951 Madison Street

B6 Real Estate Advisors has been retained on an exclusive basis to arrange the sale of 951 Madison Street, a newly developed 41,000 SF luxury mixed-use building, consisting of 37 residential units, and 2 retail spaces, in the Brooklyn neighborhood of Bushwick. This seven-story building was completed in 2018 and offers 80 feet of residential frontage on Madison Street. The single-story retail space extends 50 feet to Broadway, providing a convenient setback for the residential building and adding 130 feet of corner retail frontage to the property. The building is efficiently designed to maximize window counts and light exposure, allowing for increased bedroom counts and refreshing layouts. There is a 6,800 SF basement, of which 3,500 SF is being used for tenant storage and will eventually be offered to the retail tenant for their planned expansion. In addition to mechanical space, the remaining 3,300 SF has been designed to offer a unique amenity package to the residential tenants. In total, the building offers 31,000 SF of residential SF, 10,000 SF of retail, and 6,800 SF of amenity, storage, and mechanical space. Parking for residential tenants is available off-site per the parking easement represented in the certificate of occupancy. The building offers a full package of amenities and has been meticulously designed to offer a sense of community and comfort. The most updated management technologies have been leveraged to enhance the tenant experience, including building-wide Wi-Fi, virtual doorman, video intercom system, internet connected locks, Bluetooth sound systems, and cell phone boosters. In addition to these technological amenities, generous space has been allocated to a gym, laundry room, and common great room, where tenants can host events and enjoy additional living space separate from their individual units. A system of tiered roofs offers an outdoor package rare to the neighborhood, with multiple gardens, barbecue grills, outdoor lounges, and a greenhouse available for community use. The residential unit mix consists of 13 four-bedrooms, 8 two-bedrooms, and 16 one-bedrooms, offering a total of 84 bedrooms across the building. The four-bedroom layouts were designed to attract young professional roommates, a high demand tenancy pool in Bushwick, while the one and two-bedroom units were designed to attract individuals or couples looking for a larger and more sophisticated living space. Each unit hosts high-end appliances and fixtures, as well as private temperature controls and video intercoms. Many units include private patios and terraces, further increasing the building’s marketability to tenants. Two retail tenants are currently paying rent. Betances Health Center is fully operational and occupies 8,300 SF, including frontage on Broadway, as well as the entire ground floor retail space beneath the residential units. Betances is an established and reputable community facility operator, which was approved for a $1.4M federal grant to build out their space. They have the option, and will likely execute their right, to occupy the available basement space at a pre-determined rate of $25 per SF, further increasing the profitability of the property to a new owner. The corner 1,400 SF retail space on Broadway is occupied by David’s Check Cashing, which has the exclusive right to operate a check cashing business within this zone. Each store front has recently undergone improvements, increasing the visibility.