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Property Descriptions

FOR:

PUBLIC AUCTION OF REAL PROPERTY
Conducted by
EAST RIVER MORTGAGE CORP.
Auction Date and Time:
March 27, 2015
10:00 AM
Place of Auction:
BROOKLYN BRIDGE MARRIOTT
333 Adams Street, Brooklyn NY 11201

Property Descriptions
****DRAFT***

Cash flowing properties:
194 South 2nd Street, Brooklyn NY
This property is a huge lot on an R6 zoning map with huge unused air
rights. The potential usable air rights is 2.43 FAR X25X120=7,920.
Condos in the area are selling for between 1,000 and 1,200 per square
foot, making this property worth over 8m finished.
Lot 25X120
Building 22X42
Projected rents (current unkown as there is a reciever):
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These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either
expressed or implied, concerning the Properties is made by the Seller, Auction Company or any of their
Agents. The information contained herein was derived from sources deemed reliable, but is not
guaranteed. Most of the information provided has been obtained from third party sources and has not
been independently verified. It is the responsibility of the Buyer and/or Buyer's Broker to determine the
accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting
his or her own independent inspections, investigations, inquiries, and due diligence concerning the
Property, including without limitation, environmental and physical condition of the Property. All
prospective bidders are urged to conduct their own due diligence prior to participating in the Public
Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for
investigation and prosecution.

Apt 1
$3,500
Apt 2
$3,500
Apt 3
$3,500 (being evicted)
Apt 4
$3,500 (vacant Recently updated)
Total market rents $ 14,000
Total Annual Income $168,000
Projected Expenses
Taxes
$3,300
Water/Sewer
$4,000
Insurance
$4,000
Electric/Heat
$0
Repairs
$3,500
------------Total expenses $10,800
Net Income
$157,200
Total Estimated Value (3.5cap)
Plus huge additional air rights.

4.5Mil

259 4th ave
8 fam and Store. The property is 25X100 with two buildings, one at
the front and one at the back. The front building is approximately
22X40 and the rear is 25X22. Both were completely renovated with
separate Heat, Hot Water and Electric. A new C of O was recently
issued by NYC. The only landlord expenses are taxes, repairs, water
sewer and insurance. The property is currently being managed by a NY
Supreme Court appointed receiver, pursuant to a court order and the
terms of a mortgage in default. The exact current income is not known.
Estimated income
2

These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either
expressed or implied, concerning the Properties is made by the Seller, Auction Company or any of their
Agents. The information contained herein was derived from sources deemed reliable, but is not
guaranteed. Most of the information provided has been obtained from third party sources and has not
been independently verified. It is the responsibility of the Buyer and/or Buyer's Broker to determine the
accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting
his or her own independent inspections, investigations, inquiries, and due diligence concerning the
Property, including without limitation, environmental and physical condition of the Property. All
prospective bidders are urged to conduct their own due diligence prior to participating in the Public
Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for
investigation and prosecution.

Apartments 8X $2,000
Store:
Total Income

$16,000
$3,500
$19,500/ 234kper year

Projected Expenses
Taxes
$13,900
Water/Sewer
$4,000
Insurance
$4,000
Electric/Heat
$0
Repairs
$3,500
------------Total expenses $25,400
Net Income
$208,600
Total Estimated Value (3.5cap)

5.9Mil

65 4th Avenue, Brooklyn NY
This property is a three family over a store. The store is owner
occupied and will be delivered vacant. The three upper floors are
rented. Projected (current) are as follows:
Apt 1
Apt 2
Apt 3

$3,200 actual
$3,200 (2350)
$$3,200 (1,950)

Store
$8,000 (Owner Occupied)
Total Income: 17,600 per month or 211,200 annually
Projected Expenses
3

These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either
expressed or implied, concerning the Properties is made by the Seller, Auction Company or any of their
Agents. The information contained herein was derived from sources deemed reliable, but is not
guaranteed. Most of the information provided has been obtained from third party sources and has not
been independently verified. It is the responsibility of the Buyer and/or Buyer's Broker to determine the
accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting
his or her own independent inspections, investigations, inquiries, and due diligence concerning the
Property, including without limitation, environmental and physical condition of the Property. All
prospective bidders are urged to conduct their own due diligence prior to participating in the Public
Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for
investigation and prosecution.

