Closed 04/27/2016

Brick Vacant Mixed-Use Property with Air Rights

431 Wilson Avenue

Bushwick

Closed 04/27/2016 at
$1,800,000

Residential Units 5
Gross SF 4,500
Stories 3
Cross Streets Madison Street & Putnam Avenue
Subways
l
m
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Multifamily 431 Wilson Avenue, Bushwick
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Matthew Cosentino
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Details

Block 3370
Lot 8
Lot Size 25 ft x 100 ft
Building Size 25 ft x 60 ft
Building Class S5
Zoning R6
Commercial Units 1
Total Units 6
FAR 2.2
Total Buildable SF 5,500
Air Rights 1,000

Overview

The vacant 4,500 SF building is in a prime location on Wilson Avenue between Madison & Putnam Avenue. It is a few blocks from the L and M subway lines (Myrtle/Wyckoff Avenue Station), providing easy access to all points in Brooklyn and Manhattan. The brick building has approx. 1,000 SF of air rights for a total of 5,500 buildable SF and all units are free market.

The building consists of 1 retail space and 5 residential units and is in need of a full renovation. After renovation the residential units can be converted to 2 & 3 bedrooms and the ground floor unit will have direct backyard access. It has gross rent potential of approx. $185,000/year.

The property is located in one of the most rapidly changing areas of Brooklyn. It has easy access to many of the national retailers that have come to the neighborhood such as Starbucks and Planet Fitness. The building is also close to many of the new exciting bars and restaurants that have opened such as Bushwick Pizza Party, Old Stanley’s Bar, Trans Am Cafe, Boobie Bar and many more.

Attractions

In the middle of the 2000’s, the City and State of New York began pouring resources into the Bushwick neighborhood through a program called the Bushwick Initiative. The program’s goal is to improve the lives of Bushwick residents through various housing and quality of life programs. In addition, many of the Bushwick Initiative’s efforts towards economic development are focused on revitalizing Knickerbocker Avenue, the primary commercial strip in the area.

Maria Hernandez Park
Bushwick Collective
Daptone Records

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