Prime Bushwick Six-Unit Building
40 Starr Street
Closed 09/15/2016 at
$1,200,000 | $290 per SF
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TerraCRG has been retained to exclusively represent ownership in the sale of the building located at 40 Starr Street in the Bushwick neighborhood of Brooklyn. The property is in one of the most desirable sections of Bushwick, in close proximity to both the Jefferson Street L train station and Maria Hernandez Park. The property is also easily accessible to both Williamsburg and Manhattan.
The 25 ft x 55 ft property consists of six rent stabilized railroad style units. The property has a current gross annual rent roll of $89,269. The building is well maintained and has a new electrical system. Expenses are also low as the building has a J-51 tax abatement. Three of the six units have approximately seven years of tenant income restriction on them due to an HPD loan associated with the property. The building has tremendous upside on the rents as market rent for one of these units is at least $2,500/month.
The property is ideally located in one of the most desirable locations in Bushwick. The retail development in this location has exploded with some of the best restaurants, bars, cafes and shops opening in the immediate vicinity, including: Mominette French Bistro, Northeast Kingdom, Tandem Bar, Hanna Natural Organic Market and Wine Shop, The Cobra Club, Green Street Salads and Miles Bar.