable Limit Residential Floor Area.

At 6 stories building height, total sf / floor = 8,684.61 sf/6 = 1,447.44 sf. Per floor

/25 foot wide frontage

= 57.90 foot deep depth construction of the residential portion only.

23‐20 Density Regulations.

23‐21 Required Floor Area per Dwelling Unit in R6 inclusive

23‐22 Max. # of Dwelling Units in R6

Factor = 680, total # of DUs = total buildable floor Area / 680

= 8,684.61sf / 680 = 12.77 Units. (Round Up to 13 apartments)

Building Footprint Should be 25’ x 57.9’ = 1,447.50 sf building footprint

25’ x 57.9’ suggested building footprint x 6 stories high to reach the 8,685 sf buildable limit

Based on a preliminary zoning calculation performed on the property referenced above, a residential apartment building combined with a community facility located on the first floor can as of right be erected.

PARKING for Residential Apartments Requirement:

Parking requirement for property lots under 10,000 SF

50% of residential dwelling units

Need 50% parking units 13 apartments/2 = 6.5 round up to 7 parking spaces required.

Alternative Footprint Option:

60% lot coverage maximum footprint allowed on a lot under ”height factor option” leaving 40% open space

= 2,368.53 maximum footprint divide by 25 foot lot width = 94.73 foot deep (if you want a low and dense building

COMMUNITY FACILITY:

23 feet high community facility permitted therefore 1 or 2 story

Community facility height is NOT counted in the residential zoning height limit.

So if you decide to construct the 6 story residential on top of 2 story community facility the 8 story final product is not limited to 6 stories because the count for zoning purposes starts on the first floor of residential area.

23‐24

For a building containing multiple uses in R6 inclusive, (Example‐Residential + Community Facility), the maximum number of Dwelling units permitted on the zoning lot shall equal the total residential floor area permitted on the zoning lot after deducting any non‐residential floor area, divided by the applicable factor of 680.

24‐162

The Max. FAR for Community Facility = 1

Therefore, a total of 3,947.55sf of Community Facility space can be erected on one floor or on 2 floors at 1973.775 sf each.

PARKING for Optional Community Facility Requirement:

Community facility parking ratio FAR = 1 so a building can cover the entire lot footprint

1 parking spot for every 400 sf lot area is required for community facility

3,947.55 lot size

/400 sf

= 9.87 round up = 10 parking spaces

10 parking spaces BUT parking requirement is automatically waived if below 25 parking spaces

0 parking spaces REQUIRED

If building is only Community Facility, the Total FAR = 4.80 and the total buildable Floor Area = 3,947.55 x 4.80 = 18,948.24sf.

Principal Architect.

Lawrence A. Ogunlade, RA

Photos of Existing Home Being Delivered Vacant Ready for Rehab or for Demolition Backyard

Bathroom Bedroom #1

Bedroom #3 Bedroom #4

Bedroom #5 Bedroom #6

Bedroom #7 & 8 or Recreation Room Formal Dining Room

Fireplace in Formal Dining Room Wooden Staircase with Wood Wall Molding Detail Craftmanship

Kitchen #1

Kitchen #2 with door to backyard Heating System

The Property is Located in The Bronx




Located north of Manha an and Queens, and south of Westchester County, the Bronx is the only borough that is located primarily on the mainland. Its popula on is 1,385,108 according to the 2010 United States Census. The borough has a land area of 42 square miles (109 km2), making it the fourth‐largest in land area of the five boroughs, the fourth most populated, and the third‐highest in popula on density.

The Bronx is divided by the Bronx River into a hillier sec‐on in the west, closer to Manha an, and the fla er

eastern sec on, closer to Long Island. Technically, the West Bronx is divided from the East Bronx by Jerome Avenue—the con nua on of Manha an's Fi h Ave‐

nue—making the West Bronx roughly one‐eighth the size of the East Bronx.

Although the Bronx is the third most densely populated county in the U.S., about a quarter of its area is open space, including Woodlawn Cemetery, Van Cortlandt Park, Pelham Bay Park, the New York Botanical Garden and the Bronx Zoo in the borough's north and center, on land deliberately reserved in the late 19th century as urban development progressed northwards and east‐wards from Manha an. (Wilkipedia)

Associated Press Fans at the 1952 Dodgers-Yankees World Series.

Bronx Children Walking to School

Jerome Raguso, known locally as the Cannoli King of Arthur Avenue, has lived his whole life above the family bakery in New York’s other Li le Italy.

Gone are the days when he and his buddies threw some wood in a metal garbage can to grill steaks or set up tables on the sidewalk to dig into plates of his mom’s pasta. But vanishing too are the gangs, violence and drugs that gave a local police precinct the moniker ‐‐ celebrated in a 1981 movie tle ‐‐ “Fort Apache.”

