PRIME REDHOOK PORTFOLIO/OPPORTUNITY ZONE 2 Properties Offered at $5,000,000 in Brooklyn, NY

REDUCED 650K!!!!
PRIME RED HOOK PORTFOLIO -- RED HOOK is a big winner of this OPPORTUNITY ZONE legislation...The nature of the tax incentive means more patient capital will flow into this areas. The so-called Opportunity Zone capital will have a 10+ year investment horizon, vs. the typical 3-5-year money. The longer hold period will enable the development of more entrepreneurial, innovative and also game-changing projects that require significant patience as the areas around them improve with infrastructure and amenities.
Created under The Tax Cuts and Jobs Act of 2017, Opportunity Zones encourage private investment in distressed communities around the United States. The new regime creates certain tax benefits that are available to investors with capital gains, who invest those gains in a Qualified Opportunity Fund (“QOF”), which in turn invests in so-called “qualified opportunity zone property.” Most importantly, the new rules will provide incentives for investors and developers to seek opportunities in low-income and underserved neighborhoods as well.
An investor needs to invest in a QOF that holds 90% of its assets in a QOZ property. An investor may obtain three types of U.S. federal income tax benefits as a result of investing a capital gain in a QOF: A temporary deferral of capital gains tax on any gain invested in a QOF;
The elimination for tax purposes of a portion of the invested gain upon the 5th and 7th anniversary of the investment in the QOF; and
The ability, after holding a QOF investment interest for 10 years, to elect for the basis of that interest to be equal to its fair market value on the date such interest is sold or exchanged, with the result that an investor will not recognize a gain and will not owe any tax on the sale or exchange of its QOF interest.
1) 147 Van Dyke Street Warehouse —20x75 (1,500SqFt) Zoned MX M-1/ R5 (FAR 1.65) / 2,475 SqFt Buildable
RE Tax $10,151 /YR
2)152 Beard Street— 2 Commercial Condos & 3 out of 6 Residential Condos ••••••••••Controlling Board Member•••••••••••••••••••••••
• COMMERCIAL CONDO #1
351 SqFt / RE Tax $110/yr / Condo Charges $97.24/mo
Market Lease Rates : $36-40/SqFt (Currently Owner Occupied)
• COMMERCIAL CONDO #2
3,889 SqFt + 500 SqFt Rear Yard + 200SqFt Mezzanine ?Zoned MX M-1 / RE Tax $3,033/yr / Condo Charges $1,146.69/mo
Market Lease Rates : $24-30/SqFt (Currently Owner Occupied)


147 Van Dyke Street Warehouse / 20x75 (1,500SqFt) / Zoned MX M-1/ R5 (FAR 1.65) 2,475 SqFt Buildable / RE Tax $10,151 /YR
Property sits on 20'x75' lot and is built on entire property line with an existing 1 story 1500 square foot building w 22’ ceilings.
MX zoning allows commercial usage along with R5 zoning the maximum allowable floor area for the entire building, including both uses, is 1.65 x lot size, or 1.65 x 1500 sf. Please see the relevant sections from Article 21, Chapter 3 listed below concerning mixed use buildings. Point (a).(4) provides the restriction on the total floor area in a mixed use building. (Please consult your architect) 
Build an additional 975 square feet for a total of 2475 square feet. What you designate as parking or utility areas does not count against FAR used.
••••••••••• Portfolio Price: $1,400,000 ••••••••••••••••• marketed separately separately for $1.6M
($1,067/SqFt / $647 Buildable SqFt)