TerraCRG's Matthew Cosentino, vice president of investment sales, has been retained as the exclusive agent for the sale of 55 St. Nicholas Ave. in the Bushwick neighborhood.
Measuring 27 ft. x 72 ft., the 5,832 s/f, six-unit multifamily property is located between Starr St. and Willoughby Ave. in one of the best locations in Bushwick and is one of the largest properties of its type in the neighborhood. The building contains three newly renovated units, each of which have three bedrooms and two bathrooms. In addition, the other three units are well-maintained non-renovated units, and internal shaftways on both sides of the building provide windows to create three bedrooms in each. The well maintained building possesses significant upside potential as the three non-renovated units aggregate rents are less than one third of fair market value. Each of the renovated units are collecting $2,500/month.
The property is ideally located in one of the most prime locations in Bushwick, one block from the Jefferson St. L train. The property is only two blocks from Maria Hernandez Park and just a few blocks from some of the best retailers in Brooklyn, including the highly acclaimed farm-to-table Northeast Kingdom restaurant, Hana Natural Organic Market and Wine Shop, The Rookery Restaurant & Bar, and coffee shop The AP Café. The property is also located in the heart of Bushwick's flourishing art scene, just a few blocks from Bushwick Collective, a massive organized street art project and is also in very close proximity to many of the new luxury condominium/rental projects in the area.
"The Bushwick multifamily market is thriving as investor confidence in the area continues to increase due to the aggressive rent growth and the burgeoning condo development possibilities in the neighborhood," said Cosentino, who specializes in the sale of multifamily and mixed use properties in Bushwick. Tags: