INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 459 Chauncey Street. The subject property is an eight (8) unit, four-story multifamily building and is located in Bedford-Stuyvesant, Brooklyn. There are currently six (6) rent stabilized units ("RS") and two (2) free market ("FM") units on the top floor. The asset has been very well maintained, all of the RS units have new kitchens, bathrooms and plumbing and the FM units have been gut renovated and have independent heat and hot water boilers. In the last year, ownership has performed several capital expenditure projects including new electric systems, gas lines, hallways, windows and roof. All DOB and HPD violations are in the process of being removed and will be delivered cleared by closing.
Future ownership will also benefit from the property falling into tax class 2B whereby state law limits how much the assessed value can rise each year - no more than 8% from the year prior or 30% over five (5) years. Such caps would remain even if 459 Chauncey Street were converted into a condo property at some point in the future.
The building is just three (3) blocks away from the J train at Chauncey Street and Broadway and a 9 minute walk from the A & C subway lines at Ralph Avenue and Fulton Street.
The building is in close proximity to the Broadway and Fulton Street commercial corridors, which have numerous bars, restaurants and retailers that service the Brooklyn community. The building is surrounded by local favorites such as The Wilky, Lady Moo-Moo, Fazio's, Hearts Coffee, Grandchamps Kitchen & Market, Chez Oskar, Cup of Brooklyn, among others.
459 Chauncey Street presents investors with the opportunity to purchase a large 7,500 SF, brick, 4-story multifamily with a diversified mix of free market and rent stabilized units and capitalize on the future growth and upside of the up-and-coming Ocean Hill submarket.