MBA 640 Final Project Milestone Two Guidelines and Rubric .docx

MBA 640 Final Project Milestone Two Guidelines and Rubric
Overview: The final project for this course is the creation of an
external capital funding proposal.
Most businesses face a landscape of uncertainty and a never-
ending stream of risks and opportunities. Managers must
continually project the likely financial
impact of decisions, make recommendations, act on those
decisions, determine how to pay for them, and evaluate the
costs and effectiveness of what has been
done. Many decisions are short-term, routine, and operational.
Others are longer-term investment decisions that require
substantial new resources, such as
developing new services, expanding into new geographic
markets, or undertaking business combinations or spin-offs.
Each requires managers to forecast, plan,
and make decisions based on a thorough understanding of both
internal and external factors that can affect a company’s
financial success.
For the summative assessment in this course, you will bring
your finance and economics knowledge to bear by preparing an
external capital funding proposal for
a major international investment at a publicly traded
corporation. In order to secure the support of potential financial
backers, your proposal will need to lay out
what the proposed investment opportunity is, how it fits within
the company’s broader mission and goals, its financial impact,
and the amount being requested

and why (including alternative funding mechanisms
considered). In addition, it will also need to include information
on the organization’s context, risk factors,
and microeconomic assumptions that could affect the success of
the investment.
Prompt: Submit a paper that addresses critical element IV,
Risks, of the final project. Discuss any risks that might affect
the success of the project and how you
have planned for those contingencies.
Note: The risks (and opportunities) you identify should
demonstrate your understanding of the company you selected,
the industry, the investment project you
are proposing, and your project’s country and timing. Your
estimates of financial impacts will be only preliminary; you will
most likely revise them in your final
submission at the end of Module Nine.
Specifically, the following critical elements must be addressed:
Section IV Risks:
1. Internal. What are the company’s most significant internal
risks and opportunities related to the project? How might they
affect your financial estimates
and how will you address them? Support your response with
specific examples.
2. External. How will you address significant qualitative risks
outside the company that might affect project success? Give
specific examples. For example,
how might culture or politics in the target country affect the
proposed investment’s financial success? Natural disasters?
How have you planned for

these risks?
3. Microeconomic. Assess the microeconomic factors that might
affect decisions about the proposed investment. Support your
response with specific
examples. For example, how competitive is the market you will
be entering? How elastic is the price for your product or
service?
4. Alternate financial scenarios. Use this section to discuss the
sensitivity of your financial projections to different scenarios.
Be sure to address:
a. How would your projected financial performance change if
sales fall 20% short of or are 20% higher than your base
assumption? What does your
analysis of these two scenarios imply for the proposed
investment? Justify your response.
b. What do the net present value, internal rate of return, and
payback values from your base scenario and the sales variation
scenarios above imply
for the proposed investment? Be sure to explain how the time
value of money affects your calculations and analysis.
Rubric
Guidelines for Submission: Your risk assessment paper should
be approximately 8-10 pages in length (excluding any tables,
other exhibits, and list of references
as necessary). It should be double-spaced with 12-point Times
New Roman font and one-inch margins, and should use APA
format for references and citations.

Critical Elements Proficient (100%) Needs Improvement (75%)
Not Evident (0%) Value
Risks: Internal Projects how company’s most
significant internal risks and
opportunities might affect
financial estimates and how they
will be addressed, supported by
specific examples
Projects how company’s most
significant internal risks and
will be addressed, supported by
specific examples, but response
contains inaccuracies, omits key
details, or links between
projections and planning are
tenuous
Does not project how company’s
most significant internal risks and
will be addressed
18
Risks: External Evaluates how significant
external, non-financial risks that
might affect project success will
be addressed, giving specific

examples
Evaluates how significant
be addressed, giving specific
examples, but response contains
inaccuracies, omits key details, or
examples are not relevant
Does not evaluate how significant
be addressed
18
Risks:
Microeconomic
Assesses the microeconomic
factors that might affect decisions
about the proposed investment,
supported by specific examples
Assesses the microeconomic
factors that might affect decisions
about the proposed investment,
supported by specific examples,
but response contains
inaccuracies, omits key details, or
examples are not relevant
Does not assess the
microeconomic factors that might
affect decisions about the

proposed investment
18
Risks: Alternate
Financial: Sales
Fall
Projects how financial
performance would change if
sales fall 20% short of or are 20%
higher than base assumption,
including what analysis of two
scenarios implies for the
proposed investment, justifying
response
Projects how financial
higher than base assumption,
including what analysis implies
for the proposed investment, but
response contains inaccuracies,
omits key details, or is poorly
justified
Does not project how financial
higher than base assumption

18
Risks: Alternate
Financial: Time
Value of Money
Assesses what net present value,
internal rate of return, and
payback values from base and
sales variation scenarios imply for
the proposed investment,
including how time value of
money affects calculations and
analysis
Assesses what net present value,
internal rate of return, and
the proposed investment,
including how time value of
money affects calculations and
analysis, but response contains
inaccuracies or omits key details
Does not assess what net present
value, internal rate of return, and
the proposed investment
18
Articulation of
Response

Submission has no major errors
related to citations, grammar,
spelling, syntax, or organization
Submission has major errors
that negatively impact readability
and articulation of main ideas
Submission has critical errors
that prevent understanding of
ideas
10
Total 100%
Chapter 1: GENERAL CONTEXT
This report is presented to propose uses for a commercial
development sites located in Jamaica, New York. Specifically,
this report will focus on the following properties located in the
Borough of Queens, City of New York, County of Queens and
State of New York as depicted below.
Site Synopsis:
The following is a description obtained from Zola’s New York
City’s Zoning and Land Use Map of the site that is pertinent to

understanding the current parameters at this time:
Lot
144-33
144-35
145-01
145-03
Lot Frontage
20 ft
27 ft
22 ft
19.42 ft
Lot Depth
100 ft
100 ft
111 ft
123 ft
Lot Area
2000 SqFt
2700 SqFt
2442 SqFt
2388 SqFt
Gross Floor Area
2288 SqFt
4860 SqFt
4158 SqFt
2418 SqFt
Current Site Use:
Upon research, all properties are considered mixed-use
buildings which are designated for commercial and residential
use. All properties are zoned under R6A and C2-4 respectively.
Properties located on 144-33 and 144-35 have a combined lot

area of 4,700 square feet and a combined gross floor area of
7,148 square feet. Properties located at 145-01 and 145-03 have
a combined lot area of 4,830 square feet and a combined gross
floor area of 6,576 square feet. The total combined lot area of
all properties is 9,530 square feet while the combined gross
floor area for all properties is 9,818 square feet.
The property currently located at 144-33 Jamaica Avenue is
currently within a building class that is specified as a
predominantly retail use site with other uses. The property
located at 144-35 Jamaica Avenue is within a building class
designated for residential (multiple use) - primarily two family
with one store or office. The property located at 145-01 Jamaica
Avenue is classified as a Residential (multiple use) - primarily
two family with one store or office as well. This building
currently holds a retail tenant operating as Jin Li 99 cent
department Inc. Lastly there is the property located at 145-03
Jamaica Avenue with the building class of residence (multiple
use) - primarily two family with one store or office.
Additionally, the figure above notates that each building within
the assemblage has 2 apartment units. This would justify the
residential zoning condition for R6A.
With the proposed development project that will be outlined
within this report, we are planning and developing under the
current zoning parameters creating residential and retail spaces
that the current Jamaica, Queens comprehensive plan intends to
implement.
This proposal will suggest based on current market conditions
and NYC planning board initiatives the properties located at
144-33 and 144-35 will become an Urgent Care offering lab
services, medical imaging, clinical and office space for
specialists of the Jamaica Hospital Medical Center. Entrance to

the Urgent care will be facing the south on Jamaica Avenue on
144-33. Medical office space entrance will be on the southeast
side of the building facing 145th. The properties located at 145-
01 and 145-03 will be renovated and will remain mix-used
buildings that will provide affordable housing and maintain one
commercial retail tenant. The locations 144-33 and 144-35 will
be a medical office, two story with face brick with concrete
block back-up / Steel Joists. 145-01 and 145-03 will also remain
a two story with face brick with concrete block backup and
Steel Joists.
Chapter 1- 1: ECONOMIC DRIVERS
Downtown Jamaica is experiencing rapid middle-class
population growth and is in the midst of a wave of private and
public investments in infrastructure, affordable housing,
hospitality, retail and industrial jobs. Job growth in downtown
Jamaica is currently centered on five distinct areas; industrial
related uses, construction, hospitality, retail and aviation
related. York College located in the heart of Downtown, just
south of Jamaica Avenue, was designated by Governor Cuomo
as a Start-Up NY recipient. It is the only such location in
Queens and the program is designed to attract businesses--
especially those in high tech, pharmaceuticals, aviation or
logistics to sites on or adjacent to the college. The mix of
growing job opportunities in construction, retail, hospitality,
aviation-related industries and high tech present a diverse range
of salary scales and job mobility.
According to the Office of the New York State Comptroller, the
number of businesses increased by 39 percent over a 20-year
period, much faster than the citywide growth rate (27 percent).

