Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the five-unit, multifamily building located at 798 Knickerbocker Avenue in the Bushwick neighborhood of Brooklyn. The building is located between Halsey Street and Eldert Street, directly around the corner from the newly improved Irving Square Park and just 2 blocks from the Halsey L train station.

The brick building just underwent a full gut renovation from top to bottom. The property consists of 5 vacant, fully renovated, free market condo quality apartments. The first floor apartment is a floor-through, 3 bedroom unit and has exclusive use of the backyard. The second and third floors each contain a 1-bedroom, and a 2-bedroom unit. The property has projected income of approximately $140,000 when fully occupied at market rent which equates to approximately a 5.4% Cap. Rate. The property has extremely low expenses as the utilities have been seperately metered.

All of the apartments have condo-quality finishes and include granite countertops, handcrafted hand stained wood, and stainless steel GE appliances. The building also has:

• – New electric, with each unit being supplied with 240 amps.
• – New plumbing throughout including a new water main supply to the street, a new chimney lining and washing/dryer hookups in the basement.
• – Central Air Conditioning in each unit
• – Excellent Light, including recessed lighting in the units, air shafts on both sides of the building allowing for windows in each bathroom and 9.5 ‘ ceilings.
• – Sprinklers in Hallways and first floor up to code for ADA
• – New handcrafted custom staircase and doors throughout the entire building.

Additionally there, are two new rental developments on the block: Knickerbocker Commons, a 24 unit Passive House, and Knickerbocker Lofts, an approved luxury rental development with approximately 40 units.