The poorest borough in New York is shaking off the embers of the 1970s, when arson was so rife that “The Bronx is burning” became a catch phrase. The South Bronx has been rebranded as “SoBro,” featuring sushi bars, lo s and bou‐que hotels a rac ng European tourists.

“We really believe the Bronx is up and coming,” said Doug‐las Brookman, director of opera ons for Empire Hotel Group, which opened a hotel in 2013 in the once‐dilapidated Bronx Opera House ‐‐ a vaudeville venue that hosted the Marx Brothers and Harry Houdini.

The climb will be arduous.

Almost 30 percent of the Bronx’s 1.4 million residents live

at or below the poverty line. Although its 9.3 percent unem‐ployment rate in December resulted from the steepest drop (1.3 percentage points) among the boroughs in 2014, it re‐mained the highest, and compared unfavorably with the citywide rate of 6.4 percent. It ranked last in job growth between 1990 and 2014, at 17.7 percent, according to the state Labor Department.

Immigrant Draw

The northernmost of the city’s five boroughs and home to Yankee Stadium and the 265‐acre Bronx Zoo, the Bronx ac‐commodated a genera on of middle‐class sons and daugh‐ters of immigrants in the early and mid‐20th century. While Art Deco apartment buildings s ll line the boulevards of the Grand Concourse and Jerome Avenue, the borough strug‐gled to recover from white flight and subsequent depreda‐ons.

“The biggest challenge is ge ng rid of the outdated s gma that people s ll have about the borough,” Bronx Borough President Ruben Diaz Jr. wrote in an e‐mail.

With Brooklyn and now Queens rapidly gentrifying, the Bronx endures as a des na on for immigrants who swell

Jerome Raguso, known locally as the Cannoli King of Arthur Avenue, has lived his whole life above the family bakery in New York’s other Li le Italy.

Gone are the days when he and his buddies threw some wood in a metal garbage can to grill steaks or set up tables on the sidewalk to dig into plates of his mom’s pasta. But vanishing too are the gangs, violence and drugs that gave a local police precinct the moniker ‐‐ celebrated in a 1981 movie tle ‐‐ “Fort Apache.”

The poorest borough in New York is shaking off the embers of the 1970s, when arson was so rife that “The Bronx is burning” became a catch phrase. The South Bronx has been rebranded as “SoBro,” featuring sushi bars, lo s and bou que hotels a rac ng European tourists.

“We really believe the Bronx is up and coming,” said Douglas Brookman, director of opera ons for Empire Hotel Group, which opened a hotel in 2013 in the once‐dilapidated Bronx Opera House ‐‐ a vaudeville venue that hosted the Marx Broth‐ers and Harry Houdini.

The climb will be arduous.

Almost 30 percent of the Bronx’s 1.4 million residents live at or below the poverty line. Although its 9.3 percent unemployment rate in December resulted from the steepest drop (1.3 percent‐age points) among the boroughs in 2014, it remained the high‐est, and compared unfavorably with the citywide rate of 6.4 percent. It ranked last in job growth between 1990 and 2014, at 17.7 percent, according to the state Labor Department.

Immigrant Draw

The northernmost of the city’s five boroughs and home to Yan‐kee Stadium and the 265‐acre Bronx Zoo, the Bronx accommo‐dated a genera on of middle‐class sons and daughters of immi‐grants in the early and mid‐20th century. While Art Deco apart‐ment buildings s ll line the boulevards of the Grand Concourse and Jerome Avenue, the borough struggled to recover from white flight and subsequent depreda ons.

“The biggest challenge is ge ng rid of the outdated s gma that people s ll have about the borough,” Bronx Borough President Ruben Diaz Jr. wrote in an e‐mail.

With Brooklyn and now Queens rapidly gentrifying, the Bronx endures as a des na on for immigrants who swell the drab post‐war high‐rises ‐‐ like 1520 Sedgwick Ave., the birthplace of hip hop. Spanish is the mother tongue of a La no majority. What a racts new arrivals is the affordable housing coupled with the decline in crime.

The median price of single‐to‐three‐family homes, co‐ops and condominiums was about $317,000 in the last three months of 2014, $8,000 less than 10 years ago, said Jonathan Miller, presi‐dent of Miller Samuel Inc., a residen al‐property appraiser in New York. Median housing prices in Brooklyn increased 44 per‐cent to $585,000 in the same period, he said.

Bargain Rents

Rents also are compelling. For $1,650 you can find a three‐bedroom apartment in Mo Haven, the trendiest part of the Bronx, the price of a studio in the eastern‐most end of the Up‐per East Side.

“We don’t think gentrifica on is a bad word, but we have to figure out what that means for us”, said Marlene Cintron, presi‐dent of the Bronx Overall Economic Development Corp. “We want the Bronx to remain the place where more languages are spoken than any other borough, and where kids who go away to college want to and can afford to return.”

