Bijou Equities arranges $13.1 million sale of 73 Starr St., a 24-unit new construction multifamily asset in Bushwick

Brooklyn, NY Bijou Equities sold 73 Starr St., a 24-unit, new construction multifamily property located in North Bushwick. The asset traded for $13.1 million, equating to $565 per s/f and $546,000 per unit.

Fred Bijou of Bijou Equities represented the buyer and seller in this off-market transaction. The buyer, Parkview Properties, acquired the asset as part of its continued expansion in the city.

The property benefits from a 421-A tax abatement and consists of 24 residential units, offering investors a stabilized, cash-flowing asset with long-term tax advantages.

“421-A new construction deals continue to see strong demand, especially when the basis makes sense,” said Bijou. “73 Starr stood out as a well-built asset in a strong Bushwick location at a mid-$500 per foot basis, which allowed us to execute off-market with a targeted buyer.”

“With the current political environment in New York limiting new development, we’re seeing increased demand for existing tax-abated assets where the structure is already in place,” Bijou said.

The transaction underscores Bijou Equities’ ability to identify and execute off-market opportunities while delivering results for both buyers and sellers.

Bijou Equities is currently marketing and sourcing similar multifamily and mixed-use opportunities throughout Brooklyn.