The local economy is closely associated with nearby John F.
Kennedy International Airport. Business growth has been
extraordinary over the past two decades, increasing by 39
percent. In 2014, there were 4,298 businesses, one-fifth of
which were retail.
Additionally, Queens is home to John F. Kennedy International
Airport and LaGuardia Airport. Moreover, the Landmarks in
Queens include Flushing Meadows-Corona Park; Citi Field,
which is the home of the New York Mets baseball team; the
USTA Billie Jean King National Tennis Center, site of the US
Open tennis tournament; Kaufman Astoria Studios; Silvercup
Studios, the largest film and television production facility in
New York City, and Aqueduct Racetrack.
As shown in figure above, the number of businesses in the
Greater Jamaica area totaled 4,298 in 2014. This represents an
increase of 39 percent over a 20-year period, much faster than
the growth rate in the City overall (27 percent). While the
recent recession temporarily dampened growth, the number of
businesses increased by 11 percent between 2009 and 2014.
CHAPTER 1-2: DEMOGRAPHIC ANALYSIS
Queens is one of the five boroughs of New York City, located in
Queens County, State of New York. It is the largest borough
geographically and is adjacent to the borough of Brooklyn at the
southwestern end of Long Island. Nassau County is to the east
of Queens and it also shares water borders with the boroughs of
Manhattan and the Bronx. Queens is the second largest in
population size of the boroughs, behind Brooklyn.

According to the NYC Planning Department, the United States
Census reported that the population of Queens Community
District 12 in 2010 which includes Hollis, Jamaica, Jamaica
Center, North Springfield Gardens, Rochdale, South Jamaica
and St. Albans was 225.9K. The area and density for the district
is 9.6 square miles. WIthin those parameters there are 23,533
persons per square mile. Queens Community District is more
dense than neighboring communities such as Queens
Community 13 which consists of Bellaire, Bellerose,
Brookville, Cambria Heights, Floral Park, Glen Oaks,
Laurelton, New Hyde Park, Queens Village, Rosedale,
Springfield Gardens with 14,968 persons per square miles.
While New York comes in at a whopping 27,000 people per
square mile, the density for Queens still holds strong
indications that new developments and affordable housing
accommodations are a necessity for the population at large.
Queens is also the fourth most densely populated county among
New York City's boroughs, as well as in the United States.
The figure above outlines that the population for the Queens
Community District 12 has a higher female population at 53.4%
while the male population rests at 46.6%. The African American
population is the highest in the district coming in at 61.2% over
all other race origins. Within this population 42.7 percent are
foreign born.
According to the provided figure, 22.8% of residents are under
the age of 18 while NYC is at 21%. 12.7% of Queens
Community District 12 residents are 65 and over.The 30-percent
of income standard is a widely used and accepted measure of
the extent of housing affordability and it remains a reliable

indicator of affordability both over time and across markets.
The figure above indicates that for the rent burden 48.0% of
households spend 35% or more of their income on rent. The
District also demonstrates high ratings with access to parks
(76.0%) and Street Cleanliness at (94.9%). Daily commutes to
work average at 48.9 minutes.
Crime in the Queens Community District 12 came in at a lower
rate with 2,837 major felonies reported in 2017 compared to the
borough of Queens at 19,371 and all of NYC at 96,515.
Education in the District signifies that 21.0% of residents age
25 years and older have earned a bachelor’s degree or higher
compared to the borough of Queens at 30.8% and NYC at 36.7%
making this a very low number for the district compared to all
of New York.
The English proficiency of the district is very low at 14.3%
compared to all of Queens at 29.3% and all of NYC at 23.1%.
This signifies a very diverse and dense cultural mix within the
district.
There is a very high unemployment rate in the district at 7.1%
which is substantially higher than the rest of Queens at 4.4%
and all of New York City at 4.9%. This percentage indicates
that job creation, affordable housing and skill development
programs are very necessary within the district. Since 2010,
unemployment has increased by 2.5 basis points in Jamaica
compared to 1 basis point in the borough of Queens. Three
percent of Jamaica’s employed residents work in Jamaica and an
additional 1 percent work at JFK.
NYCgov Poverty Measure indicates a percentage of 19.0%
compared to all of Queens at 19.3% and all of New York City at
19.8%

The above figure obtained from Claritas indicates that the
Jamaica Queens highest household income is between $50-
$75K. The median household income for the Jamaica Queens
population is around $46,500.
According to the Claritas figure shown above dated in 2019, the
Queen’s 12 district’s household composition is predominantly
made up of 2 person households with no children/other. Overall
this information exhibits that the demographic is a young,
diverse family market: 41% families with children (married
couple or single parent), plus married couples without children
and a notable proportion of multigenerational households.
According to Esri, (which obtained housing types and rents
from the Census Bureau’s American Community survey) the
figure above notates based on the proposed site/properties’
zipcode that residents within the community tend to be renters
at 72.4% while homeowners make up only 27%. The figure also
illustrates that the typical housing is high-density apartments
and single families with an average rent of $1,191.
The average household budget index comprised by Esri
indicates what this market’s households budget for housing,
food, clothing and other necessities. The market predominantly
spends on apparel and services followed by housing, food,
transportation and healthcare.
Key Findings: This is a cultural community where families
renting apartments in older buildings dominate this market;
about one quarter of households have children. Over one-fifth
of households have no vehicle, typically those living in the city.

Workers are mainly employed in white collar and service
occupations (especially food service and building maintenance).
One-fifth of workers commute using public transportation and
more walk or bike to work than expected. Median household
income is lower, but home values are higher, reflecting the
metropolitan areas in which they live. Consumers are attentive
to personal style; purchases reflect their youth and their
children.
Chapter 1-3: GENERAL MARKET CONDITIONS
With respect to retail, Jamaica Avenue presents classic
attributes of retail friendly thoroughfares. From the 1940’s-
1970’s, Jamaica was the shopping center for both Queens and
Long Island with three major department stores located in the
Downtown. Located in high-density areas of heavy pedestrian
foot traffic, retail rents have been rising to reflect the ongoing
revitalization of the Downtown. Well-known and nationally
recognized retailers such as Burlington Coat Factory, TJ Maxx,
H&M and Old Navy have either recently entered the Downtown
or committed to its future. The Downtown Jamaica District is
receiving interest from national/regional retail chains and the
Greater Jamaica Development Corporation is working with the
three BIDS to diversify the retail corridor.
The figure above demonstrates that the vacancy rate, after a
recent peak of 7%, has declined to 3.8%. Rents average $72.28
per square foot, up over 100% from 2012 and are among the
highest rates in Queens.
Downtown Jamaica is a bustling hub of living, working,
shopping, and learning, with the most active uses concentrated
along Jamaica and Archer Avenues between Sutphin Boulevard
and 168th Street. Retail and office uses are predominantly
located along Jamaica and Hillside avenues, Sutphin Boulevard,
and at the165th Street Mall. 11,400 housing units,8 primarily in

buildings containing 20 units or more, are within the Core
Downtown; whereas surrounding neighborhoods consist largely
of one- and two-family homes, Downtown Jamaica is
predominated by six- to eight-story multifamily structures, with
a significant concentration around Rufus King Park.
Institutional and public facilities are also a dominant use
Downtown, with the largest being York College, which is
located south of the LIRR tracks. Despite the increase in the
number of rental units, housing affordability is a major
problem. The median monthly rent rose from $700 in 2002 to
$1,275 by 2014. In Queens the rental vacancy rate was 3.5%.
The chart above illustrates that rents for market-rate units are
currently listed at $1,625 for a studio, $1,925 for a one-bedroom
unit, and $2,550 for a two-bedroom unit. Across all units, rents
in multifamily buildings are approximately $28 per square foot,
having recovered to 2007 levels following a decline during the
Great Recession.
Chapter 1-4: EMPLOYERS
According to Labor statistics for the New York City region.
Private sector jobs in New York City rose over the year by
55,100, or 1.4 percent, to 4,071,300 in October 2019. Gains
were greatest in educational and health services (+37,500),
professional and business services (+22,600), trade,
transportation, and utilities (+8,400), and other services
(+2,200). Losses were reported in natural resources, mining,
and construction (-6,200), financial activities (-5,700), leisure
and hospitality (-2,300), and manufacturing (-1,400). The
information sector was unchanged for the month. Major
employers in New York are the following:
Major job-creating projects and initiatives are underway for a

