Williamsburg Portfolio

Avison Young, as the exclusive agent, is pleased to offer for sale a three-building multifamily package located on the border of Williamsburg and East Williamsburg. The properties include 484 Humboldt Street, 65 Maspeth Avenue, and 64-68 Maspeth Avenue (the “Properties”), and they are being offered individually or as a package. The Properties offer a total of sixty-six (66) residential units, four (4) community-facility units, currently configured as two (2) spaces and thirteen (13) parking spaces spanning across 68,930 gross square feet. The residential units consist of ten (10) studios, twenty-eight (28) one-bedroom units, twenty-three (23) two-bedroom units, three (3) three-bedroom units, and two (2) four-bedroom units. Ownership has made significant upgrades to the properties, including the installation of a new Butterfly System for the front doors, replacement of nearly all hot water heaters, extensive landscaping improvements, repainting of hallways, the addition of a new package storage area, replacement of mailboxes, installation of new common area carpeting, upgraded hallway lighting, façade work (including replacing bricks and window lintels), flashing work and coping caps on the roof, and water fixtures to reduce expenses. There is also potential for a buyer to assume the current financing. The Williamsburg Portfolio presents an amazing opportunity for a buyer to step into Turnkey assets with zero short-term capital expenses, given the meticulous renovations ownership has completed over the last three years. Strong in-place cash flow coupled with the ability to capitalize on preferential rents provides a value-add opportunity. Additionally, the long-term expiring abatements present an exit from rent stabilization. Finally, attractive assumable debt in the 3% range offers an amazing opportunity for a new investor to capitalize.