630-632 Lorimer Street

Williamsburg, New York, New York 11211

$11,000,000  

Listing ID Number

24865

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a newly developed residential elevator building located on the east side of Lorimer Street between Skillman Avenue and Jackson Street. Designed by ODA Architecture, the building has a striking glass facade and consists of 12 large residential units with condo level finishes, 10 of which have outdoor space. Four of the units are 3-BR/2-BA and eight are 1-BR/1-BA. Common amenities include a virtual doorman, package room, a 1,200 SF roof-top with elevator access, and a storage area for bikes. The building will benefit from a 15-year 421A tax abatement that will take effect in 2017. The apartments are also superior to the renovated buildings in the area which have achieved over $60 per SF and recently developed product achieving over $70 per SF. Alternatively, since the property was originally designed as a condo building, the Schedule A (pending) would allow a buyer the flexibility to sell units individually immediately in an area that has seen sellouts in excess of $2,000 per SF with the average falling in the range of $1,500-$1,600 per SF. It is located less than two blocks from the combined Lorimer Street L and Metropolitan Avenue G subway stop. Additionally, the property is only four blocks south of McCarren Park and in close proximity to neighborhood hot spots such as Lilia, Reunion, Sugarburg, and Union Pool. This is a rare opportunity to acquire a newly developed, turn-key residential building in the heart of Williamsburg.

Overview

Building Type:Apartment Buildings

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

James P. Nelson
Vice Chairman
(212) 660 7710
james.nelson@cushwake.com

David Shalom
Director
(212) 660 7767
david.shalom@cushwake.com

Brendan Maddigan
Executive Managing Director
(718) 307 6507
brendan.maddigan@cushwake.com

Ethan Stanton
Associate Director
(718) 307 6553
ethan.stanton@cushwake.com


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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.