409-413 Broadway presents an opportunity to invest in a mixed-use asset on a rapidly evolving corridor. The subject property comprises two contiguous tax lots improved by two six-story elevator buildings. Built in 2011, the two buildings together span nearly 21,800 gross square feet or 30,669 SF including cellars and sub-cellars. There are a total of 2 street level retail spaces, 2 community facility units on the second floor and 18 apartments.
One retail space is currently vacant, while the other is leased to GJ Apex Company through January 2020. Each retail space has a usable cellar and sub-cellar with ceiling heights of 9.5’ and 8.5’ respectively.
Each residential unit offers an in-unit washer/dryer, double-paned windows, private balcony, dedicated electric water heater and two electric Packaged Terminal Air Conditioners providing heat and cooling – tenants are billed directly for utilities. In addition, rear apartments on the 2nd floor have ~400 SF private outdoor terraces, while top floor rear units have individual stairs leading directly to the shared roof, which may be fully or partially configured for private use in the future. Current Certificate of Occupancy designates the roof for recreational use. The subject property offers the added benefit of a 421-A tax exemption, currently in year 8 of 25.
The property is situated on the same block as the Hewes Street J M station with Manhattan just two stops away; the Broadway G station is also less than three blocks away. Together, the two stations serve over 2.3 million commuters annually. Ridership and foot traffic on Broadway is likely to rise with the imminent arrival of new residential and commercial developments in the immediate area. Broadway is also home to a string of the neighborhood’s most vibrant lounges and restaurants, including Meadowsweet, Bar Velo, Bembe, Trophy Bar and the famed Peter Luger Steak House.
409-413 Broadway presents an attractive opportunity to acquire a high cash flow turnkey asset while capitalizing on the sustained interest in the thriving Williamsburg market.
