Brick Vacant Mixed-Use Property with Air Rights
431 Wilson Avenue
Bushwick
Closed 04/27/2016 at
$1,800,000
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718-395-1877
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Overview
The vacant 4,500 SF building is in a prime location on Wilson Avenue between Madison & Putnam Avenue. It is a few blocks from the L and M subway lines (Myrtle/Wyckoff Avenue Station), providing easy access to all points in Brooklyn and Manhattan. The brick building has approx. 1,000 SF of air rights for a total of 5,500 buildable SF and all units are free market.
The building consists of 1 retail space and 5 residential units and is in need of a full renovation. After renovation the residential units can be converted to 2 & 3 bedrooms and the ground floor unit will have direct backyard access. It has gross rent potential of approx. $185,000/year.
The property is located in one of the most rapidly changing areas of Brooklyn. It has easy access to many of the national retailers that have come to the neighborhood such as Starbucks and Planet Fitness. The building is also close to many of the new exciting bars and restaurants that have opened such as Bushwick Pizza Party, Old Stanley’s Bar, Trans Am Cafe, Boobie Bar and many more.
Attractions
In the middle of the 2000’s, the City and State of New York began pouring resources into the Bushwick neighborhood through a program called the Bushwick Initiative. The program’s goal is to improve the lives of Bushwick residents through various housing and quality of life programs. In addition, many of the Bushwick Initiative’s efforts towards economic development are focused on revitalizing Knickerbocker Avenue, the primary commercial strip in the area.