A bundle of mixed-use buildings in northwest Bushwick is on the market with an asking price of $17.5 million, Commercial Observer has learned.
Atkins & Breskin Company, a real estate investment company with properties mostly in Manhattan and Brooklyn, is selling eight rental buildings, dubbed the “Bushwick Multifamily Portfolio.” The package has a combined 32 residences and seven commercial spaces totaling 6,218 square feet, according to Ariel Property Advisors. The properties comprise a total 33,725 square feet.
All of the properties span a mile and several are on Wilson Avenue, including 105 Wilson Avenue, 117 Wilson Avenue, 153 Wilson Avenue and 553 Wilson Avenue. One of the properties, 786 Knickerbocker Avenue, was home to State Senator Martin Dilan’s office until November 2013, according to his office. Beijing House, a Chinese food restaurant, occupies the retail space at 553 Wilson Avenue. Two of the spaces are currently vacant, according to Ariel.
The owner has revamped several of the apartments with new finishes, stainless steel appliances and exposed brick walls, according to the agents. Seven of the apartments are rent-regulated, according to Ariel, while the rest are market-rate.
Ariel’s Victor Sozio said the diversity of the package—from newly renovated to buildings with development potential—puts the $17.5 million asking price on par with where the Bushwick market is headed. Mr. Sozio and colleagues Daniel Tropp, Shimon Shkury, Jonathan Berman and Mark Spinelli are marketing the properties.
“They have a mix of cash flowing properties, value opportunities and development potential,” Mr. Sozio said.
Rising apartment demands in Bushwick have helped foster a desire for more retail space in the area, Mr. Tropp said. That’s particularly been the case for locations along Wilson and Knickerbocker Avenues, where the retail spaces in the package are located.
“Over the past few years we’ve definitely seen the multifamily [buildings] rise in terms of value pretty sharply,” said Mr. Tropp, a vice president at Ariel. “Now you’re starting to see the retailers’ value catch up, you’re starting to see development value catch up.”