wide range of opportunities, all of which are either in the
Downtown core or are easily accessible to it. As a result of
significant past investment from the public sector, Jamaica is
poised to undertake substantial job growth and significant
community revitalization. As we look at the Jamaica, Queens
area here were our findings on current top employers:
Major employers outlined by the figure above indicated that the
following major employers in Jamaica, Queens are the
following in ranking order: Jamaica Hospital, State Supreme
Court, Queens Civil Court, NYC Police Dept./Forensic Lab,
New Queens Family Court, US FDA Lab, York College, Social
Security Administration, and lastly the Department of Motor
Vehicles.
Most local job growth has occurred in the administrative, health
care, and retail sectors, which (with transportation) represent
nearly all new jobs created in Downtown Jamaica between 2002
and 2014 and reflect the importance of major local employers,
listed in the figure above.
According to the Downtown Jamaica Revitalization Initiative as
they look forward, it is stated that there are several sectors that
are expected to represent growth opportunities for Downtown
employment based on recent and expected activity, including:
Health & Life Sciences: Health care-related jobs in the Core
Downtown have grown 30% between 2002 and 2014, and
Jamaica Hospital, the FDA, and York College (which offers
numerous health care-related degree programs and
certifications, and recently launched graduate programs in
pharmaceutical science and physician assistant certification)
provide the foundation for future growth. Statewide, health care
jobs are projected to grow by an additional 20% over the next
decade, with similar trends expected in New York City, making

health-care one of the fastest growing sectors in the economy.
This poses well for our proposed site development creating jobs
and contributing to the growth of the Jamaica Queens industry
tapestry.
Hospitality & Food Services: Jamaica has seen a boom in hotel
development since the completion of the AirTrain and the 2007
rezoning. Several major hotels are in development, including
approximately 675 rooms in the blocks surrounding Jamaica
Station. In total, over 2,000 new hotel rooms are planned to
come online in Downtown Jamaica, which could support
between 1,000 and 1,500 new direct jobs in addition to the
existing 800+ jobs already in the hospitality industry.
Location Quotients
According to a 2017 report from the New York State
Department of Labor, the following LQ’s were established for
Queen’s County of New York. The top 3 LQ’s for Queens
County employment (greater than 1.00) were the following
industries: Unclassified Services (Employment LQ 5.34 and
total wage LQ 2.97) employed 6,635 with an average annual
total wages of $180,567,225. Construction (Employment LQ
1.66 and total wage LQ 2.27) was the second highest which
employed 50,681 with annual total wages of $3,843,517,078.
Third ranking industry is Educational/Health Services (
Employment LQ 1.49 and total wage LQ 1.35) employed
147,193 with average annual total wages coming at
$6,083,058,194. These figures indicate that these industries are
producing more than is consumed locally (exporting). The LQ’s
are also relative to the United States.
On the State level, the New York Department of Labor reports

that at 3.29, securities, commodity contracts and investments
has the highest statewide LQ. This industry is very important to
the state. Not only did this industry employ almost 195,000 in
2016, it also paid salaries averaging almost $360,000.
Nationally, more than one out of every five workers in this
sector are employed in New York State. Other information
services recorded a strong LQ of 2.78. Industries in this
category are primarily news syndicates, libraries, archives,
exclusive internet publishing and/or broadcasting and web
search portals. These businesses combined employed more than
47,000 in 2016, with an average annual wage of $139,080.
Transit and ground passenger transportation ranked third with
an LQ of 2.33. While this industry is active in every region of
the state, jobs are mostly concentrated in the downstate region.
The state employs more than 15% of the nation’s transit and
ground transportation workers.
Noteworthy Findings:
The Jamaica, Queens area had the second-highest average
commute time among the City’s 55 Censusdefined
neighborhoods (50 minutes). Nearly 43 percent of the residents
had a commute of an hour or longer, well above the average for
Queens (29 percent). About half of the residents were employed
as office workers or held jobs in health care, retail or
transportation. The most common occupation was home health
aide. Almost 12 percent of the residents worked as teachers and
first responders, such as corrections officers, police officers and
security guards. Jamaica had the largest number (and the second
highest concentration) of protective service workers among the
City’s 55 neighborhoods.
Chapter 2: PROJECT VISION AND PROPOSED USE
Through research and the ultimate goal of New York City and
Jamaica Queens’ comprehensive plans along with the strong

indicators within the demographic and employment sectors, we
would propose to convert and combine the buildings located at
144-33 and 144-35 to become an Urgent Care offering lab
services, medical imaging, clinical and office space for
specialists of the Jamaica Hospital Medical Center. An
increased plottage value by combining two parcels side by side
will increase the value of the current property sites creating
larger retail space and more office spaces.
The properties located at 145-01 and 145-03 will be renovated
and will remain mix-used buildings that will provide affordable
housing and maintain one commercial retail tenant. In the
economic development strategy for the New York State’s
Downtown Revitalization Initiative (DRI) they seek to
“transform communities ripe for development into vibrant
neighborhoods where the next generation of New Yorkers will
want to live, work, and raise a family.
According to Jamaica Survey respondents, the highest response
came with the improvement of storefronts, dining and retail
business. Our proposed use target the top three needs of the
community at large. Providing an Urgent Care, medical offices
and affordable housing and high traffic retail space contributes
to the very essence of the downtown Jamaica, Queens tapestry.

144-33 (Property 1) and 144-35 (Property 2)
(Visualization)
The most viable locations for urgent care use are accessible to
dense populations exhibiting key demographics with a
propensity for urgent care services, heavy traffic counts and a
strong retail/service draw. Jamaica, Queens and the site location
for this proposed development hits all the targets needed for the
project’s success and viability.
Draft Site Plan
144-33
Use
SF
Unit
FAR
Floor 1
Retail
1340
1
3
Floor 2
Medical Offices
948
2
3
144-35
Use
SF
Unit
FAR
Floor 1
Retail

2430
1
3
Floor 2
Medical Offices
2430
2
3
Building Envelope
145-01 (Property 2) and 145-03 (Property 3)
(Visualization)
In 2015, Mayor Bill de Blasio, Queens Borough President
Melinda Katz, and Deputy Mayor Alicia Glen released the
Jamaica Now Action Plan. The plan, which represents $153
million in public funding, includes 25 initiatives for projects
such as streetscape improvements, NYPD security cameras and
affordable housing. This proposed use attributes to those efforts
by renovating and updating the streetscape and maintaining
retail and upgraded affordable housing.

Draft Site Plan
145-01
Use
SF
Unit
FAR
Floor 1
Retail
2,079
1
3
Floor 2
Residential
2,079
2
3
145-03
Use
SF
Unit
FAR
Floor 1
Retail
1,209
1
3
Floor 2
Residential
1,209
2
3

Building Envelope
Chapter 2-1 COMPARABLE ANALYSIS
There are three properties that were selected to conduct a
comparable analysis. The analysis consists of the following
addresses:
90-28 SUTPHIN BOULEVARD
This property is located in Jamaica, Queens and has the
identical building status as a two family dwelling with
commercial and retail use. With 3,000 square feet and sold at
2,000,000 in February 2019, the asking rent per square foot was
estimated at $1.33. There has been a rent increase since the
purchase of the property by $228.00 per month.
149-13 JAMAICA AVENUE
$1,550,000 in July 2019, the asking rent per square foot was
estimated at $1.21. There has been a rent decrease since the
purchase of the property by $74.00/month.
144-15 HILLSIDE AVENUE
$7,150,000 in February 2019, the asking rent per square foot
was estimated at $1.37. There has been a rent increase since the
purchase of the property by $87.00 per month.
The vacancy rate for private non-regulated units (were never

rent-controlled or rent stabilized, were decontrolled, including
those in buildings with five or fewer units, and unregulated
units in cooperative or condominium buildings) was 6.07%.
The figure above from the New York City Comptroller’s Office,
illustrates the vacancy rate for Jamaica Queens retail which
includes the aforementioned comparables. In 2017 the total
retail area was 2.4 million square feet. The vacant retail spaces
were 95 which equates to 7.05%
The figure above from the New York City Comptroller’s Office,
illustrates the retail rental rate for New York City including
Queens which includes the aforementioned comparables.
Average retail rents increased 22 percent citywide in the past
decade.
Chapter 3: REGULATORY / ZONING PUBLIC APPROVAL
PROCESS
The subject properties are designated under the following
multiple zoning designations as Property Zoning Districts: R6A
& C2-4. Details for each of these designations can be found
below:
R6A Zoning Designation:
R6A is a contextual district.Contextual Zoning Districts are
meant to promote uniformity in the neighborhoods they are
zoned in. This results in shorter low rise buildings with large
footprints. In Contextual Zone R6A developments are required
to follow the Quality Housing Program Regulations. The
Quality Housing Program (“QHP”) is common in R6 zones but
is mandatory in R6A zones, as well as R6B zones. The QHP

promotes shorter wider buildings that would fit into their
surroundings. QHP additionally encourages better ground-floor
retail and residential spaces together with apartments with
adequate ceiling heights.
With a R6A designation, properties consist of multifamily
buildings that can be a walk-up property with no elevator or
medium sized apartment building. A designation of R6A
restricts the development of only residential buildings or
community facility buildings unless the property has an
additional commercial overlay designation. Each of the subject
properties have a commercial overlay designation of C2-4.
C2-4 Commercial Overlay Designation:
There are eight basic types of Commercial Districts, ranging
from C1 to C8, which can be grouped into three general types:
neighborhood, general and specialty. C1 and C2 Districts New
York’s residential neighborhoods often contain streets or areas
lined with a broad mix of commercial uses containing the
variety of retail shops and other businesses that primarily serve
a neighborhood’s commercial needs. These uses are frequently
found either in one- to two-story commercial buildings or on the
lower floors of mixed buildings
The designation of C2-4 is a sub-district of C2 Commercial
Overlay. Certain residential districts will have a commercial
overlay which means that there is an underlying residential zone
but the commercial overlay allows the development of a
commercial use or the ability to develop a mixed use building.
See figure below for Commercial Overlays which are depicted
as follows:
Source: NYC Department of City Planning
Parking Requirement - 144-35 & 144-33 Jamaica Avenue:

