409-413 Broadway

Williamsburg, Brooklyn, New York 11211

$13,750,000  

Listing ID Number

25296

Property Description

409-413 Broadway presents an opportunity to invest in a mixed-use asset on a rapidly evolving corridor. The subject property comprises two contiguous tax lots improved by two six-story elevator buildings. Built in 2011, the two buildings together span nearly 21,800 gross square feet or 30,669 SF including cellars and sub-cellars. There are a total of 2 street level retail spaces, 2 community facility units on the second floor and 18 apartments.

One retail space is currently vacant, while the other is leased to GJ Apex Company through January 2020. Each retail space has a usable cellar and sub-cellar with ceiling heights of 9.5’ and 8.5’ respectively.

Each residential unit offers an in-unit washer/dryer, double-paned windows, private balcony, dedicated electric water heater and two electric Packaged Terminal Air Conditioners providing heat and cooling – tenants are billed directly for utilities. In addition, rear apartments on the 2nd floor have ~400 SF private outdoor terraces, while top floor rear units have individual stairs leading directly to the shared roof, which may be fully or partially configured for private use in the future. Current Certificate of Occupancy designates the roof for recreational use. The subject property offers the added benefit of a 421-A tax exemption, currently in year 8 of 25.

The property is situated on the same block as the Hewes Street J M station with Manhattan just two stops away; the Broadway G station is also less than three blocks away. Together, the two stations serve over 2.3 million commuters annually. Ridership and foot traffic on Broadway is likely to rise with the imminent arrival of new residential and commercial developments in the immediate area. Broadway is also home to a string of the neighborhood’s most vibrant lounges and restaurants, including Meadowsweet, Bar Velo, Bembe, Trophy Bar and the famed Peter Luger Steak House.

409-413 Broadway presents an attractive opportunity to acquire a high cash flow turnkey asset while capitalizing on the sustained interest in the thriving Williamsburg market.

Overview

Building Type:Mixed-Use Investment Buildings
Stories:6
Units:22
Residential Units:18

Contact

For further information or inspection, please contact Exclusive Agents:

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

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

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

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

Darragh Clarke
Director
(212) 660 7737
darragh.clarke@cushwake.com

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