This Unit Is Not Available (Sold)
$ 3,000,000
Building & Unit Features
Prime development Site in Ridgewood, Qns! 5 buildings!
This offering provides a rare opportunity to develop an old knitting factory into desirable condos or residential apartments.There are currently 5 existing buildings on one lot w/ proposed plans for 3- three unit townhouses around a beautiful courtyard. The front of the project is an existing 4-family on Putnam Ave next to a 3-family w/ store.
The square footage is approximately 12,371 including all existing buildings and the courtyard/driveway areas. The total project is 16 units + 1 commercial space.
Buildings will be delivered vacant except for 2 units on top of the 4-family. An investment of about $350k will be needed to make these sought-after apartments. We project a hybrid average income of $2,000/ unit for the townhouses with private rooftop area & the other units, for a prospective income of: $408,000/ year. Tenants will pay their own heat, water & electric leaving an annual expense of about $30,000 for taxes, insurance, etc.
Prime Ridgewood Queens, just on the border of bustling Bushwick!!
Units: 17
Lot Size: 7,100