Taxes
Water/Sewer
Insurance
Electric/Heat
Repairs
Total expenses

$22,400
$4,000
$4,000
$0
$3,500
------------$33,900

Net Income
$177,300
Total Estimated Value (3.5cap)
5.1Mil
THIS PROPERTY HAS HUGE UPSIDE FROM AVAILABLE AIR
RIGHTS
85 luquer Street, Brooklyn NY
Projected rents (current):
Apt 1
$4,000 (Owner Occupied)
Apt 2
$4,500 (2800)
Apt 3
$4,500 (being evicted)
Apt 4
$4,500 (vacant Recently updated)
Total market rents $ 18,000
Total Annual Income 216,000
Projected Expenses
Taxes
$6,300
Water/Sewer
$4,000
Insurance
$4,000
Electric/Heat
$0
Repairs
$3,500
------------Total expenses $17,800
4

These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either
expressed or implied, concerning the Properties is made by the Seller, Auction Company or any of their
Agents. The information contained herein was derived from sources deemed reliable, but is not
guaranteed. Most of the information provided has been obtained from third party sources and has not
been independently verified. It is the responsibility of the Buyer and/or Buyer's Broker to determine the
accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting
his or her own independent inspections, investigations, inquiries, and due diligence concerning the
Property, including without limitation, environmental and physical condition of the Property. All
prospective bidders are urged to conduct their own due diligence prior to participating in the Public
Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for
investigation and prosecution.

Net Income
$198,200
Total Estimated Value (3.5cap)

5.7Mil

589 hicks Street, Brooklyn NY
This is a four family renovated property with under-market rents.
Projected rents (current):
Apt 1
$3,800 (2,200)
Apt 2
$3,800 (2,100)
Apt 3
$3,800 (being evicted)
Apt 4
$3,800 (2,400)
Total market rents $ 15,200
Total Annual Income 182,400
Projected Expenses
Taxes
$13,800
Water/Sewer
$4,000
Insurance
$4,000
Electric/Heat
$0
Repairs
$3,500
------------Total expenses $25,300
Net Income
$157,100
Total Estimated Value (3.5cap)

4.5Mil

320 Court Street
Projected rents (current):
Apt 3R
$4,500 (4,500)
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These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either
expressed or implied, concerning the Properties is made by the Seller, Auction Company or any of their
Agents. The information contained herein was derived from sources deemed reliable, but is not
guaranteed. Most of the information provided has been obtained from third party sources and has not
been independently verified. It is the responsibility of the Buyer and/or Buyer's Broker to determine the
accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting
his or her own independent inspections, investigations, inquiries, and due diligence concerning the
Property, including without limitation, environmental and physical condition of the Property. All
prospective bidders are urged to conduct their own due diligence prior to participating in the Public
Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for
investigation and prosecution.

Apt 3L
2nd floor store
2nd floor Store
Tax Contribution
15% of 2013-2014
Plus 30% of all
Increases
Store
Total market rents
Total Annual Income

$4,500 (4,500)
$7210 +3% increases per annum

$600/month
$15,000 (Owner Occupied, delivered Vacant)
$ 31,810
381,720

Projected Expenses
Taxes
$41,700
Water/Sewer
$4,000/tenant paid for 1st and 2nd
Insurance
$4,000
Electric/Heat
$0
Repairs
$3,500
------------Total expenses $53,200
Net Income
$328,520
Total Estimated Value (3.5cap)

9.4Mil

Properties requiring renovation (vacant)
84 Clinton Avenue, Brooklyn NY
This property is a grand structure on a historic block in prime Clinton
Hill between Myrtle and Park. It is five stories including an English
basement that has over 8’ ceilings. The building is 20x65 on a 100 ft
lot. The property has usable 20X65X5=6500sqft. There is an illegal
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These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either
expressed or implied, concerning the Properties is made by the Seller, Auction Company or any of their
Agents. The information contained herein was derived from sources deemed reliable, but is not
guaranteed. Most of the information provided has been obtained from third party sources and has not
been independently verified. It is the responsibility of the Buyer and/or Buyer's Broker to determine the
accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting
his or her own independent inspections, investigations, inquiries, and due diligence concerning the
Property, including without limitation, environmental and physical condition of the Property. All
prospective bidders are urged to conduct their own due diligence prior to participating in the Public
Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for
investigation and prosecution.

