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618 Bushwick AveBrooklyn, NY 11206
The Saint Marks
Asset ClassMultifamily
# Units: 99Parking Spaces: 32 SpacesSquare Feet: 91,366Access Data Room
overview of deal

Overview

Avison Young, as the exclusive agent, is pleased to offer for sale 618 Bushwick Avenue (the “Property”), a unique 99-unit residential property located on a prominent block-end in the vibrant Bushwick neighborhood of Brooklyn. This exceptional property spans the entire block-end, connecting Bushwick Avenue, Jefferson Street, and Troutman Street.

 

618 Bushwick Avenue is the result of a masterful gut renovation of an 1890s brick church and school, integrated with a modern elevator building completed in 2017. Many of the units are located within the historic church and preserve its original architectural details resulting in unique unit layouts and aesthetics. The property benefits from a 35-year, Affordable New York, 421a tax abatement, which extends through 2054.

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Investment Highlights

  • Strong occupancy with significant upside potential
  • 35-year 421A tax abatement, expiring in 2054
  • $30 million assumable debt at an attractive 4.004% fixed interest rate, maturing in 2028
  • Prime location in the heart of Bushwick
  • One block from the Myrtle Avenue J/M/Z Subway Station
  • Unique building with a blend of original historic architecture and modern design
  • Seven (7) Studios, Fifty-Three (53) one-bedroom units, Thirty-Nine (39) two-bedroom units,
  • 32 parking spaces
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deal gallery image
deal gallery image
618 Bushwick AveBrooklyn, NY 11206

For more information, please contact:

Erik Edeen Principal – US Investment Sales(212) 729-7402erik.edeen@avisonyoung.com
John GrayExecutive Director(203) 494 7208john.gray@avisonyoung.com
Joseph MoranAssociate Director(917) 842 6051joseph.moran@avisonyoung.com
Miles Davis-BoschSenior Associate(646) 858 8205miles.davisbosch@avisonyoung.com
Kevin SwartzExecutive Director(212) 219 7056kevin.swartz@avisonyoung.com
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Listing provided by Revere CRE