That might be a tough sell. Those who make it big stay gone. Jennifer Lopez ‐‐ aka “Jenny from the block” ‐‐ has a penthouse in Manha an and a place in the Hamptons. Chazz Palminteri, who wrote and starred in the autobiographical film “A Bronx Tale,” lives in Westchester County.

Annabel Lee

It’s hard to imagine the Bronx was once open countryside, not even part of the city. Yet there are reminders of the bucolic past: from leafy Riverdale to a ny wood co age that was the last home of Edgar Allan Poe.

While the Yankees ‐‐ known as the Bronx Bombers ‐‐ remain a major draw for baseball fans and families take the kids to the zoo or Botanical Gardens, other New Yorkers have li le reason to cross into what remains a compara ve wasteland with li le in the way of entertainment ‐‐ just one bookstore and two movie theaters.

What the Bronx has in abundance are vexing social problems. It came in last in a statewide ranking for health and educa on. Diaz said in his State of the Borough address that only 18 per‐cent of working‐age Bronxites got a college degree, compared with 60 percent of Manha anites.

On the other hand, crime has plummeted, with only 95 homi‐cides last year compared with 653 in 1990. More than 16,000 housing units are under construc on, half of them subsidized. Mayor Bill de Blasio plans to create a 73‐block swath of hous‐ing, shops, offices and schools along a stretch of Jerome Ave‐nue served by the subway, a project that could change the way New Yorkers view the Bronx.




In the last three years, investors bought 156 mul family buildings in the South Bronx, a total of 4,330 units, nearly twice the 2,450 units sold between 2010 and 2012.




Points of Interest Near the Property

Kingsbridge Armory

One of the treasures of the Bronx sits between the Jerome Park, Kingsbridge, and Fordham neighborhoods. The Kingsbridge Armory is an early 20th century example of fine Romanesque architecture for a commercial purpose. And since military opera ons remain dormant, this armory has gone through a slew of func ons, leading to today's poli cal ba le for redevelopment. Un l change is brought forth, this will remain somewhat of a structure in limbo. In the mean me, it is one of the Bronx finest architectural gems.

From the Forgo en Book:

The Kingsbridge Armory, on West Kingsbridge Road between Jerome and Reservoir Avenues, was at one me considered a prime NYC tourist a rac on: in its tourist heyday in the 40s and 50s it was home to bicycle races and boat shows.

The Armory was built from 1912‐1917 by architectural firm Pilcher and Tachau as a muni ons storage area; when built it supposedly was the largest armory in the world. The interior dirt drill deck measured 300×600 feet. The Armory housed the 258th Field Ar llery; the unit has its roots as a military escort for George Washington at his first inaugura on. It is the largest of New York City’s remaining armories, and at one me was the largest in the world. The best views are from Kingsbridge Road, but it also looms impressively over Davidson Avenue as you approach it from the south [as well as on Kingsbridge Road to its east].




Lehman College

Lehman College is a senior college of the City University of New York (CUNY) in New York, United States. Founded in 1931 as the Bronx campus of Hunter College, the school became an independent college within CUNY in September 1967. The college is named a er Herbert H. Lehman, a for‐mer New York governor, United States senator, and philan‐thropist. It is a public, comprehensive, coeduca onal liberal arts college with more than 90 undergraduate and graduate degree programs and specializa ons.

Campus Located near the Jerome Park Reservoir at 250 Bedford Park Boulevard West (250 West 200th Street).

Lehman has a 37‐acre (15 hectare) campus with a combina‐on of Collegiate Gothic and modern architecture. The

school's architects were Kerr Rainsford, John A. Thompson, and Gerald A. Holmes; they had earlier designed the Archdi‐ocesan Cathedral of the Holy Trinity on New York's Upper East Side.

The campus was the main na onal training ground for wom‐en in the military during World War II. For a decade before the entry of the United States in the Second World War, only women students a ended, taking their first two years of study at the Bronx campus and then transferring to Hunter’s Manha an campus to complete their un‐

dergraduate work.

It was also the interim headquarters for the newly formed United Na ons for six months in 1946. From March to Au‐gust 1946, the first American mee ngs of the Security Coun‐cil were held in the Gymnasium Building where intercolle‐giate basketball, archery, swimming, and other sports have been played. During fes vi es marking the 40th anniversary of the United Na ons in 1986, the Southern New York State Division of the United Na ons Associa on presented the College with a commemora ve plaque, now displayed out‐side the Gymnasium Building. The College par cipated in the United Na ons’ 50th anniversary ac vi es in 1995–96.

Students

Students at Lehman College are from mul ple ethnic and racial iden es, mul ple language backgrounds, various social classes, and diverse sexual orienta ons with many interna onal students.

