Warren Lewis Sotheby's International has been retained on exclusive basis to market this great Great mixed use property in Cypress Hills area in the first new rezoned block of East New York. This building has in place income and has a good upside. It is also offering additional 6403 of air rights under the new FAR of 6.02. Current Income: - Store: $4300 (5 year lease) - 2ND FLOOR: $1500 (month to month) - 3RD FLOOR: $1300 (month to month) - Sheffield: $1000 (month to month) Total Gross Income - $97,200 Expenses: - Insurance: $3,980 - Taxes: $4,098 - Utilities: $1,361 Total Expenses - $9,439 Current NOI - $87,761 Current CAP - 4.1% Potential Income: - Store: $5,000 - 2ND FLOOR: $2,100 - 3RD FLOOR: $2,500 - Sheffield: $1,600 Total Potential Gross Income - $134,400 Potential NOI - $124,961 Potential Cap - 5.9% This Corner also could be a potential development site that is currently offering 14,062 BSF under the new R8A zoning, if the new ownership will decide to build a new building. Cypress Hills is Located in the busiest East Brooklyn areas and with the new East NY rezoning, this area will see many new tenants and new developments in the coming years.
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