Invictus Property Advisors has announced the successful closure of a vacant six-family property in East Williamsburg, Brooklyn, located at 96 Harrison Place. This multifamily building has been purchased with plans for a substantial rehabiltiation to deregulate the asset to free market status. The current market rents in the immediate area are nearing $60 per square foot, providing a high-revenue potential once the renovation is complete and the building is destabilized. Air shafts on the eastern and western sides will be leveraged for "light and air" to reconfigure the layout into three-bedroom units, making the units more attractive to larger families or groups of roommates, and possibly further enhancing the rental value.
Located in East Williamsburg, the building is in one of Brooklyn's most dynamic neighborhoods. East Williamsburg has experienced a significant gentrification over the last few years, transforming it into a hotspot for artists, young professionals, and trendy restaurants and shops. The property's two-block proximity to the Morgan Avenue L train station, one of the neighborhood's key transportation hubs, allows for easy commutes to Manhattan and other parts of Brooklyn, making it an appealing area for potential tenants.
The transaction closed for $2,175,000 (or $424 per square foot).
