$13,500,000
Updated 11 years ago
Off Market

Metro 924

924 Metropolitan Ave

East Williamsburg, Brooklyn | Olive Street & Catherine Street

Rental Property

$13,500,000
floors / apts5 / 32
Building TypeLow-Rise

Building Amenities

  • Video Intercom
  • Bike Storage
  • Elevator
  • Fitness Facility
  • Garage
  • Laundry Room
  • Roof Deck
  • Storage

Property Description for 924 Metropolitan Ave

> This brand new elevatored luxury construction rental building, has a total of 32 units of which 13 are 2 BRs, 13 are 1BRs, and 6 are 2 BRs plus a home office. > There are also 16 parking spaces on the premises which are rented separately. > Almost all of the units were rented immediately upon completion, so this property should maintain close to 100% occupancy at all times. > The property benefits from such amenities as a gym, storage, and laundry. > The property also has received a 25 year 421a tax abatement. > This investment offers a buyer a turn-key opportunity to hold as a rental or convert to condominiums. > There is $9,800,000 in existing short term debt. > The seller is willing to split the mortgage recording tax savings, resulting in $137,200 in savings to the buyer.

Listing History for 924 Metropolitan Ave

Now
09/13/2009
POM by James P. Nelson
Cushman & Wakefield
06/15/2009
Exclusive Expired by James P. Nelson
Cushman & Wakefield

Building Details for 924 Metropolitan Ave

OwnershipRental Property
Building TypeLow-Rise
Service LevelVideo Intercom
AgePost-War
AccessElevator
Year Built2007
Floors/Apts5/32
Learn More About the Building

Transit and Citi Bike

Subway

Grand St
0.22 miles
Graham Av
0.31 miles
Montrose Av
0.47 miles

Citi Bike

Sharon St & Olive St
0.07 miles
Powers St & Olive St
0.09 miles

Contact Agents

Contact Agents

James Nelson
Cushman & Wakefield
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: 28619TH