INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 1501 Broadway. The subject property is a four (4) story mixed-use walk-up building located on Broadway between Jefferson Avenue and Cornelia Street in Bushwick.
The property contains four (4) free market residential units, of which all are occupied, but have expiring leases in 2021. Two (2) of the apartments are configured as 4-bedrooms, and two (2) of them are configured as 2-bedrooms. There is also one (1) commercial unit, which is currently occupied by a gallery paying well under market for the main commercial corridor at $25/NSF. The lease for the commercial space expires on 7/31/21, making it perfect for an end user, or refilling the space closer to market rent. The current configuration of a four-family + one store conforms with the most recent final certificate of occupancy.
1501 Broadway is located in Bushwick, which 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.