447 Union Avenue

Williamsburg, Brooklyn, New York 11211

$23,000,000   New Income Secured

Listing ID Number

24867

Property Description

Cushman & Wakefield is pleased to present a brand-new, fully-built hotel located at 447 Union Avenue in Williamsburg, Brooklyn – less than 100 feet from the combined L & G Train Station.

This five-story hotel hosts 52 guest rooms, a gift shop and a common breakfast room, and has recently been leased to New York City on a month-to-month basis. All 54 rooms (guest rooms and two common areas) are 100% occupied at a rate of $175 per night. The property is located on a desirable corner lot with tremendous visibility.

447 Union benefits from close proximity to the L & G Train Station directly across the street, offering quick access to Manhattan, Bushwick, Long Island City, and Brooklyn Heights. The Brooklyn Queens Expressway brings vehicular traffic to the location from airports serving the New York Metropolitan Area.

447 Union presents a rare opportunity to acquire a brand new high cash-flowing commercial asset in a premier Williamsburg location.

Overview

Building Type:Special Use
Location:Williamsburg, Brooklyn
Stories:5
Units:52 Keys
Zoning:M1-2 / R6A
Building Sq Ft:14,219

Investment Information

Net Operating Income:$2,228,433

Summary

Capitalization Rate:9.70%

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

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

Mark L. Lively
Director
(718) 307 6524
mark.lively@cushwake.com

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

Michael Gigante
Senior Associate
(718) 307 6555
michael.gigante@cushwake.com


Property Images

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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.