In connection with the properties designated as 144-35 & 144-
33 Jamaica Avenue, these lots are intended to be an Urgent Care
and Medical Offices. The Zoning Resolution defines Medical
Offices as a Community Facility Use as designated under Use
Group 4 titled “Ambulatory diagnostic or treatment health care
facilities.” Pursuant to the Zoning Resolution, Article III,
Chapter 6, Section 36-21, a Community Facility Use under Use
Group 4, in Districts R6 generally, require 1 parking space for
every 1000 sq ft of floor area (“buildable sq ft”).
The aggregate buildable sq ft for 144-35 & 144-33 Jamaica
Avenue total 7140 sq ft which if divided by 1000 sq ft results in
a requirement of 7.1 parking spaces (see table below).
Source: NYC Planning, Zoning Resolution. Article III, Chapter
6, Section 36.21
However, pursuant to Article II, Chapter 5, Section 25-261 the
parking requirement is waived for in R6 districts up to a
maximum number of 5 spaces. This results in a waiver of the
entire requirement to provide parking.
Parking Requirement - 145-01 & 145-03 Jamaica Avenue:
In connection with the properties designated as 145-01 & 145-
03 Jamaica Avenue, which are intended to be renovated and will
remain mix-used buildings that will provide affordable housing
and maintain one commercial retail tenant, the parking
requirement, pursuant to the Zoning Resolution, under Article
II, Chapter 5, Section 25-241 reveals that in R6 districts zones,
lot areas that are 10,000 sq ft or less require that 50% of the
dwelling units receive parking (see table below).
The aggregate lot area sq ft for 145-01 & 145-03 Jamaica
Avenue total 4830 sq ft and there are a total of 4 residential
units in 145-01 & 145-03 Jamaica Avenue combined. This
would require that at least 50% of the 4 units (or 2 units)
receive parking. However, pursuant to Article II, Chapter 5,
Section 25-261 the parking requirement is waived for in R6
districts up to a maximum number of 5 spaces. This results in a
waiver of the entire requirement to provide parking (see table

below).
Source: NYC Planning - Zoning Resolution. Article II, Chapter
3, Section 23-153
Maximum Floor Area Ratio:
The floor area ratio (FAR) in R6A districts is 3.0. The subject
properties include two corner lots (lots 33 and 38) and two
interior lots (lots 35 and 37). In the districts designated for
Quality Housing buildings, the maximum floor area ratio and
maximum residential lot coverage for interior lots are 65% as
set forth in the table above. And, pursuant to Article II, Chapter
3, Section 23.153, the maximum residential lot coverage for a
corner lot shall be 100% percent.
Maximum Height of Building and Setbacks:
Source: NYC Dept. of City Planning
(https://www1.nyc.gov/site/planning/zoning/districts-
tools/r6.page)
The figure above reveals that there is a minimum base height of
40 feet, maximum of 60 feet or 65 feet if providing a Qualified
Ground Floor (GQF). Once reaching this height, the building
must set back by at least 10 feet on a wide street and 15 feet on
a narrow street before rising to its maximum height of 70 feet,
or 75 feet if providing aQGF. To preserve the traditional
streetscape, the street wall of a new building can be no closer to
the street line than any adjacent street wall, but need not be
farther than 10 feet.
Additionally, in the subject property known as 145-01 & 145-03
Jamaica Avenue in which affordable housing will be developed,
the Zoning Resolutions allow for an increase in the FAR to a
maximum of 3.60 FAR. Known as “Inclusionary Housing”
under the Zoning Resolution, the Inclusionary Housing Program
gives incentives in exchange for the creation of preservation of
affordable housing, pursuant to Article II, Chapter 3, Section
23-154(b). Pursuant to Article II, Chapter 4, Section 24-35

related to R6 districts, no side yards are required and in Section
24-36 of the same Article and Chapter, no less than 30 feet rear
yard setbacks are required.
Below is an illustration of the setbacks and height restrictions:
Zoning Application Process:
The process for changing the designated zoning on a lot within
a district can be a very long process in NYC and can take up to
twelve months to complete. The basic process and time
required are detailed below:
· Start with Initial Analysis of Current Lot(s): Prior to
beginning the process of making a change to the designated
zoning on a particular lot, a thorough analysis must be
completed on the lot to understand what the lot is currently
zoning and the structures allowed to be built on the lot pursuant
to the zoning. The analysis can be done by reviewing various
zoning websites and materials including Zola, Zola Handbook
and Zoning Resolution. Additional help can be provided by
representatives of the NYC Zoning and Planning Department.
· Informational Meetings & Pre-Application Process: A meeting
must be scheduled with the designated borough office to discuss
the scope of the project that is being proposed for the subject
lot. Prior to the meeting a checklist will be provided that
details the materials that should be obtained for the meeting.
Additionally, a Pre-Application Statement must be completed
which details the proposed project. Further, an Interdivisional
Meeting with an assigned Department of City Planning (“DCP”)
staff member will be an opportunity to present the proposed
project. Moreover, once reviewed by DCP, a Reasonable Worst
Case Development Scenario (RWCDS) memo will be issued by
the City Planning Department which is an analysis framework
used to determine the required environmental process that must
be completed by the proposed sponsor inquiring to make a
change/amendment to the designated zoning for the subject

property.
1. ULURP Application & Environmental Impact Statement and
Certification of Application: After the initial meeting and pre-
application process, the sponsor of the project begins to prepare
an environmental impact statement, which details how the
project would affect its surroundings. The submission of an
environmental impact statement is a requirement pursuant to the
State Environment Quality Review Act (SEQRA) of 1975 and
the City Environmental Quality Review (CEQR) are the City
rules through which NYC implements SEQRA. The purpose of
CEQR is to review the statement to identify any potential
adverse environmental effects of proposed actions, assesses
their significance, and proposes measures to eliminate or
mitigate significant impacts. The draft of the environmental
impact statement and the draft of the Land Use Application,
together with all attached materials, will go through the
Uniform Land Use Review Procedure (ULURP) process. The
environmental impact statement and ULURP application is
reviewed by the City Planning Commission (CPC), who have
the Department of City Planning (DCP) as staff.
a. Copies of the impact statement, land use application and
materials are sent to the Borough President, Community Board
and the City Council within five (5) business days of the receipt
of the application.
b. Comments by the CPC and DCP staff are reverted back to the
sponsor of the project for correction/updating. Comments can
include requested certain changes to the application, documents,
or reports submitted.
c. Once the application has been reviewed and subsequently
revised pursuant to all comments, the application is then
certified as being approved to then be able to move on to the
next step in the process (note: if after six (6) months, the

application has not yet been approved to move to the next steps,
a sponsor can submit an appeal to the CPC).
2. Community Board Review: After the application has been
certified as approved, the local community board has two (2)
months to review the application. The community board will
notify the public by holding a public hearing. Then submits
their recommendations to CPC and the Borough President. If
after two months the community board does not submit any
recommendations, the application will continue to move to the
next stage in the process.
3. Borough President Review: Once the application has moved
past the Community Board Review, it then moves on to the
Borough President for review. The Borough President will have
one (1) month to submit his or her recommendations to CPC. A
public hearing is not required at this stage but a Borough
President can still choose to hold a hearing regardless.
4. City Planning Commission Review: Once the application has
moved past the Borough President, CPC has two (2) months to
hold a public hearing and ultimately make a decision to either
approve the plan, approve it with modifications or disapprove it.
If the plan is not approved, then the project ends there (unless it
is an urban renewal plan, in which case it still gets reviewed by
the City Council). If the plan is instead approved by CPC, it
moves on to the City Council:
· Note that when either the Community Board of the Borough
President, during their respective review periods, submit
recommendations, those recommendations can only pass if there
is a consensus between at least seven commissioners. If
however the Borough President recommends to disapprove a
plan for example, the vote requires nine commissioners to
agree.

