Updated 13 days ago
Bushwick, Brooklyn | Knickerbocker Ave & Irving Ave
15,215 Square FeetIncome Property

floors / apts3 / 24
Lot Size50'x275'3"
Built Size100'x204'
Building TypeTownhouse
RE Taxes$120,648
Price Per SF

Building Amenities

  • Voice Intercom

Property Description

Invictus Property Advisors has been retained on an exclusive basis for the sale of 290-294 Harman Street, two adjacent lots containing four-buildings located in Bushwick, Brooklyn. 290 & 294 Harman Street contain four, 3-story, 6-unit multifamily buildings (two in the front and two in the rear). 290 Harman Street has 8 free market units and 4 rent stabilized units and 294 Harman Street has 9 free market units and 3 rent stabilized units. Both lots have a grand total of 24 units of which 17 are free market and 7 are rent stabilized. Significant upside exists in 3 rent stabilized units upon tenant turnover and 2 free market units (covid rents with leases expiring 2023). The cap rate will stabilize at approximately 6.4% upon the 2 free market units being re-rented at market rate rents with no renovation work needed. 290 & 294 Harman Street are located 1 block away from the Knickerbocker Avenue Subway Station servicing the M line.

Listing History

Initial Price by Josh Lipton
Invictus Property Advisors

Building Details

OwnershipIncome Property
Building TypeTownhouse
Service LevelVoice Intercom
Year Built1931
Learn More About the Building

Contact Agents

Contact Agents

Josh Lipton
Invictus Property Advisors
Andrew Levine
Invictus Property Advisors
Jax Hindmarch
Invictus Property Advisors
View this property on the company's website

Bushwick | Brooklyn

Quick Profile

As one of the most diverse neighborhoods in New York, Bushwick offers a perfect snapshot of just how multicultural the city is. Long-established as an amalgam of cultures and ethnicities, a wave of varying types of immigrants trickled in from the seventeenth to twentieth centuries, with Bushwick largely becoming a home to Hispanics of Puerto Rican and Dominican backgrounds by the latter part of the twentieth century. 

With the Bushwick Initiative of the mid-00s that aided in revitalization, it became an attractive area to young professionals and artists. And even now, Bushwick has sustained affordable rent prices where other North Brooklyn counterparts, like Williamsburg and Greenpoint, have become more expensive. Priding itself on the weird and the wacky, numerous art collectives thrive in this part of Brooklyn, once famously named the seventh coolest neighborhood in the world by Vogue. 

Though it has drawn in many tourists in recent years (there’s even a graffiti tour you can take from the Bushwick Collective), the neighborhood remains very much community-oriented, and has not been subject to quite the same sort of corporate infiltration phenomenon of its nearby Williamsburg environs. 

But yes, of course, Bushwick has come a very long way from its 80s and 90s reputation as being “The Well,” a nickname given to it for its free-flowing and widely available amount of drugs (quantity over quality being the cliche applied here). 

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: 89527TH