517 39th St. in Sunset Park.
NEW YORK CITY – Newly constructed multifamily and hotel assets that have come online in Brooklyn has drawn a flock of investors in search of long term upside for the free-market units, according to the Cushman & Wakefield team marketing the Sunset Park hotel at 517 39th St., and the Bushwick Portfolio at 682 & 692 Bushwick Ave in Brooklyn.
There is a growing demand for recently constructed hotel and multifamily assets with free-market units, in which there are limited acquisition opportunities for the asset types, especially in fast gentrifying Brooklyn neighborhoods like Sunset Park and Bushwick. For these reasons, the assets are sure to draw a crowd, Stephen Preuss, vice chairman at Cushman & Wakefield, tells GlobeSt.com.
"The sale of the Bushwick Avenue portfolio offers investors the chance to participate in the persistent growth of the neighborhood," he said. "Investors are looking for longer-term upside through the renovation of free-market apartments."
The turn-key hotel at 517 39th St. in Sunset Park totals 20,640-square-foot and stands six stories tall. It qualifies for M1-2 zoning for industrial uses and has a max buildable square feet of 36,058. The property has 45 units and a vacant ground-floor commercial unit and features balcony access, elevators and parking. Nearby are multiple bus lines and the D, N and R trains. The asset, with a $9.5 million price tag, presents an owner-user investment opportunity in 2 years.
The two-building Bushwick portfolio at 682 & 692 Bushwick Avenue totals 59,927 square feet. The building is made up of 90% free-market units and is nearby the J, M and Z trains. Property features include stainless steel appliances, granite counter tops and a rooftop lounge.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