5. City Council Review: The City Council will have fifty (50)
days to hold a public hearing and make a decision. Note that
not every application will need to be reviewed by the City
Council. Certain instances require the City Council review and
in others it does not (example: changes to the zoning map,
zoning text changes, housing and urban renewal plans,
disposition of residential buildings or 197-a plans all require
City Council review). Also, the City Council will have to
review if a plan is disapproved by the Community Board or the
Borough President.
· The City Council can also submit a recommendation (to
approve, approve with modifications or disapprove) even if a
plan was approved by either the Community Board, Borough
President or CPC. If the City Council approves with
modifications, CPC has fifteen (15) days to recommend whether
the modifications require another environmental impact review.
6. Mayoral Review: The Mayor has five (5) days to veto a plan
that has, for example, been approved by the City Council.
Although under the Mayor Review, he or she does not need to
formally approve the plan and the City Council and override the
mayor’s decision with a 2/3 vote.
Below is a flow chart of the process of the application as it
moves through the various departments, boards and offices:
Building Code Violations & Certificate of Occupancy Review:
Information was obtained from the NYC Department of
Buildings’ Information System website regarding violation
status and issuance of Certificates of Occupancy (CofO) for the
subject properties. This site lists complaints, Department of
Buildings (DOB) violations and Environmental Control Board
(ECB) violations as well as the status of the issuance of CofO.
Complaint details are available online as well as printing copies

of CofO, while actual violations must be viewed by completing
a written Request for Information. The following information
was obtained for each property:
* None Available - No Certificate of Occupancy was located for
144-35 Jamaica Avenue. The subject property was built in 1931
and requirements for a Certificate of Occupancy took effect in
1938. A Letter of No Objection (“LNO”) will need to be
obtained. Required documents for issuance of a LNO include i.
Sanborn Map; ii. Survey; iii. Pictures of the exterior & interior
of premises; iv. HPD I-Card; & v. Premises must have no open
job applications/no open violations. The estimated review
period for the issuance of an LNO is about 10 to 15 days.
Chapter 3 - 1 UNIQUE CHALLENGES
There are two unique challenges that have been identified while
constructing the capital stack model and reviewing the financial
statements.
Unique Challenge 1
After analysis of the project and available financing, a
construction loan with a 60% LTC and proposed 5.7% interest
rate will be obtained. The construction loan will require a 40%
equity investment. In order to reduce the equity investment, we
proposed to incorporate 20% LTC mezzanine financing into the
capital stack model. Given the priority position of mezzanine
financing, this type of capital requires slightly higher interest
rates than the senior construction loan. As a result of the
projected NOI returns, acquisition costs, construction interest
rate and investor rate of returns, incorporating the additional
costs associated with mezzanine financing was a challenge but
necessary in order to move forward on the projected analysis.
Unique Challenge 2
An additional unique challenge that this particular site proposal

encounters is maintaining and adding lower-cost housing
options. Costs for construction materials and land continue to
rise, finding a way to pay for affordable developments is
becoming much more difficult. Due to the fact that lenders base
their loans on a property’s anticipated income, when the rent is
adjusted to accommodate affordable prices and a property’s
expected income drops, so does the amount of money lenders
are willing to provide. This is where a funding gap will occur
and so poses the challenges.
The capital stack for an affordable housing project usually
includes a conventional mortgage loan, tax credits, and several
other sources of funds, like alternative financing or grants from
public or private sources. As developers, we don’t want to have
too many financing sources to fill the gap between building
costs and capital available.
Possible solutions to the posed challenges include exploring
affordable housing funding sources including low-income
housing tax credit (LIHTC). The Department of Housing and
Urban Development (HUD) created this program to incentivize
affordable housing development. LIHTC provides credits to
state housing finance agencies to allocate to developers, who in
turn typically sell them to investors to fund the project. There
are two types of LIHTC credits—9% credits and 4% credits—
and being awarded a 9% credit will help to finance the majority
of a development.
Another program is the Community Development Block Grant.
This federal program provides funds to state and local
governments to distribute for community development projects.
To receive these funds, local governments must submit two
annual performance evaluation reports to HUD.
Lastly 221(d)(4) is HUD’s construction loan program for both
affordable and market-rate housing. These loans are sizable—

typically more than $10M—and unlike conventional bank
financing, the terms won’t change with the market. Developers
pay interest-only during construction years, which gives up to
three additional years of financing at the same fixed rate.
221(d)(4)s are often more expensive for developers up front and
can take up to a year to secure because the FHA lender and
HUD each underwrite the transaction. These solutions can
potentially assist in the unique challenge of the burden of
identifying funding sources and managing affordable housing
finance that falls on the developer.
Chapter 4: FINAL ANALYSIS AND PROFORMA
To determine whether or not our proposed vision for this
portfolio assemblage is viable a complex and dynamic financial
model needed to be constructed. The investment thesis followed
an extremely conservative approach. The model consists of
seven sections:
1. Assumptions for Sources and Uses
2. Sources and Uses
3. Assumptions for Cash Flow
4. Cash Flow
5. Yield Analysis
6. Debt Sizing
7. Highest and Best Use
In the model the total sources of funds to equal $9,004,289.08.
This total project cost consists of a portfolio acquisition, hard
and soft costs as well as additional equity needed to fund point
fees, interest reserves, contingency and working capital. Our
total debt is provided by an interest only construction loan of
$4,785,669 anda Mezzanine Loan of $1,595,223. The remaining
TPC is covered by $2,623,397 of equity, with 90% coming from
sponsors.

The property will include four revenue streams.
1. An urgent care facility which produces an annual stabilized
base rent of $75,263
2. Medical Offices which will generate $256,827 of annual
revenue
3. Residential which generates $68,880 annually
4. Retail which generates $134,268 annually
The urgent care and medical office properties will be triple net
leases.
Construction/renovation will take two years. In that time
interest reserves will cover interest generated by the loans. The
third year will see income generation, but at a 75% capacity of
expected revenue, so working capital will be necessary to fill a
deficit. The following two years will be stabilized and a NOI of
$477,743 and $480,899 are expected. A cash on cash return of
1.52% and 1.64% are also expected. Year 5 NOI is expected to
be $484,078 and is the basis of our exit projections.
Chapter 4-1: EXIT PLAN
Assuming the project construction and renovations commence
and are completed at the end of Year 1, the exit will be based
off of Year 5 NOI and an exit capitalization rate of 10.83%. The
exit capitalization rate is calculated through the band of
investment method plus a spread. To get the base capitalization
rate, the NCREIF return index of 7.16% was multiplied by the
weight of TPC equity of 29%, plus the blended cost of debt
multiplied by debt's portion of TPC. The result is 6.83% and a
spread of 400 bps is added for the risk incurred.

According to the models projections the Year 5 NOI may not be
value of the building may not be enough to support the debt
required to take out the construction loans. If the project were
to commence, additional equity would need to be raised.
Chapter 4-2: SENSITIVITY ANALYSIS
By dividing the Year 5 NOI by TPC this project produces a
stabilized yield of 5.83%. Using additional increments of
$10,000 for NOI and $146,327 for TPC there is very little room
left for error to drop below the stabilized yield of 5.38%.
Furthermore, this yield analysis suggests to reach the required
capitalization rate of 10.83%, the required NOI would need to
be $975,527 or the TPC would need to be$4,468,127 to achieve
our required return or the risk.
Further asserting this position a highest and best use scenario
shows even with a tremendously small return on investment and
recapture rate of 1% with our capitalization rate of 10.83%, the
property value based on Year 5 NOI would only be $3,638,365,
nearly $200,000 less than the cost to acquire the properties
without a broker fee.
Unfortunately, all signs signal this project is not financially
feasible under these assumptions.
Resource Links & Information
Economic Research Service
https://www.ers.usda.gov/data-products/creative-class-county-

codes/
Block and Lot
https://a836-pts-
access.nyc.gov/care/search/commonsearch.aspx?mode=address
Acris
https://a836-acris.nyc.gov/CP/
NYC Buildings (DOB Certificate of Occupancy)
https://www1.nyc.gov/site/buildings/index.page
NYC Community District Profiles
https://communityprofiles.planning.nyc.gov/queens/12
Zola
https://www1.nyc.gov/site/planning/zoning/about-zoning.page
NY Department of State, Division of Corporations
https://appext20.dos.ny.gov/corp_public/corpsearch.entity_searc
h_entry
2015 New York Laws
RPA - Real Property Actions & Proceedings
Article 19 - (Real Property Actions & Proceedings)
DISCHARGE OR EXTINGUISHMENT OF ENCUMBRANCES,
CLAIMS AND INTERESTS
1931 - Discharge of record of ancient mortgages presumed paid.
https://law.justia.com/codes/new-york/2015/rpa/article-19/1931/
NYC Department of Buildings
http://a810-
bisweb.nyc.gov/bisweb/bispi00.jsp?static=true&s=B6681A58CD
8E7478E3F078F313CC5A9B
Housing Bureau

https://www.census.gov/topics/housing.html
U.S. Department of Agriculture
https://www.usda.gov/our-agency/about-usda
NYC Planning
https://www1.nyc.gov/site/planning/plans/borough.page
Jamaica Queens Approved Comprehensive Plan
https://www1.nyc.gov/assets/planning/download/pdf/plans/jamai
ca/jamaica.pdf
Jamaica FULL PLAN
https://www1.nyc.gov/assets/planning/download/pdf/plans/jamai
ca/jamaica_presentation.pdf
Jamaica Queens Revitalization Strategy
https://www.ny.gov/sites/ny.gov/files/atoms/files/Jamaica_DRI_
Plan.pdf
Regional Economic Development
https://www.ny.gov/sites/ny.gov/files/atoms/files/Jamaica.pdf
An Economic Snapshot of the Greater Jamaica Area from NYS
Comptroller’s Office
https://www.osc.state.ny.us/osdc/rpt6-2017.pdf
Selected Initial Findings of the 2017 New York City Housing
and Vacancy Survey (Vacancy Rates)
https://www1.nyc.gov/assets/rentguidelinesboard/pdf/2017_hvs_
findings.pdf
NYC Zoning Descriptions
https://www1.nyc.gov/site/planning/zoning/districts-tools/c1-
c2.page
Tapestry Segmentation for Predominant Population

