186 N 6th Street // IN CONTRACT

Williamsburg, Brooklyn, New York 11211

$39,000,000  

Listing ID Number

25095

Property Description

The subject property is a Boricua College campus that comprises 2 abutting tax lots currently improved by three brick buildings: the main school building hosting 35 classrooms, gymnasium, and a four-story four-family building. All three structures will be delivered vacant.

186 N 6th Street poses a rare opportunity to transform the existing structure into a one-of-a-kind luxury residential complex in a market where demand for new residences continues to thrive, while development opportunities are nearly exhausted.

Together, the structures offer roughly 68,700 square feet of gross floor area of which approximately 16,700 square feet is partially below-grade. Furthermore, the combined parcel offers three sides of frontage totaling over 280 feet, 12 parking spaces and two curb cuts along N 5th Street.

Residential asking rents in the immediate neighborhood are north of $60/SF, while condominium sellouts have been recorded upwards of $1,500/SF, allowing an investor to potentially unlock nearly $80-90 million from future sellouts.

The property is located in the epicenter of Williamsburg, just around the corner from the Bedford Avenue L train station and surrounded by a rapidly expanding variety of premier retailers, renowned restaurants and one-of-a-kind leisure destinations. The L train connecting Brooklyn and Manhattan stops at the Bedford Avenue Station within a block of the property. Grand Central Station and Downtown Brooklyn are approximately a 20-minute ride away via the G train, which stops within 4 blocks of the property at the combined Metropolitan Avenue / Lorimer Street Station. The property is also within minutes of DUMBO, Long Island City and Manhattan at Wall Street and E 34th Street via the East River Ferry that stops nearby. The immediate area is also serviced by the B32 and B62 bus lines.

https://www.186n6.com/

Overview

Building Type:Development/Conversion Sites

Contact

For further information or inspection, please contact Exclusive Agents:

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

Guthrie Garvin
Senior Managing Director
(212) 660 7786
guthrie.garvin@cushwake.com

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

Michael Gembecki
Director
(212) 660 7743
michael.gembecki@cushwake.com


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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.