122-20 Ocean Promenade Belle Harbor, NY 11694

6 story elevator rent stabilized apartment building containing 72 units plus a
full basement
Each apartment contains 1 full bathroom with tub and window
12 ? 2 bedroom apartments ? all are ocean front with large corner windows facing
the ocean
46 ? 1 bedroom apartments ? 24 ocean front, 12 ocean view, 10 bay and city view
14 ? studio apartments ? 12 ocean view, 2 rear view

Property highlights:

? The property is located on the beach and boardwalk and enjoys panoramic and
unobstructed views of the ocean, including Atlantic Beach, Long Island to the southeast,
and Sandy Hook, New Jersey to the southwest.
? The boardwalk extends over 8 miles ? great for jogging, walking, or just sitting.
? Most apartments have sunken living rooms
? There is a laundry room in the basement
? The boiler: gas/oil burner ? it can switch between fuels depending on the weather
? Belle Harbor has perhaps the best elementary public school in the City of New
York (PS114)
? The New York City subway is within walking distance from the building
? It is the only building on the boardwalk in Belle Harbor and Rockaway Park
that remains a rental building (all others are coops or condos). This building is also
well-suited for conversion.

Present Zoning R7A FAR 4.0
Present zoning allows for 6 stories and it is believed can be build up to 8
stories.

Lot size: 170? x 100? approx. or 17,000 sq. ft.
Building size: 166? x 62? approx (6 stories + full basement)
Square footage: 72,000 sq.ft approx

Rent roll: $775,000 yearly (does not include supers 2 bedroom
apartment)

Recent area sales: The Ocean Grand, an 8 story building, new construction,
located on Beach 116th street (a less desirable location) ? 2 bed 2 bath 1,075
sq.ft asking $1million on 6th floor.
Beach 119th street new high end building constructed on boardwalk.
Premises 122-20 Ocean Promenade, Belle Harbor, NY 72 Apartments
Lot size 170' x 100' (170 feet facing ocean,
runs from 122 st to 123 st.)

Rent Roll $775,000 $64,583.33 monthly

Expenses
Taxes 07/08 98,153
W&S 44,170
Insurance 42,400
Super salary 46,800 *super?s 2 bed not included
Supplies/repairs 10,457
2 elevators 4,338
Exterminator 1,486
Gas & Electric 9,205
Oil/boiler 49,690

Total Expenses $306,699

All apartment have their own gas and electric meters

studio rear view 2
studio ocean view 12
1 bedroom NYC view 10
1 bedroom ocean view 12
1 bedroom ocean front 24
2 bedroom ocean front 12
Total apartments 72
Asking Price $8,500,000

If you have any questions Gjon Chota at 914-237-6900 or e-mail me  at:  gjonchota@chotarealtygroup.com  The most profit for this property would be to convert it to condos.

Thank you for your interest.

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