http://downloads.esri.com/esri_content_doc/dbl/us/tapestry/seg
ment60.pdf
ment33.pdf
ment36.pdf
https://www.census.gov/quickfacts/fact/table/queenscountyquee
nsboroughnewyork/POP645217
LAND ASSEMBLY
https://www.camoinassociates.com/landassembly
Building Code Classification
https://www1.nyc.gov/assets/finance/jump/hlpbldgcode.html
Claritas
https://claritas360.claritas.com/mybestsegments/#zipLookup
Federal Reserve Economic Data
https://fred.stlouisfed.org/
Zoning Consultation:
Dana Driskell of the NYC Planning and Zoning Department
(718) 220-8509
NYC Zoning Resolution
https://zr.planning.nyc.gov/article-vii/chapter-7
1
The information contained herein has either been given to us by
the owner of the property or obtained from sources that we
deem reliable. We have no reason to doubt its accuracy but we
do not guarantee the accuracy of any information provided
herein. As an example, all zoning information,
buildable footage estimates and indicated uses must be
independently verified. Vacancy factors used herein are an
arbitrary percentage used only as an example, and does not
necessarily relate to actual vacancy, if any. The value of this

prospective investment is dependent upon these estimates
and assumptions made below, as well as the investment income,
the tax bracket, and other factors which your tax advisor and/or
legal counsel should evaluate. The prospective buyer should
carefully verify each item of income, and all other information
contained herein. 10 July 2019 3:19 pm
For More Information Please Contact Our Exclusive Sales
Agents at 212.544.9500 I arielpa.nyc For Financing Info
arielpa.nyc
212.544.9500$8,000,000 $154
Asking Price $/BSF
Michael A. Tortorici x13 Howard Raber x23 Victor Sozio x12
Marko Agbaba x32 Matthew Lev x5271
[email protected][email protected][email protected][email prote
cted][email protected]
Eli Weisblum x41
[email protected]
220-228 EAST 118TH STREET, NEW YORK, NY 10035
129.08’ Wide East Harlem Development Site | FOR SALE
52,076 129.08' 13,019 R7-A (4.00) EAST HARLEM
Buildable SF Frontage Lot Size SF Zoning (FAR) Location
PROPERTY DESCRIPTION
Ariel Property Advisors presents 220-228 East 118th Street, a
prime development
opportunity located on the south side of east 118th Street
between Second Avenue
and Third Avenue in East Harlem.
The 129.08’ wide development site, assembled from three

adjacent lots, is currently
improved with a single-story 1,500 square foot church, a 3-story
4,224 square foot
multifamily building that will be delivered vacant, and a vacant
5,551 square foot lot.
R7-A (4.00 FAR) zoning provides approximately 52,076
buildable square feet (as-of-
right). Please note that for this specific transaction, the
purchaser will be required to
build and transfer approximately 7,000 square feet (5,100 below
grade community
facility space and 1,900 sq. ft. of residential space above-grade)
to the Assembly of
Pentecostal Church. With most of this requirement being below-
grade, the total
buildable area that can be allocated to construction of free-
market residential space is
approximately 50,176 square feet. Additionally, ownership will
consider splitting up the
assemblage, thereby increasing flexibility of development
potential.
220-228 East 118th Street is in the rapidly expanding
neighborhood of East Harlem,
an area slated for considerable growth given the neighborhood’s
recently passed
rezoning. The property is around the corner from a bustling
Third Avenue retail
corridor and is in close proximity to numerous landmarks such
as the CUNY Silberman
School of Social Work and The East River Plaza as well as the
recently opened New
York Proton Center and several new-construction, high-end
mixed-use properties are
also steps away, including 2283 Third Avenue, 2211 Third
Avenue, 2141 Third Avenue,

and 181 East 119th Street. Convenient access to lower
Manhattan and outer borough
locations is provided by the 6-subway train at Lexington
Avenue and East 116th Street,
the FDR Drive, and a variety of local bus lines. The future
Second Avenue subway
extension will also be a short walk at Second Avenue and 116th
Street.
220-228 East 118th Street offers developers a prime opportunity
to take advantage of
neighborhood upside and a robust residential marketplace in
East Harlem.
PROPERTY INFORMATION
Block / Lot 1667 / 37, 36, 34
Lot Dimensions 129.08' x 100.92'
Lot Size 13,019 Sq. Ft. (Approx.)
Existing Building Size 5,724 Sq. Ft. (Approx.)
Zoning R7A
FAR 4.00
Buildable Area (as-of-right) 52,076 Sq. Ft. (Approx.)
Community Facility Buildout
Requirement (as-of-right)
7,000* Sq. Ft. (Approx.)
Total Resi. Potential, Less Above

Grade Buildout Requirement
50,176 Sq. Ft. (Approx.)
Assesment (19/20) $528,396
Real Estate Taxes (19/20) $55,922
*approx. 5,100 sf below-grade, and 1,900 sf above-grade
East 118 th Street
2
nd
A
ve
nu
e
3
rd A
ve
nu
e
East 117 th Street
The information contained herein has either been given to us by
the owner of the property or obtained from sources that we
deem reliable. We have no reason to doubt its accuracy but we

do not guarantee the accuracy of any information provided
herein. As an example, all zoning information,
buildable footage estimates and indicated uses must be
independently verified. Vacancy factors used herein are an
arbitrary percentage used only as an example, and does not
necessarily relate to actual vacancy, if any. The value of this
prospective investment is dependent upon these estimates
and assumptions made below, as well as the investment income,
the tax bracket, and other factors which your tax advisor and/or
legal counsel should evaluate. The prospective buyer should
carefully verify each item of income, and all other information
contained herein. 10 July 2019 3:19 pm
For More Information Please Contact Our Exclusive Sales
Agents at 212.544.9500 I arielpa.nyc For Financing Info
arielpa.nyc
212.544.9500$8,000,000 $154
Asking Price $/BSF
Michael A. Tortorici x13 Howard Raber x23 Victor Sozio x12
Marko Agbaba x32 Matthew Lev x5271
[email protected][email protected][email protected][email prote
cted][email protected]
Eli Weisblum x41
[email protected]
220-228 EAST 118TH STREET, NEW YORK, NY 10035
129.08’ Wide East Harlem Development Site | FOR SALE
N
S
South side of East 118th Street between 2nd Avenue and 3rd
Avenue

1667 34, 36, 37 129.08’ X 100.92’ 13,019
Block Lot Total Lot Dimensions Total Lot Area SF
East 118th Street
East 117th Street
3r
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2n
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4 5
6

6
6
6
6
6
4 5
6
6
6
6
54
6
6
6
4 5
6
6
4 5

4
5
4 5 6
6
6
4 5
6
4 5
4 5
5
4
6
6
S
S
L
L L LL L
METRO
NORTH

MET
RO
NOR
TH
METRO
NORTH
125 St
Columbia
University
Pkwy (110 St) Pkwy (110 St)
North (110 St)
116 St
Cathedral Cathedral
116 St117 St
Central Park
WARD’S
ISLAND
LIRR, AMTRAK
WATERSIDE
PLAZA
EAST
RIVER

PARK
Hunter
College
ROOSEVELT
ISLAND
TRAMWAY
59 St
51 St
49 St
Lexington
Av / 63 St
68 St
Lexington
Av / 53 St
Times Sq
42 St
42 St
66 St Lincoln Ctr
59 St
5 Av / 59 St
Columbus

Circle
Bryant
Park
47-50 Sts
Rockefeller Ctr
42 St
Lexington
Av / 59 St
5 Av
Grand
Central
42 St
Times Sq
42 St
81 St - Museum of
Natural History
34 St
Herald Sq
34 St
Penn Station
34 St
Penn Station
28 St

28 St
M34A
M15
South
Ferry
Bowling
Green
Broad StWall
St
Wall St
Whitehall
St
Rector St
Fulton St
Fulton St
Fulton St
Fulton St
World
Trade
Center
Park
Place

Chamber St
Chambers St
Franklin St
City
Hall
Cortlandt St
Canal St
Canal St
Canal St Canal St
Bowery
Spring St
Spring St
Canal St
Canal St
Houston St
Christopher St
Sheridan Sq
W 4 St
Astor Pl
14 St

14 St
8 Av
6 Av
14 St
18 St
8 St - NYU
14 St
Union Sq
14 St
Union Sq
23 St
PATH
PATH
PATH
PATH
PATH
PATH
PATH
TAXI

28 St
23 St23 St23 St
23 St
Grand St
Delancey St
Essex St
SBS
South-
bound
stop only
Prince St
Bleecker St
Broadway-
Lafayette St
1 Avenue 3 Avenue
2 Avenue
East
Broadway
Chambers St
S

