$4,350,000
Updated 11 years ago
Off Market

85-89 Graham Ave

East Williamsburg, Brooklyn | Seigel Street & McKibbin Street

15,200 Square FeetIncome Property

$4,350,000
floors / apts6 / 24
Lot Size50'x75'
Built Size49'x67'
Building TypeLow-Rise
RE Taxes$32,962
Price Per SF
$286

Building Amenities

  • Voice Intercom

Property Description for 85-89 Graham Ave

Description: This prime corner walkup multifamily building features 24 residential units and three stores. There are 19 two bedroom apartments, 4 one bedroom apartments and 1 three bedroom apartment. Five of the units have been gut renovated (4, 6, 14, 17 & 20) and are rented at market. The super’s unit (3) will be vacant at closing. The building features a brand new gas boiler (installed in 2/08), water heater and twin water tanks (installed in 4/08). Located five blocks away from the J/M train at Flushing Avenue and six blocks away from the Montrose Avenue L train station. Both trains run directly into Manhattan. The apartments are currently 100% leased and the apartments net rent is currently at 60% of market which provides significant upside. The vast majority of older multifamily product in Williamsburg are six and eight families. This building provides an investor the opportunity to purchase an anchor property on one of the strongest retail corridors in Brooklyn.

Listing History for 85-89 Graham Ave

Now
09/07/2010
POM by Mark Lively
Cushman & Wakefield
01/07/2010
$4,350,000
Initial Price by Mark Lively
Cushman & Wakefield

Building Details for 85-89 Graham Ave

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1931
Floors/Apts6/24
Learn More About the Building

Transit and Citi Bike

Subway

Lorimer St
0.24 miles
Montrose Av
0.27 miles
Flushing Av
0.32 miles
Broadway
0.4 miles
Flushing Av
0.48 miles

Citi Bike

Seigel St & Humboldt St
0.11 miles
Bushwick Ave & McKibbin St
0.2 miles

Contact Agent

Contact Agent

Mark Lively
Cushman & Wakefield

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: 25263TH