Closed 09/15/2016

Prime Bushwick Six-Unit Building

40 Starr Street

Bushwick

Closed 09/15/2016 at
$1,200,000 | $290 per SF

6 Residential Units
4,125 Building SF
3 Stories
Wilson Avenue and Central Avenue Cross Streets
Subways
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Multifamily 40 Starr Street, Bushwick
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Matthew Cosentino
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Details

Block 3196
Lot Size 25 ft x 100 ft
Lot SF 2,500
Building Size 25 ft x 55 ft
Building Class C2
Zoning R6
Buildable SF 5,500
Available Air Rights 1,375

Overview

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.

 

Attractions

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.

Maria Hernandez Park

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