Enrollment (Fall 2012) Lehman College: Undergraduates: 9,663 Graduate Students: 2,289 Total: 11,952 students




Fordham University

Fordham University is a private, nonprofit, coeduca onal research university based in New York City. It was founded by the Catholic Diocese of New York in 1841 as St. John's College, placed in the care of the Society of Jesus shortly therea er, and has since become an independent ins tu‐on under a lay board of trustees, which describes the Uni‐

versity as "in the Jesuit tradi on."

Fordham is composed of ten cons tuent colleges, four of which are for undergraduates and six of which are for post‐graduates. It enrolls approximately 15,000 students across three campuses in New York State: Rose Hill in the Bronx, Lincoln Center in Manha an, and Westchester in West Har‐rison. In addi on to these campuses, the University main‐tains a study abroad center in the United Kingdom and field offices in Spain and South Africa. Fordham awards the Bach‐

elor of Arts, Bachelor of Science, and Bachelor of Fine Arts degrees, as well as various master's and doctoral degrees.




Jerome Park Reservoir

The Jerome Park Reservoir is the most dominant land‐mark in the area. It was originally part of the Bathgate Estate that was later purchased by Leonard Jerome and Associates, to build The Jerome Park Racetrack. The Je‐rome Park Reservoir replaced the racetrack and was built

in 1906 to serve the Croton Aqueduct as part of the New York City water supply system. The perimeter of this res‐ervoir is approximately 2.2 miles.




James J. Peters Veterans Affairs Medical

Center

The James J. Peters VAMC is a health care facility. It is a teaching hospital, providing a full range of pa ent care ser‐vices, with state‐of‐the‐art technology as well as educa on and research. Comprehensive health care is provided through primary care, ter ary care, and long‐term care in areas of medicine, surgery, psychiatry, physical medicine and rehabilita on, neurology, oncology, den stry, geriatrics, and extended care. The James J. Peters VAMC is a part of VA Network 3, which includes facili es in Brooklyn, Castle Point, Manha an, Montrose, Northport, St. Albans (Queens), New York and East Orange and Lyons, New Jer‐sey.

The James J. Peters VAMC has 311 authorized hospital beds and 120 nursing home beds and operates several regional referral points including Spinal Cord Injury (SCI) and VISN referrals for Medical/Surgical subspecial es.

Affilia ons are maintained with the Mount Sinai School of Medicine, The Hospital for Special Surgery and the Columbia Presbyterian School of Medicine. The medical center be‐came fully affiliated with Mount Sinai School of Medicine in 1969 and has approved residency training programs in six‐teen medical and two dental special es. Fully integrated residency programs exist in general surgery and medicine and their subspecial es, psychiatry, general den stry, oral surgery, rehabilita on medicine, urology, neurology, and pathology.




Bronx Park , the Bronx Zoo and the Botanical Garden

Bronx Park

Bronx Park, laid out 718 acres (291 ha) along the Bronx River in the Bronx, is the home of the New York Botanical Garden and the Bronx Zoo. Bicycle paths go northwest, north and east, along Mosholu Parkway, Bronx River Parkway and Pelham Parkway respec vely. The east end of Fordham Road is inside the park, at an interchange with the Pelham and Bronx River Parkways. The park is operated by the New York City Department of Parks and Recrea on. The park is bounded by Southern Boulevard, Webster Avenue, Burke Avenue, Bronx Park East, and E. 180th Street.

The Bronx Zoo

The Bronx Zoo is a subsidiary of the Wildlife Conserva on Society which was founded in 1895 as the New York Zoo‐logical Society. The Bronx Zoo opened to the public in 1899 and s ll adheres to its original mission to advance the study of zoology, protect wildlife and educate the public. The zoo is a leader in the care, feeding and exhibi‐on of animals–including mammals, birds, rep les and

amphibians from around the world. With the award win‐ning Congo Gorilla Forest, Tiger Mountain, Jungle World and Baboon Reserve, the Bronx Zoo has earned its place as one of the foremost zoos in the world.

Bronx Botanical Garden

The New York Botanical Garden (NYBG) is one of the premier botanical gardens in the United States, located in the Bronx in New York City. It spans some 250 acres (100 ha) and is home to some of the world's leading plant laboratories. It offers major exhibi ons and flower shows throughout the year, drawing over 800,000 visi‐tors annually.




Van Cortlandt Park

Van Cortlandt Park is a 1,146‐acre (464 ha) park located in the borough of the Bronx. It is the third largest park in New York City, behind Pelham Bay Park and Staten Island Greenbelt. The park was named for Stephanus Van Cortlandt, who was the first na ve‐born mayor of New York, and the Van Cortlandt family, which was prominent in the area during the Dutch and English colonial periods. Contained within the Park is the Van Cortlandt House Mu‐seum, the oldest building in the Bronx. The park is owned by the New York City Department of Parks and Recrea on with assistance from the Van Cortlandt Park Conservancy, a private non‐profit organiza on founded in 2009 and the Friends of Van Cortlandt Park, an independent non‐profit established in 1992. Van Cortlandt Park contains New York City's largest freshwater lake.