S
BAKER
FIELD
ISHAM
DYCKMAN
NOUSE
PARK
BATTERY
PARK
BMCC
INWOOD HILL
BR
O
AD
W
AY
BR
ID

G
E
NATURE CENTRE
THE
CLOISTERN
MUSEUM
FORT
TRYON
PARK
PETER JAY SHARP
BOATHOUSE
FORT
WASHINGTON
PARK
RIVERBANK
STATE PARK
ST NICHOLAS
PARK
GRANT’S
TOMB
COLUMBIA
UNIVERSITY

MORNINGSIDE
PARK
RI
V
ER
SI
D
E
PA
RK
CATHEDRAL
OF ST JOHN
THE DIVINE
DANA DISCOVERY
CENTRAL
LASKER
RINK
HARLEM
MEER
EL MUSEO DEL
BARRIO
MUSEUM OF THE
CITY OF NEW YORK
NORTH
MEADOW

GRACIE
MANSION
CARL
SCHURZ
PARK
JEWISH MUSEUM
RESERVOIR
GREAT
LAWNCHILDREN’S
MUSEUM OF
MANHATTAN
79 ST
BOAT
BASIN
LAKE
BELVEDERE CASTLE
NATURE CENTRE
WHITNEY
MUSEUM
JOHN
JAY
PARK

ASIA SOCIETY
HUNTER COLLEGE
ROCKEFELLER
UNIVERSITY
NEW-YORK
HISTORICAL SOCIETY
FRICK
COLLECTION
SHEEP
MEADOWN
JOHN JAY
COLLEGE
FORDHAM
UNIVERSITY COLUMBUS
CIRCLE
DE WITT
CLINTON
PARK
HUDSON
RIVER
PARK
HUDSON
RIVER
PARK

PIER 92
PIER 86
PIER 79
PIER 78
PIER 84
NY WATER TAXI
PIER 83
CIRCLE LINE
PIER 81
WORLD YACHT
AMTRAK, NJ TRANSIT
PIER 63
NY WATER TAXI
CITY
HALL
NELSON
ROCKEFELLER
PARK
FERRIES TO BEW JERSEY
NORT COVE
FERRIES TO
NJ LIBERTY STATE PARK

NY WATER
BATTERY
PARK CITY
SOUTH COVE
JEWISH HERITAGE
MUSEUM
SLIP 6
NY WATER TAXI
SOUTH ST
FERRIES TO: ELLIS ISLAND,
STATUE OF LIBERTY
PIER 5
FERRIES TO
STATEN ISLAND
(ST. GEORGE)
PIER 11
EAST RIVER FERRY
NY WATER TAXI
FERRIES TO NJ
PIER 16
SEAPORT
LIBERTY CRUISES
PIER 17

NY WATER TAXI
PACE
UNIV.
SOUTH STREET
SEAPORT
VIETNAM
VETERAN’S
MEMORIAL
NYSE
CHARGING
BULL
9/11 MEMORIAL
CENTRY
WORLD
TRADE
CENTER
SITE
WFC WORLD
FINANCIAL
CENTER
BROOKLYN
BRIDGE
CITY HALL

PIER 45
NY WATER TAXI
PIER
40
H
IG
H
L
IN
E
CHELSEA
PIERS
ABINGDONSO
HIGH LINE
ELEVATED
PARK
FERRIES TO
NEW JERSEY
PIER 90
PASSENGER SHIP
TERMINAL
INTREPID
SEA-AIR-SPACE

MUSEUM
MUSEUM OF
MODERN ART
RADIO CITY
ROCKEFELLER
CENTER
GRAND
CENTRAL
TERMINAL
HELIPORT
E 34 St PIER
East River Ferry
NY Water Taxi
Ferries to NJ
WOLLMAN RINK
CENTRAL PARK ZOO
POND
COOPER-HEWITT
MUSEUM
NATIONAL ACADEMY
MUSEUM
GUGGENHEIM
MUSEUM

HAYDEN
METROPOLITAN
MUSEUM
OF ART
AMERICAN
RIVERSIDE
PARK
APOLLO
THEATRE
STUDIO
MUSEUM
IN HARLEM
MARCUS
GARVEY
PARK
JEFFERSON
PARK
WESLEY
WILLIAMS PL
CITY
COLLEGE
SCHOMBURG
CENTRE

JACKIE
ROBINSON
PARK
WASHINGTON
MA
CO
MB
S
145
ST
BRI
DG
E
MAD
ISO
N A
V BR
IDG
E
3
AV
B
RI

DG
E
W
IL
LI
S
AV
B
RI
DG
E
RO
BE
RT
F
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EN
N
ED
Y
BR
ID
G
E

ROBERT F. KENNEDY BRIDGE
ROBERT F. KENNEDY BRIDGE
BRIDGE
YESHIVA
UNIVERSITY
ICAHN
STADIUM
HIGHBRIDGE
PARK
GRORGE WASHINGTON
BRIDGE BUS STATION
MORRIS-JUMEL
MANSION
LITTLE RED
LIGHTHOUSE
AUDUBON
TERRACE
SOUTH STREET
SEAPORT
BR
O
AD
W

AY
LER
OY
ST
MO
RTO
N ST
W 116 ST
W 120 ST
9 A
V
FULTON ST
H
EN
RY
H
U
D
SO
N

B
RI
D
G
E
ST
N
IC
H
O
LA
S
A
V
UNIVERSITY
HEIGHTS
BRIDGE
Bx7 to
Riverdale/
263 St via
Riverdale Av
Bx20 to
Riverdale/

246 St via
Henry Hudson Pkwy
Bx12 to Bay Plaza
via Fordham Rd. and
Pelham Pkwy
(To Orchard Beach
summers only)
Bx3 Riverdale
238 St - Bway
Bx11 to West
Farm Rd via 170 St
Bx13 to Yankee
Stadium via
Odgen Av
Bx35 to West
Farms Rd via 167 St
Bx36 to Olmstead
Av/Randall Av
via 180 St
Bx6 to Hunts
Pt Food Ctr via
Yankee Stadium
Bx19 to Botanical
Garden via
Southern Blvd
Bx15 from
Fordham Plaza
Bx15 to Fordham
Plaza via Third Av

Q102 to Astoria
27 Av - 2St
Q32 to Jackson Heights
81 St - Northen Blvd
Q30 to Jamaica
109 Av - 157 St
Q101 to Astoria
19 Av - Hazen St
M60 LaGuardia
Airport
V
A
2
1
M15 Local
PA
RK
T
ER
R
W
ES
T

W 215 ST
INWOOD 207 ST
W 204 ST
ACADEMY ST
ELLWOOD ST
RIV
ER SID
E D
RIV
E
BEN
N
ETT AV
O
V
ERLO
O
K TERRAC
E
C
ABRIN

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GEO
RGE
WAS
HING
TON
BRID
GE
FO
RT W
ASH
IN
G
TO
N
AV
H
EN
RY H
U
D
SO
N
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RKW
AY
RIVERSID
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AVEN
AV
FO
RT W
ASH
IN
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TO
N
AV
RIVERSIDE DR
RIVERSID
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R
RI
V
ER

SI
D
E
D
R
DR MARTIN LUTHER KING BLVD
DR MARTIN LUTHER KING BLVD
HILLSIDE AV
W 190 ST
W 191 ST
W 190 ST
W 186 ST
181 ST
W 181 ST
W 179 S
T
W 179 ST
W 178 ST
W 177 ST
W 175 ST

W 168 ST
W 165 ST
W 163 ST
W 157 ST
W 155 ST
W 150 ST
W 147 ST W 147 ST
W 146 ST
W 145 STW 145 ST
W 143 ST
W 139 ST
135 ST
W 139 ST
W 137 STW 137 ST
W 135 ST
W 129 ST
W 116 ST
W 113 ST

W 105 ST
W 104 ST
W 103 ST W 103 ST
103 ST 103 ST
W 101 ST
W 97 ST W 97 ST
W 96 ST
W 91 ST
W 87 ST
W 83 ST
W 81 ST
W 79 ST
W 77 ST
W 75 ST
W 72 ST
W 66 ST
W 65 ST
W 62 ST
W 58 ST

W 57 STW 57 ST
W 47 ST
W 46 ST
W 43 ST
W 44 ST
W 34 ST W 34 ST
W 35 ST
W 37 ST
W 36 ST
W 38 ST
W 39 ST
W 42 ST
W 40 ST
W 41 ST
W 33 ST
W 45 ST
W 49 ST W 49 ST
W 50 ST

W 54 ST
W 53 ST W 53 ST
5 Av / 53 St
W 50 ST
W 57 ST
63 ST
W 66 ST
W 70 ST
W 86 ST
96 ST
96 ST
86 ST
72 ST
79 ST
86 ST
W 100 ST
DUKE ELINGTON BLVD W 106 ST
W 116 ST

W 112 ST
E 116 ST
E 112 ST
E 110 STE 110 ST
E 106 ST E 106 ST
E 105 ST
E 104 ST
E 102 ST
E 100 ST
E 97 ST
E 96 ST
E 94 ST
E 92 ST
E 91 ST
E 89 ST
E 86 ST
E 83 ST
E 80 ST

