A mixed-use building at 307 Knickerbocker Avenue, located between Suydam and Hart Streets in Brooklyn’s North Bushwick neighborhood, was sold in an all-cash transaction valued at $1,450,000.
The four-story building contains approximately 6,500 square feet and sits on s 25’ x 100’ lot. It consists of two retail units on the ground floor with six residential units above, of which three have been renovated. The sale price equates to approximately $223 per square foot.
The property is located near the border of Williamsburg on Bushwick’s prime retail corridor, with convenient access to restaurants, art galleries, grocery stores, and nightlife. The L train is just a few blocks away at Dekalb Avenue, providing tenants with access to Manhattan within 20 minutes. The property is a significant opportunity for an investor to benefit from North Bushwick’s rapidly increasing exposure.
“Several factors pushed the sale of this property north of our asking price, including its prime location along the Knickerbocker retail corridor, proximity to Maria Hernandez Park, and Bushwick’s unprecedented demand for mixed-use and retail product,” said Massey Knakal Director of Sales Mike Amirkhanian, who exclusively handled this transaction.
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Neighborhoods: Bushwick