September 17, 2019 – Vickram Jambu, Senior Managing Director of Investment Sales, Chris Varjan, Senior Managing Director of Investment Sales, Jonathan Braun, Director, and George Steffani, Director, of Lee & Associates NYC, have been named the exclusive sales agents for the two contiguous elevator apartment buildings located in Williamsburg, between Hooper and Hewes Streets. 409 Broadway and 413 Broadway are 10,800 and 11,694 square feet respectively. Each building consists of 20 apartment units and two ground-floor commercial spaces. The apartments are split between 7 one-bedrooms and 13 two-bedroom layouts, with a single bathroom and terrace for each. The retail spaces are 2,000 square feet each and are flexible with separate rentable lower-level spaces and the ability to combine both spaces when fully vacant. Both buildings were built in 2011.
“Located in what is widely considered to be the most desirable neighborhood in Brooklyn, this Williamsburg portfolio presents a standout investment opportunity,” explains Jambu. “With an attractive in-place cap rate of 5.7 percent, this property offers the opportunity for an investor to own a positive cash flowing asset located along a high foot traffic corridor with upside income potential.”
409-413 Broadway is conveniently located across from the M and J trains at Hewes Street and the G train at Broadway. The portfolio is priced at $12.5 million and benefits from reduced annual real estate taxes due to tax class 2B status for both buildings as well as a 421-A exemption for a 25-year non-cap term.