296 E 92nd St, Brooklyn, NY

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Lot #1296 E 92nd St, Brooklyn, NY

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Property Highlights

Property Highlights:

Metrics

Projected Net Operating Income: $73,000*

16% pro forma cap rate based on Starting Bid of $450,000

Overview*

This 2-story walk-up 4-unit apartment building, with driveway, is configured with three 2 bed/1 bath units and one 1 bed/1 bath unit. The backyard is accessible from the walk-out basement and all units are currently occupied. The property is situated in a convenient location and is a short distance from the B7, B17 & B47 bus lines, the 3 subway as well as nearby shopping, entertainment and dining.

Description

Lot Size: 3,000 sq. ft. (30 ft. x 100 ft.)
Year Built: 1931
Year Renovated: 2014
Building Class: C3 – Four Families
Building Dimensions: 22 ft. x 80 ft.
Stories: 2
Gross Floor Area: 5,610 sq. ft.
Total Units: 4
Unit Mix: 1x 1 bed/1 bath
3x 2 bed/1 bath
Zoning: R6, C1-3
FAR: 2.43
FAR as built: 1.87
Unused FAR: 1,680 sq. ft.
Tax Class: 2A

*Please note: The building is fully occupied by tenants without leases. Eviction is in process for one unit. Seller has no access to the property and as such cannot make any representation, including but not limited to those pertaining to the property, its condition or occupancy, leases, tenants or otherwise. No access can be provided to prospective purchasers; you are specifically advised not to attempt to enter the property. Condition of the property is unknown and projected rents assume renovated units. The property is offered on a completely AS-IS, WHERE-IS basis, with no representations.

Categories:

Tues Nov 19, 12:00PM EDT
Fri Nov 22, 12:00PM EDT
Bidding Guide
Welcome to our auction -- bidding is easy! Here's what you need to know:
1. Bidding Closes on the date and time indicated above. Any bid made in the final 5 minutes will automatically extend the closing time by another 5 minutes. Be certain to bid early!
2. The Current Bid is the amount of the current high bid.
3. The Next Bid is the next bid amount available to bid. This is the minimum amount one must bid in order to become the new high bidder.
4. If at any time during the auction you are the high bidder, you will see a message in green near the Current Bid, indicating “You are currently the high bidder!”.
5. If you were the high bidder and are then outbid, you will see a message in red near the Current Bid, indicating “You are no longer the high bidder – bid again!”.
6. There are 3 bidding options you are welcome to use: (1) If you select to bid the Next Bid, you will bid the amount that appears in the grey box. (2) If you choose to enter a Bid, you can bid any amount you wish, as long as it is equal to or greater than the Next Bid. (3) If you enter a Max Bid, you are asking the platform to bid on your behalf, at minimum increments against other bidders, up until the Max Bid amount you submit. Note that it is possible to win below your Max Bid; note also that if another bidder bids above your Max Bid, you will be notified, and you may bid again if you wish.
7. Finally, note that whenever you place a bid, using any of the 3 options, your bid amount will always appear in the Max Bid line as well. This way you will always know what your bid is!
If you have any questions, please contact us at [email protected] or 212-867-3333. Thank you!
Terms

The undersigned, on behalf of him/herself along with each of his/her respective principals, agents, employees, affiliates, successors or assigns (collectively, “Bidder”), hereby agrees to the following, in order to access certain information from PRUSA LLC d/b/a Paramount Realty USA, and/or its principals, agents, employees, affiliates, successors or assigns (collectively or individually, as applicable, “PRUSA”) and participate in the bidding and/or purchase of any property (“Property”) in connection herewith:

1. Bidder hereby acknowledges its interest in potentially purchasing Property and wishes to access certain information, some of which is proprietary and/or confidential, pertaining to the Property (all such information is collectively referred to as the “Due Diligence Information”).
2. Bidder agrees that the Due Diligence Information, as well as all other information provided in connection herewith, is provided for informational purposes only. Some information was furnished by outside sources. PRUSA makes no representations or warranties of any kind about the completeness, accuracy, reliability, suitability, availability or of any other nature regarding any information, including, but not limited to, figures, facts, descriptions, measurements, data, products, services, related graphics, and any representations contained or purported to be contained therein. PRUSA hereby expressly advises Bidder not to rely on such information, and to independently conduct any and all studies, investigations, reports, searches and other inquiries before bidding on or proceeding with the purchase of Property. Bidder acknowledges that there may be one or more listing agents, including or excluding PRUSA, for a given property. No warranty or representation, express or implied, is made by PRUSA, or seller(s), any listing agent(s), or any of their respective principals, agents, employees, affiliates, successors or assigns (collectively, “Seller Group”), as to any matter, including the accuracy or completeness of any information.
3. Bidder agrees to keep the Due Diligence Information and all other information provided by Seller Group confidential and agrees not to disseminate same to any third-parties (except to partners, lenders, advisors and others in connection with the purchase of the Property) without the prior written consent of PRUSA. In no event will PRUSA be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, for any matter in connection herewith or in connection with any information contained in, or accessible through, the Due Diligence Information, including but not limited to the incorrectness, incompleteness, or inaccessibility thereof, or of any information in any virtual data room or provided through any other medium, channel or method of distribution, or for any matter in connection with any online or other bidding platform or website that PRUSA or any other may make available, or otherwise. Notwithstanding anything to the contrary, by its signature below and/or by accessing any Due Diligence Information, Bidder agrees to the terms hereof and to the terms of sale, as set forth in the Due Diligence Information or elsewhere by PRUSA, including Bidder’s obligation to pay to PRUSA, or its assignee, by closing, the relevant Buyer’s Premium as set forth by PRUSA in the Due Diligence Information and/or elsewhere, and to forever and unconditionally release PRUSA from any cause or claim, whether in connection herewith, the Property, or otherwise.
4. Bidder understands that any unauthorized disclosure, distribution or use of Due Diligence Information may result in personal liability and penalties under the law.
5. No verbal statements may be relied upon.
6. Bidder hereby expressly, unequivocally and unconditionally releases PRUSA and Seller Group from any liability whatsoever in connection with any matter relating to the Property or the purchase thereof.
7. Seller Group disclaims any and all liability for any inaccuracy, errors or omissions contained herein or in any material pertaining to any property. All references to square footage, dimensions and other numbers are approximate. This offering may be withdrawn, modified or canceled without notice at any time. All auctions with reserve unless explicitly stated as otherwise. Any Minimum Bid, Reserve price or Starting Bid reflected herein or in any of PRUSA’s materials assumes an all-cash, non- contingent bid on terms provided by PRUSA and applies only to the particular date and time of auction, which shall commence and conclude at PRUSA’s discretion and upon PRUSA’s declaration of same; Seller is not obligated to accept any offer before or after auction, including any offer at or above a Minimum Bid, Reserve price or Starting Bid, or, alternatively, a Suggested Opening Bid, which is not a reserve price but only a suggestion as to where bidding may begin. Any and all bids are subject to the Buyer’s Premium indicated herein or elsewhere by PRUSA, which means that the stated Buyer’s Premium percentage will be added to the winning bidder’s bid price to establish the total purchase price payable by purchaser. Furniture and other personalty are excluded unless explicitly stated as otherwise herein or elsewhere by PRUSA. This is neither an offer to sell nor a solicitation to buy to residents in states where registration requirements have not been fulfilled. No representation may be relied upon. Auction subject to any terms of sale or other information provided by PRUSA. Equal Housing Opportunity.
8. Bidder agrees not to circumvent, or seek to circumvent, PRUSA in any manner regarding any interest in Property or in any other property or opportunity presented by PRUSA for a period of 1 (one) year from the date hereof.
9. This Agreement shall be governed by the laws of the State of New York. Any dispute, claim or controversy arising out of or relating to this agreement or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this Agreement to arbitrate, shall be determined by arbitration in New York County before one arbitrator. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures pursuant to JAMS’ Streamlined Arbitration Rules and Procedures. Judgment on the award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.