History

The land that Van Cortlandt Park now occupies was pur‐chased by Jacobus Van Cortlandt from John Barre around 1691. Passed on to his son Frederick Van Cortlandt (1699–1749) and family, it was once a vast grain planta‐on. In 1748, Frederick built what is now known as the

Van Cortlandt House on the property, but died before its

comple on. Frederick willed the massive home and sur‐rounding lands to his son, James Van Cortlandt (1727–1787).

In 1888, the family property was sold to the City of New York and made into a public parkland, with the majority of the grain fields converted into a sprawling lawn dubbed "The Parade Ground". The Van Cortlandt House was con‐verted into a public museum and, with the city's approval, par cularly overgrown areas of the property were made passable. Wide walking paths were built over original walkways, including the thin paths that led to the Van Cortlandt family cemetery, high on the nearby bluffs.

The Van Cortlandt House was added to the Na onal Regis‐ter of Historic Places in 1967 and became a Na onal His‐toric Landmark in 1976.

The city's fiscal crisis in the 1970s caused much of the park to fall into disrepair. Gradual improvements began taking place from the late 1980s through the mid‐2000s, includ‐ing the addi on of new pathways, signage, and security.




Little Italy and Arthur Avenue

“The authen c Italian culture found in the vibrant commu‐nity of the Real Li le Italy in the Bronx, o en known as Arthur Avenue, sustains a thriving business district that includes world‐class restaurants, high‐quality ar sanal food shops and specialty stores carrying superb handmade local and imported items. We are also home to Our Lady of Mt. Carmel Church and the Enrico Fermi Italian Cultural Ins tute.“

Located in the Belmont sec on of the Bronx, Arthur Ave‐nue was named a er President Chester A. Arthur in the 19th century. Italians temporarily se led here to help build the Bronx Zoo, but with the crea on of the Third Avenue elevated train, which ran between the Bronx and down‐town Manha an, their presence in the neighborhood re‐

mained and grew, with the popula on reaching close to 100,000 Italian residents by the early 1900s.

Today, red, white and green garland hangs fes vely from street poles all year round. Inside the stores that line Ar‐thur Avenue and East 187th Street, colorful pastries, cured meats and fresh fish are rivaled in appeal only by the char‐acters behind the counter.




Yankee Stadium

Yankee Stadium is a facility used mainly for baseball. It is at the northwest corner of 161st Street and River Avenue in The Bronx, New York City. It is the home ballpark for the New York Yankees of Major League Baseball (MLB) and the home stadium for New York City FC of Major League Soccer (MLS). The $2.3 billion stadium, built with $1.2 billion in public subsidies, replaced the original Yankee Stadium. It is one block north of the original, on the 24‐acre former site of Macombs Dam Park; the 8‐acre site of the original stadium is now a public park called Heritage Field. The first game at the new Yankee Stadium was a preseason exhibi on game against the Chicago Cubs on April 3, 2009; the Yankees won, 7–4. The first regular‐season game was played on April 16, a 10–2 Yankee loss to the Cleveland Indians.

The stadium incorporates replicas of some design elements from the original Yankee Stadium. Although stadium con‐struc on began in August 2006, the project spanned many years and faced many controversies, including the high pub‐lic cost and the loss of public parkland. The overall price tag makes the new Yankee Stadium the most expensive stadium ever built.




The Grand Concourse, the American Version of the Champs-Elysees

The Grand Concourse (originally known as the Grand Boulevard and Concourse). is a major thoroughfare in the borough of the Bronx in New York City. It was designed by Louis Aloys Risse, an Alsa an immigrant who had previously worked for the New York Central Railroad.

Risse first conceived of the road in 1890, as a means of connec ng the borough of Manha an to the northern Bronx. Construc on began on the Grand Concourse in 1894 and it was opened to traffic in November 1909. Built during the height of the City Beau‐ful movement, it was modeled on the Champs‐Élysées in Paris

but is considerably larger, stretching four miles (6 km) in length, measuring 180 feet (55 m) across, and separated into three road‐ways by tree‐lined dividers.

In 1923, Yankee Stadium opened near the Grand Concourse at 161st Street, down the hill from the Concourse Plaza Hotel. South of Fordham Road, the pala al Loew's Paradise Theater, one of the Loew's Wonder Theatres and at one me the largest movie thea‐ter in New York City, was constructed in 1929.

