$1,550,000
Updated 11 years ago
Sold

143 Richardson Street

East Williamsburg, Brooklyn | Richardson Street & Richardson Street

Rental Property

$1,550,000
floors / apts3 / 3
Lot Size22'33"x40'25"
Built Size22'x30'
ZoneC2-4/R
Building TypeTownhouse
RE Taxes$3,533

This property was sold for $1,550,000 on 06/18/15.

Building Amenities

  • Voice Intercom

Property Description for 143 Richardson Street

Outstanding opportunity for an end user or investor to own a prime townhouse in East Williamsburg, one of the fastest growing areas in Brooklyn. The property is comprised of two lots; one of which features an existing three-story (three family) building, while the other is currently a vacant lot. Combined, the property allows for over 4,200 buildable sq. ft..

This investment provides a unique opportunity for an end user to construct over 4,200 sq. ft. luxury townhouse or an investor to renovate the existing interior and re-let the entire building, with the potential to generate a 5-6% return.

Unlike many other development sites in the area, which require a variance for residential construction, 143-145 Richardson Street is located in a C2-4/R6 zoning district. The current FAR of 2.43 for allows for retail-mixed use or residential development up to ~4,200 square foot.

143-145 Richardson Street is conveniently located, steps from McCarren Park in North Williamsburg, and is surrounded by shopping, restaurants and cultural events. Transportation is readily available at the Graham Avenue L train station.

The existing floor plans allow for two 1,000 square foot 2 bedroom apartments (2nd and 3rd floor) and a smaller one 1-bed room apartment on the ground floor. All apartments will have access to outdoor space.

Potential Income (Annual - Projected):
Apt 1: 1 Br with backyard ($30,000)
Apt 2: 2Br with garden access ($42,000)
Apt 3: 2Br with garden access ($42,000)
Projected Annual Income: $ 114,000

Expenses (Annual – Approx.):
Insurance: $2,000
Water: $ 1,800
Gas Heat: $ 3,000
Taxes: $3533.64
Total Expenses: $10333.64

Listing History for 143 Richardson Street

Now
06/18/2015
$1,550,000
Sold and Closed by Avishai M. Adiv
Brick Real Estate
05/27/2015
Contract Signed by Avishai M. Adiv
Brick Real Estate

Building Details for 143 Richardson Street

OwnershipRental Property
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts3/3
Learn More About the Building

Transit and Citi Bike

Subway

Graham Av
0.31 miles
Lorimer St
0.41 miles
Nassau Av
0.5 miles

Citi Bike

Graham Ave & Herbert St
0.05 miles
Graham Ave & Withers St
0.14 miles

Contact Agent

Contact Agent

Avishai Adiv
Brick Real Estate

East Williamsburg | Brooklyn

Quick Profile

East Williamsburg is a mixed industrial neighborhood in Brooklyn, with many working factories that make everything from beer and wontons to clothing and concrete. You are likely to hear screeching, pounding and the deep thump of industrial machinery throughout the day. East Williamsburg has become a haven for artists and musicians of every description, who are attracted to the large open loft spaces of the converted industrial buildings. The area has attracted a younger crowd of 20- and 30-somethings that are drawn by affordable rents and a generally lower cost of living.

There is a rich history of immigrants from Puerto Rico and Italy, and oddly enough, they chose to settle on opposite ends of Graham Avenue, with the Italians on the north and the Puerto Ricans on the south.

Housing in the area consists of mid-rise apartment buildings, row houses, and public housing complexes. There are also smaller multi-family apartment buildings available. Lofts are becoming more prevalent as the older, abandoned factory buildings come up for sale and are converted into residential properties. 

East Williamsburgfairly pulses with a creative vibe. There are unique shopping venues, numerous tiny coffee shops, interesting restaurants, and cafes, along with food trucks that frequent the area. The grocery stores are affordable and carry a wide variety of goods that appeal to the eclectic tastes of the neighborhood residents.

There is a vibrant bar scene, where you will find mostly local residents imbibing, so it is easy to make friends among your neighbors if you stop in frequently at your favorite watering hole. There are many interesting shops, bars and restaurants tucked in amongst the warehouses and factories. Many do not invest in elaborate signage, so it can be difficult to find some of the best spots. Keep an eye out for hand-painted signs on the sides of buildings with arrows pointing to nondescript, nearly invisible entrances.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 58179TH