Cushman & Wakefield has been retained on an exclusive basis to sell a loft apartment building at 885 Park Avenue, located between Broadway and Marcus Garvey Boulevard in Brooklyn’s Bushwick neighborhood. The asking price is $26,500,000.
The five-story, elevator-service building contains approximately 51,502 square feet and sits on a 114.25’ x 100’ irregular lot. Originally built in the early 1900s for the Continental Furniture & Storage Company, the former warehouse was transformed into 34 high-end, oversized loft apartments. Now known as the Continental Warehouse, the units feature wide-plank cedar floors, weathered brick walls, exposed wood beam ceilings, modern black cabinetry, and new appliances. All of the units are free market and a future condominium conversion could also be a possibility for this asset.
The property is located within a block of Woodhull Hospital and around the corner from the J and M subway stops. This is an excellent opportunity for an investor to acquire a low maintenance, high cash flowing asset with tremendous upside in one of Brooklyn’s fastest growing neighborhoods.
“Rarely do institutional quality rental assets like 885 Park come to market in Brooklyn. This will be a tremendous addition to any portfolio,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property along with Michael Amirkhanian and Matthew Nickerson.
“885 Park offers investors substantial scale and upside and is ideally positioned right off of Broadway, one of the fastest growing commercial corridors in Brooklyn,” said Michael Amirkhanian.
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Neighborhoods: Bushwick