The IRT Jerome Avenue Line of the New York City Subway opened a few blocks west of the Grand Concourse in 1917, ini a ng a housing boom amongst upwardly mobile, predominantly Jewish and Italian, families who were fleeing the crowded tenements of Manha an. Development of the Concourse was further encour‐aged by the opening of the IND Concourse Line in 1933. By the mid‐1930s, almost three hundred apartment buildings had been built along the Concourse. Customarily five or six stories high with

wide entrance courtyards bordered with grass and shrubs, among these apartments are many of the finest examples of Art Deco and Art Modern architecture in the United States.

Although the Great Depression ended the period of tremendous growth, privately financed apartment buildings con nued to be constructed. During this period, The Bronx had more ameni es than other boroughs: in 1934, almost 99% of residences had pri‐vate bathrooms, and 95% had central hea ng. In the 1939 WPA guide to New York, the Grand Concourse was described as "the Park Avenue of middle‐class Bronx residents, and the lease to an apartment in one of its many large buildings is considered evi‐dence of at least moderate business success."

At the turn of the 21st century, official efforts to restore the Grand Concourse between 161st to 167th Streets included large exit signs, in the manner of limited‐access highways. The Grand Concourse has undergone an $18 million restora on and land‐scaping that will widen the medians and improve ligh ng from 161st to 167th Streets, which was completed in 2008. Funding is being allocated for a reconstruc on of the Grand Concourse from 167th Street to 171st Street.

In 2011, the New York City Landmarks Preserva on Commission declared a historic district on the Grand Concourse from 153rd to 167th Street.

The State of New York had previously nominated for lis ng the buildings at 730‐1000, 1100‐1520, 1560, and 851‐1675 Grand Concourse for lis ng on the Na onal Register of Historic Places as a historic district and several New York City Landmarks are on the Concourse.




Grand Concourse Then and Now...

Grand Concourse at 161st Street in 1900

At 161st Street ‐ Yankee Stadium

Grand Concourse from East 197th Street on a sunny a ernoon.

Kingsbridge Heights Neighborhood

Overview




Kingsbridge Heights

Kingsbridge Heights is a working class residen al neighbor‐hood geographically located in the northwest Bronx, New York City. The neighborhood is part of Bronx Community Board 8. Its boundaries are Van Cortlandt Park to the north, Jerome Avenue to the east, Kingsbridge Road to the south, and the Major Deegan Expressway to the west. Sedgwick Avenue is the primary thoroughfare through Kingsbridge Heights. Zip codes include 10463 and 10468. The area is patrolled by the 50th Precinct located at 3450 Kingsbridge

Ave in Kingsbridge. NYCHA property in the area is patrolled by P.S.A. 8 at 2794 Randall Avenue in the Throgs Neck sec‐on of the Bronx.

Demographics

Based on data from the 2010 United States Census, the popula on of Kingsbridge Heights was 32,496. Covering an area of 300.86 acres (121.75 ha), the neighborhood had a popula on density of 108.0 inhabitants per acre (69,100/sq mi; 26,700/km2).

The racial makeup of the neighborhood was 4.3% (1,389) White, 18.5% (6,004) African American, 0.1% (46) Na ve American, 4.7% (1,514) Asian, 0.0% (2) Pacific Islander, 0.4% (124) from other races, and 1.0% (322) from two or more races. Hispanic or La no of any race were 71.1%

(23,095) of the popula on.

The neighborhood has a high concentra on of Dominicans especially in the southern and central sec ons of the neigh‐borhood. A small aging White non‐Hispanic popula on is concentrated near Van Cortlandt Park or Van Cortlandt Village. In more recent years young professionals, mostly White non‐Hispanic, have started to move into Van Cortlandt Village. The vast majority of households are rent‐er occupied.




Recently the northern subsec on known as Van Cortlandt Village has seen an increase in higher‐end rental and co‐op building construc on. This subsec on is bordered by the Major Deegan Expressway to the west, the Jerome Park Res‐ervoir to the east, W 238th Street to the south, and Van Cortlandt Park to the north. On April 4, 2007, Business Week

Online (MSNBC.com) called Van Cortlandt Village one of "America's next hot neighborhoods".

The Fort Independence Street‐Heath Avenue Houses are a one, 21‐story NYCHA development in Kingsbridge Heights.

"America's Next Hot Neighborhood".

BECKONING BOROUGHS

Good values exist in just about every city, if you know where to look. In notoriously expensive New York City, homebuyers can find a rela ve bargain in the community of Kingsbridge Heights in the Northwest Bronx, where the median home value is $442,544, compared to the city's $936,439. Zillow es mates that the median home value was $99,546 in the fourth quarter of 2000.