E 79 STE 79 ST
E 77 ST
E 72 ST E 72 ST
E 70 ST
E 68 ST
E 67 ST
E 65 ST
E 60 STE 60 ST
E 59 ST
E 57 STE 57 ST
E 55 ST
E 53 ST
E 50 ST
E 49 ST
E 48 ST
E 47 ST
E 44 ST
E 42 ST

E 41 ST
E 38 ST
E 36 ST
E 34 ST
E 33 ST
E 29 ST
E 26 ST
W 32 STW 32 ST
W 31 ST W 31 ST
W 30 ST W 30 STW 30 ST
W 29 ST
W 27 ST
W 25 ST
W 23 ST W 23 ST E 23 ST
E 23 ST
E 25 ST
E 24 ST
E 28 ST

W 21 ST
W 19 ST
W 20 ST E 20 ST E 20 ST
E 18 ST
E 16 ST
E 14 ST
E 10 ST
E 11 ST
E 9 ST
E 7 ST
E 5 ST
E 4 ST
E 2 ST
E 1 ST
E 3 ST
W 18 ST W 18 ST
W 9 ST
W 8 ST

W 4 ST
W 3 ST
E 8 ST
W 16 ST
W 17 ST
W 14 STW 14 ST
W 24 STW 24 ST
W 28 ST W 28 ST
W 26 ST W 26 ST
33 ST
E 53 ST
E 61 ST
E 63 STE 63 ST
E 71 ST
E 75 ST
77 ST
E 83 ST
E 84 ST

E 96 ST
110 ST
103 ST
96 ST
86 ST
125 ST
137 ST
CITY COLLEGE
W 135 ST
135 ST
125 ST
125 ST
W 131 ST
W 122 ST
W 130 ST
E 126 ST
E 120 ST
118 ST
E 125 ST

E 124 ST
H
AM
ILT
O
N
P
L
C
O
N
V
EN
T
AV
C
LA
RE
N
O
N
T
AV

M
O
RN
IN
G
SI
D
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D
R
M
O
RN
IN
G
SI
D
E
AV
M
A
N
H

AT
TA
N
A
V
145 ST
W 150 ST
155 ST
145 ST
Harlem 148 St
157 ST
W 166 ST
Washington hts
168 St
168 ST Amsterdam Av
W 180 ST
W 178 S
T
FO
RT
G

ER
G
E
AV
ST
N
IC
H
O
LA
S
AV
AU
D
U
BO
N
A
V
A
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ST
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D
A
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A
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H
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BE
A
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G
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BE
A
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BR
A
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AV
FR
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D
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LA
SS
B
LV
D
FR
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ER
IC
K
D
O
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LA
SS
B
LV
D
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N
O
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AV

A
D
A
M
C
LA
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O
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P
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W
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L
JR
B
LV
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(7
A
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M
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P
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W
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A
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A
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SI
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P
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BA
NK
ST
BET
HUN
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JAN
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W
11
ST
W
10
ST
PE
RR
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CH

AR
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ST
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TO
PH
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ST
WHO
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AV O
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AS
WHOSTON ST
PRINCE ST
SPRING ST
BROOME ST
VEST

RY S
T
FRAN
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ST
CHAMBERS ST
VESEY ST
LIBERTY ST
ALBANY
ST
W THAM
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RECTOR ST
CORTLANDT ST
SO
U
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D
AV
RIVER TERRAE

N
.EN
D
AV MUR
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HAR
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N ST WORTH ST
PA
RK
RO
W
FRANKFORT ST
GRAND ST
SPRI
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CANAL ST
G
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W
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ST
H
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N
ST
W
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IN
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SU
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LA
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BW
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ST MARKS PL
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ST
CANAL ST
STANTON ST
BROOME ST
RIVINGTON
ST
DELANCEY S
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MA
DIS
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ST
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LA
FA
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LA
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A
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RUTGERS ST
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DYCKMAN ST
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207 St
W 201 ST
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BR
O
AD
W
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BR
O
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W
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BR
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A
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W
A
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BR
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BR
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5
AV
5
AV
3
AV 2
AV
1
AV
INWOOD HILL
PARK
MUSEUM OF
NATURAL
HISTORY
PLANETARIUM
LINCOLN
CENTRE
3
AV

3
AV
2
AV
1
AV
5
AV
6
AV
6
AV
6
AV
5
AV
7
AV
7
AV
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8
AV
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AV
7
AV
8
AV
9
AV
10
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11
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12
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W
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W
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AV
4
AV
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AV
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AV
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WILLIAMS
BURG BRI
DGE
MANHATTAN BRIDGE
BROOKLYN BRIDGE
UNITED
NATIONS
MORGAN
LIBRARY
MADISON
SQUARE
PARK

UNION
SQUARE
PARK
PETER COOPER
VILLAGE
STUYVESANT
TOWNSTUYVESANT
SQUARE
PARK
TOMPKINS
SQUARE
PARK
THE
COOPER
UNION
WASHINGTON
SQUARE
PARK
NYU
BARUCH
COLLEGE
GRAMERCY
PARK
EMPIRE STATE

BUILDING
HERALD
SQUARE
PORT
AUTOHORITY
BUS TERMINAL
NEW YORK
PUBLIC
LIBRARY
PENN
STATION
MADISON
SQUARE
GARDEN
FASHION
INSTITUTE OF
TECHNOLOGY
LIRR NJ
TRANSIT
AMTRAK
JAVITS
CENTRE
CARNEGIE HALL
UPPER
WEST
SIDE

UPPER
EAST
SIDE
MIDTOWN
CHELSEA
GREENWICH
VILLAGE
SOHO
EAST
VILLAGE
LOWE
EAST SIDE
LITTLE
ITALY
CHINATOWN
TRIBECA
FINANCIAL
DISTRICT
HELL'S
KITCHEN
CLINTON
ROOSEVELT
ISLAND

YORKVILLE
CENTRAL PARK
CENTRAL PARK
NORTH
CENTRAL
PARK SOUTH
RANDALL’S
ISLAND
WASHINGTON
HEIGHTS
HARLEM
EAST
INWOOD
THE BRONX
QUEENS
HARLEM
BROOKLYN
H
U
D
SO

N
R
IV
ER
H
A
R
LE
M
R
IV
ER
EAST RIVER
MIDTOWN
(SOUTH CENTRAL)
FLATIRON
DISTRICT
SUTTON
PLACE
TURTLE
BAY
GRAMERCY
KIPS BAY

MURRAY
HILL
MIDTOWN
(SOUTH CENTRAL)
Q Т
Q Т
Q Т
Q Т
Q Т
2 One East Harlem
1 East River Plaza
3 Sendero Verde
4 Lexington Gardens II
5 Gotham East 126th Residential
7 Proton Center
6 Silberman School of Social Work
8 Whole Foods
9 Target
10 Costco

11 TD Bank
12 Rite Aid
13 Starbucks
14 Blink Fitness
15 Shake Shack
16 Bed Bath & Beyond
East River Plaza
3
8
12
16
4
9
13 5
10
14
6
2
7

11
15
10 MINU
TE W
AL
K
1
Subject Property
a. Select one IAT from the list that you think may reveal one of
your biases and is related to ethnicity or race. You MUST select
one of the following: Race, skin-tone, Arab-Muslim, Asian, or
Native American. After taking a test and filling out a series of
questions, you will get your results. Save your results page and
attach it with your assignment when you turn it in.
b. Next, challenge your bias by immersing yourself in a cultural
setting that will allow you to interact with members of a
cultural group you identified in your assessment test OR a
cultural group you would like to learn more about (e.g. African
American church service, Asian American cultural event, Native
American Pow Wow, Islamic Mosque service, etc.). If you are
uncertain about the appropriateness of a particular setting or
event, discuss your choice with the professor to ensure it will
meet the project objectives.
c. Set up an interview with members of this cultural/ethnic
group so you can learn more about the culture/ethnicity. The
interview questions are on Blackboard under the Content tab.
Each student must use the questions provided and NOT deviate
from the guide. The responses to each interview question should

be summarized in the paper. You do not have to type responses
word for word. On the reference page of your assignment,
provide the name(s) and phone number(s) for the person/people
you interviewed.
d. Write a 3 page double-spaced report about: a) the bias
assessment test, b) your experience in the cultural setting, and
c) the interview(s). Use the “A” grading rubric on Blackboard to
ensure you address all the components of the project.
In your paper, answer the following:
· What are your cultural biases and why do you have these
biases?
· Why did you choose to take the test you did, and do you feel
the test was accurate why or why not?
· How did you feel immersing yourself in an unfamiliar cultural
setting?
· What did you learn about yourself from the assignment?
· What did you learn about the cultural group you met with?
· How will you continue to challenge your biases and/or learn
about different cultural groups in the future?

MBA 640 Final Project Milestone Two Guidelines and Rubric .docx

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MBA 640 Final Project Milestone Two Guidelines and Rubric .docx