38-Unit Luxury Loft Building in Bushwick
783 Knickerbocker Avenue
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The building consists of 38 luxury loft-style units – each unit being unique and unlike anything available on the market. Some of the units have 20-foot ceiling heights, exposed structural beams, mezzanines, circular bedrooms, park views and many other features that will make these units highly desirable and allow them to achieve premium rents. The property also has a 1,200 SF center courtyard, gym, game room and 1,500 SF driveway.
The building will be delivered with final Certificate of Occupancy and fully vacant. When occupied, the property has the ability to generate approx. $1,207,000 in gross revenue. This projection is based on the assumption that a 421-A tax abatement will be in place with 30% of the units set at 130% of AMI. Owner of the property can apply for a 35-year 421-A tax abatement once TCO/CO is in place.
This once historically significant building was the former home to the Alhambra Theater. It is located two blocks from the Halsey L train station and five blocks from the Halsey J subway station. The property is also located directly on Irving Square Park. There is strong retail in the area with many new restaurants and bars, including Father Knows Best, Bonus Room, Bushwick Taco Co., Industry 1332, Halsey Ale House, and many more.