Anik Ray Christopher Herlich Iris Lehmann

 Location ◦ Located in the Crown Heights Section of Brooklyn on the Corner of Utica and Pacific Avenue ◦ Properties are near the B46, B15 & B65 buses. The A & C trains stop nearby at Utica & Fulton. Local shopping is within a 5 minute walk. ◦ Currently Crown Heights is one of the up and coming areas in Brooklyn and there is an increased amount of gentrification  Property ◦ Two neighboring buildings that are both mixed used with Commercial on the first floor and apartments on the second floor and third floor. ◦ Total of 8 apartments, four in each building. Apartments are a 2 bedroom/ 1 bath and 1 bedroom/1 bath on each floor ◦ Large frontage on both Pacific and Utica Avenues ◦ Square Footage for each building is 2243 of residential space in each property and an additional 1100 of commercial space  Marketing ◦ The area is rapidly gentrifying and we anticipate designing our two buildings to be higher end properties attracting Millennial tenants. ◦ For the commercial space we hope to attract a tenant such as bar or coffee shop because it will require less infrastructure investment.

 Design/Construction ◦ Currently the commercial space is vacant. The current plan is to create a coffee shop or bar which would require less minimal infrastructure improvements. ◦ Our design aesthetic will be modern with stainless steel appliances and higher end finishings like granite countertops and modern bathrooms. ◦ The residential spaces require investment to bring in higher rents and more desirable tenants. Kitchen and Bathroom renovation are needed. Currently the walls and floors seem solid.  Financing ◦ Currently the purchase price is 1.48 million for both properties. The current price is slightly overvalued and we anticipate to negotiate it down. ◦ The current plan is to raise the equity in the property from the current owner, and then finance 80% of the property. ◦ By developing property and gaining market level rent from both the commercial property and residential property we anticipate to be cash flow positive soon. ◦ Currently properties are vacant or have month to month leases.

 Two neighboring buildings that are both mixed used with Commercial on the first floor and apartments on the second floor.  Total of 4 apartments, two on each floor. Apartments are a 2 bedroom/ 1 bath and 1 bedroom/1 bath  There is a ½ bath in the commercial area.  Currently none of the tenants have long term leases and the commercial areas are vacant.  The property is the corner Pacific St & Utica Ave only 1 block off of Atlantic Ave. The commercial space was used as a Church but and is vacant at this time. This building can be converted into condos or market rent producing townhouses.  These homes are near the B46, B15 & B65 buses. The A & C trains stop nearby at Utica & Fulton. Local shopping is within a 5 minute walk.

Strengths Strong public transportation access (two subway lines, many buses) Diverse population High foot-traffic area Growing population of young people Convenient access to colleges and universities Able to access Manhattan in reason amount of time (15-30 min) Restoration Corporation and other agencies encouraging neighborhood transformation Strong architectural and cultural identity for the neighborhood – good branding Weaknesses Quality of public schools is questionable Transient population, not invested in staying for a long time Lack of green space Very expensive, which may limit accessible population Formerly the largest ghetto in the US, so there’s still some stigma in the neighborhood Higher crime rates than the city average Social spaces are largely streets and vacant lots currently

Opportunities High walk score, transit score, and bike score Increasing amount of gentrification, and overall a shift toward a younger population particularly in Brooklyn Crime is decreasing Services are increasing in the area – BRT coming to the neighborhood, fiber optic internet, DW/WW modernization Old neighborhood with historic housing stock There’s a need for Third Places like cafés, shops, and restaurants Threats Pushback from current residents Rising rents pricing out tenants NYC neighborhood trends shift quickly, what is popular changes New political leadership in the city may impact development/services in uncertain ways Informal economy of the neighborhood could pose threat for established and new business interests