INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 1373 Greene Avenue. The subject property is located on the west side of Greene Avenue between Irving and Knickerbocker Avenues. The building was gut renovated in 2009 with major improvements made to the individual units, upgraded common spaces, new appliances as well as the addition of a new gas boiler and roof. An investor can realize potential upside with units 2R and 2L renting at approx. $36/SF in a market that can garner $45/SF. Four (4) of the six (6) units are vacant and presents future ownership with the ability to deregulate and bring them to free market status. The garden level apartments have access to a private backyard and are duplexed into the basement. All of the tenants pay for their own utilities and have water boilers inside their apartments.
The future owner will also benefit from the property falling into tax class 2A where tax increases are capped year to year and over a five (5) year period. Such caps would remain even if 1373 Greene were converted into a condo property at some point in the future.
1373 Greene Avenue is a block away from the M train at Knickerbocker Avenue and five (5) blocks away from the L train at Myrtle-Wyckoff Avenues. The property will benefit substantially from its proximity to the M subway line as the L line is scheduled to shut down for 15+ months starting in April 2019. Renters who have lived in sub-markets serviced by the L train such as Williamsburg, East Williamsburg, and other parts of Bushwick will view this as a prime alternative to stay in neighborhoods they call home and maintain the same level of access to Manhattan and other parts of New York City.
The building is adjacent to Myrtle Avenue, which is a commercial corridor with numerous bars, restaurants and shopping. The neighborhood is child-friendly and safe with P.S. 86 nearby, the Wyckoff Heights Medical Center and the 83rd Precinct of the NYC Police Department. The building is surrounded by national retailers such as Citibank, Dunkin' Donuts, Popeyes, Subway, Burger King, as well as local favorites such as Ops, Arepera Guacuco Restaurant, Carmenta’s and King’s County Brewer’s Collective, among others.
Bushwick has experienced a nearly 14% increase in its population since 2000—the largest increase in Brooklyn after Williamsburg, Greenpoint, Brooklyn Heights and Fort Greene—a trend that is expected to continue in the coming years.