FOR SALE
409-413 Broadway is the two adjacent mixed-use buildings in Brooklyn, NY.
Excellent investment project
Efficient Operation
• Buildings benefit from reduced annual real estate taxes due to tax class 2B status for both buildings
• Buildings further benefits from a 421-A tax exemption for a 25-year non-cap term
• 14 years remaining with 11 years of full exemption benefit
Upside Income Potential
• Adjacent commercial space has a tenant paying below market rent with expiration in January 2025
• Upon expiration of the 421-A exemption, any market rate units are still eligible for destabilization as they were prior to the Housing Stability and Tenant Protection Act of 2019
– All units will be FM status upon expiration of the 421-A exemption benefit
Stable Residential Cash Flow
• Residential units are achieving on average $2,651 per month, which is below market
– Average monthly in-place rent is $2,634 for one-bedroom units and $2,692 for two-bedroom units
Optimal Location
• Located across from the Hewes Street subway station entrance servicing the J M G trains
• High pedestrian foot traffic due to subway station allows for unlocked potential with retail spaces.
For more information, please contact:
Eugeny Dremluga
6863736@gmail.com