Kingsbridge Heights has always been a middle‐class neigh‐borhood with decent schools, but some surrounding Bronx areas have a less‐than‐stellar reputa on when it comes to crime and school systems. This may have shielded the area from buyers in the past, but the area's proximity to mass transit (you can easily hop on the 1, 4, and D subway lines to Manha an) has turned it into a hot spot for Manha an rent refugees.

"There seems to be a marked increase in Manha anites star ng a family [buying in Kingsbridge Heights]," says Brad Trebach, a realtor based in the neighboring commu‐nity of Riverdale. "They're looking for elbow room, a neighborhood with trees and grass." Given its proximity to 1,000‐acre Van Cortland Park and the Jerome Park Reser‐voir, Kingsbridge Heights has plenty of space and greenery to offer.

History of Kingsbridge




Kingsbridge, inhabited since the 1660's, is one of the bor‐ough's oldest neighborhoods, said Lloyd Ultan, the Bronx Borough Historian. Its namesake is the King's Bridge, built as a toll bridge in 1693 by Frederick Philipse, a wealthy merchant and major landholder in the Bronx and Westchester. The bridge, the first connec ng Manha an with the mainland, spanned the former Spuyten Duyvil Creek at what today is Kingsbridge Avenue just south of West 230th Street. (The creek was filled in a er the dig‐ging of the Harlem River Ship Canal in 1895, a process that detached Marble Hill from the rest of Manha an and con‐nected it to the mainland.)

Un l the la er part of the 19th century Riverdale, Kings‐

bridge, and other areas now in the northwest Bronx were part of the Town of Yonkers. The areas that are inside the modern‐day New York City line broke off to form the Town of Kingsbridge. In 1874, the City of New York annexed three towns that later became the western half of The Bronx, including the Town of Kingsbridge. As the trains to Manha an were built in the 20th century, a stop in the northwest Bronx along the Hudson River called Riverdale‐on‐Hudson, now Riverdale, was created. This gave rise to the Riverdale neighborhood. The remainder of the old Town of Kingsbridge developed into the modern‐day Kingsbridge neighborhood.

Hya ’s Tavern would later become the Kingsbridge Hotel, which was famous among anglers and travelers alike for its signature turtle dinners.

Built around 1759 near the current intersec on of 226th Street and Broadway, Hya ’s Tavern a empted to service colonial era New Yorkers crossing either the King’s Bridge or the nearby “Free Bridge”. (Christened on New Year’s Day, 1759, the “Free Bridge”, also called the “Farmer’s Bridge”, allowed local farmers to skirt the toll collected by the Crown at the Kingsbridge

New York's crossings date back to 1693, when its first bridge, known as the King's Bridge, was constructed over Spuyten Duyvil Creek between Manha an and the Bronx. The bridge, composed of stone abutments and a mber deck, was demolished in 1917. The old‐est crossing s ll standing is High Bridge which con‐nects Manha an to the Bronx over the Harlem River. This bridge was built to carry water to the city as part of the Croton Aqueduct system




Transportation

Bx1: to Riverdale or Third Avenue – 138th Street sta on (6 <6> trains ) (via Grand Concourse)

Bx2: to Third Avenue – 138th Street sta on (6 <6> trains) (via Grand Concourse)

Bx3: to 238th Street sta on (1 train) or George Washington Bridge Bus Terminal (via Mar n Luther King Blvd‐University Avenue)

Bx9: to Riverdale or West Farms Square – East Tremont Avenue sta on (2 5 trains, via East Kingsbridge Road)

Bx10: to Riverdale or Norwood – 205th Street sta on (D train) (via Kappock Street)

Bx22: to Castle Hill (via Castle Hill Avenue)

Bx32: to Third Avenue – 138th Street sta on (6 <6> trains) (via Morris and Jerome Avenues)

BxM3: express to Yonkers or Midtown Manha an

Kingsbridge Road sta on (4 train)




Subway Map

The closest subway sta on to the property is located on Broadway & 225th St At Se Corner. This sta on serves the number 1 Train.




Sample of Rents in the 10463 Zip Code

Bailey Avenue, Bronx, NY 10463

Studio

1 bathroom

FOR RENT $1,200/month

Kingsbridge Terrace, Bronx, NY 10463

1 bedroom

1 bathroom



2 bedrooms

1 bathroom


2755 Kingsbridge Terrace, Bronx, NY 10463

3 bedrooms

1 bathroom

3,417 sq


2841 Heath Avenue, Bronx, NY 10463

Studio

1 bath



1 bedroom

1 bathroom

3,000 sq


Kingsbridge Terrace Bronx, NY 10463

2 bedrooms

1 bathroom

925 sq


West Kingsbridge Road Bronx, NY 10463

5 bedrooms

1 bathroom


Property Overview

This development site is located at 2662 Kingsbridge Terrace in the Kingsbridge Heights

Sec on of The Bronx

This 3,510 square foot lot can be developed

into a 13 apartment plus 9 car parking

building.