structure on the top floor that would have to be removed as part of any
renovation contemplated.
Projected rents (current):
Apt 1 duplex with basment
Apt 2
Apt 3
Apt 4
Total market rents
Total Annual Income

$8,000
$5,500
$5,500
$5,500

$ 24,500
294,000

Projected Expenses
Taxes
$41,700
Water/Sewer
$4,000/tenant paid for 1st and 2nd
Insurance
$4,000
Electric/Heat
$0
Repairs
$3,500
------------Total expenses $53,200
Net Income
$328,520
Total Estimated Value (3.5cap)

9.4Mil

300 van brunt st
Properties requiring renovation (with Huge Upside)
555 union st
557 union st
These properties lie in the GOWANUS REDEVELOPEMENT
CORRIDOR and may have huge upside. Meanwhile approved plans
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These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either
expressed or implied, concerning the Properties is made by the Seller, Auction Company or any of their
Agents. The information contained herein was derived from sources deemed reliable, but is not
guaranteed. Most of the information provided has been obtained from third party sources and has not
been independently verified. It is the responsibility of the Buyer and/or Buyer's Broker to determine the
accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting
his or her own independent inspections, investigations, inquiries, and due diligence concerning the
Property, including without limitation, environmental and physical condition of the Property. All
prospective bidders are urged to conduct their own due diligence prior to participating in the Public
Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for
investigation and prosecution.

are in place for the renovation of the existing property at 555 union and
plans have been filed for the repair and renovation of 557 Union. The
current architect may be available to continue the projects for a fee of
$10,000 depending on the needs of the client.
Value as is (for each property
Projected rents (current):
Apt 1
$4,500
Apt 2
$4,500
Apt 3
$4,500
Apt 4
$4,500
Total market rents
$ 18,000
Total Annual Income
216,000
Projected Expenses
Taxes
$0-j51 or other tax abatement should be available
Water/Sewer
$4,000
Insurance
$4,000
Electric/Heat
$0
Repairs
$3,500
------------Total expenses $11,000
Net Income
$205,000 (each property)
Total Estimated Renovated Value (3.5cap)
5.8Mil

Sold Properties
1509 pacific st
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These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either
expressed or implied, concerning the Properties is made by the Seller, Auction Company or any of their
Agents. The information contained herein was derived from sources deemed reliable, but is not
guaranteed. Most of the information provided has been obtained from third party sources and has not
been independently verified. It is the responsibility of the Buyer and/or Buyer's Broker to determine the
accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting
his or her own independent inspections, investigations, inquiries, and due diligence concerning the
Property, including without limitation, environmental and physical condition of the Property. All
prospective bidders are urged to conduct their own due diligence prior to participating in the Public
Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for
investigation and prosecution.

Vacant Land
1511 pacific st
This property is approximately 15.5X63.83. It appears to be in a R6
zone which may allow for 2.43 buildable FAR for a total of 2,404
buildable sqft. One may also be allowed to increase usable sqft with a
cellar and parking on the ground floor. This property provides a great
opportunity for a grand one family house or condo units.
At $200 per buildable foot, the property is estimated at $480,000
A survey is available on request.

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These pperties is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either
expressed or implied, concerning the Properties is made by the Seller, Auction Company or any of their
Agents. The information contained herein was derived from sources deemed reliable, but is not
guaranteed. Most of the information provided has been obtained from third party sources and has not
been independently verified. It is the responsibility of the Buyer and/or Buyer's Broker to determine the
accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting
his or her own independent inspections, investigations, inquiries, and due diligence concerning the
Property, including without limitation, environmental and physical condition of the Property. All
prospective bidders are urged to conduct their own due diligence prior to participating in the Public
Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for
investigation and prosecution.