Many new proper es have been built around this property site. Because of its proximity to the James J. Peters Department of Veterans

Affairs Medical Center, this site can be

developed into a medical facility.

New medical building right next to the subject property

The site is conveniently located right next to the Kingsbridge Road shopping districts, near

the Subway, public transporta on and numerous green areas.

The Property is only blocks away from the Kings‐bridge Business District and the River Plaza Shop‐ping. This business improvement district is one of

the largest retail shopping districts in The Bronx with more than 200 merchants. Anchor tenants

Target and Marshalls are located in the River Plaza Shopping Center.

The site has amazing views of Manha an, Riverdale and the Harlem and Hudson rivers.




2662 Kingsbridge Terrace Property Overview

Address

Primary address 2662 Kingsbridge Terrace

Zip code 10463

Borough Bronx

Block & lot 03237‐0091

Neighborhood

Neighborhood name Kingsbridge Heights / Fordham Manor

Community district 7

Closest police sta on 0.90 Miles

Closest fire sta on 0.91 Miles

School district number 10

School ra ng Great schools

Valua on

Tax class 1

Current value $519,000

Projected value $533,000

Property Taxes

Current tax bill $3,105.96

Projected tax bill $3,111.82





Lot

Lot sq. . 4,132

Lot dimensions 25.67 x 161

Corner lot No

Buildings on lot 1

Floor Area Ra o (FAR)

Max FAR 2.43

FAR as built .85

Maximum usable floor area 10,041

Usable floor area 3,512

Max FAR depends on several factors including zoning, loca on and use. FAR values for this property are:

Facility FAR 4.8

Commercial FAR 0

Residen al FAR 2.43

Building

Building class Two Stories Detached (A1)

Building sq. . 3,510

Building dimensions 19 x 45

Stories 2.75

Has garage n/a

Year built 1901 (es mated)





Use

Residen al units 1

Residen al sq. . 3,510

Zoning

District code R6

Hazards & Environment

Toxic site on this property No

Neighboring toxic sites No

E‐Designa on None




Zone District: The Site is Located in the R6 District

R6 zoning districts are widely mapped in built‐up, medium‐density areas in Brooklyn, Queens and the Bronx. The char‐acter of R6 districts can range from neighborhoods with a diverse mix of building types and heights to large‐scale “tower in the park” developments such as Ravenswood in Queens and Homecrest in Brooklyn. Developers can choose between two sets of bulk regula ons. Standard height fac‐tor regula ons, introduced in 1961, produce small mul ‐family buildings on small zoning lots and, on larger lots, tall buildings that are set back from the street. Op onal Quality Housing regula ons produce high lot coverage buildings within height limits that o en reflect the scale of older, pre‐1961 apartment buildings in the neighborhood.

Height Factor

Regulations

Buildings developed pursuant to height factor reg‐ula ons are o en tall buildings set back from the street and surrounded by open space and on‐site parking. The floor area ra o (FAR) in R6 districts

ranges from 0.78 (for a single‐story building) to 2.43 at a typical height of 13 stories; the open space ra o (OSR) rang‐es from 27.5 to 37.5. Generally, the more open space, the taller the building. In the diagram, for example, 81% of the zoning lot with the 13‐story building is required to be open space (2.43 FAR × 33.5 OSR). Thus, the maximum floor area ra o is achievable only where the zoning lot is large enough to accommodate a prac cal building footprint as well as the required amount of open space. There are no height limits for height factor buildings although they must be set within a sky exposure plane which begins at a height of 60 feet above the street line and then slopes inward over the zon‐ing lot. Off‐street parking is required for 70% of a building’s dwelling units, or it can be waived if five or fewer spaces are required.




Quality Housing Regula-tions

The op onal Quality Housing regula ons produce high lot coverage buildings set at or near the street line. Height limita‐ons ensure that these buildings are o en more compa ble

with older buildings in the neighborhood. As an incen ve for developers to choose the Quality Housing op on outside the Manha an Core, greater floor area ra o, and therefore, more apartments, is permi ed for buildings on orwithin 100 feet of a wide street than would be permi ed under height factor regula ons. The FAR is 3.0; the maximum base height before setback is 60 feet with a maximum building height of 70 feet. On a narrow street (beyond 100 feet of a wide street), the maximum FAR is 2.2; the maximum base height before set‐back is 45 feet with a maximum building height of 55 feet. The area between a building’s street wall and the street line must be planted and the buildings must have interior ameni‐es for the residents pursuant to the Quality Housing Pro‐

gram.

Off‐street parking, which is not permi ed in front of a build‐ing, is required for 50% of all dwelling units, less than for height factor buildings because of the high lot coverage. Park‐ing can be waived if five or fewer spaces are required.

2662 kingsbridge terrace, bronx, ny...

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