999 Willoughby Ave

TerraCRG has been retained to exclusively represent ownership in the sale of 999 Willoughby Avenue – an 18-unit new construction elevator building located on one of the best blocks in Bushwick. The 22,000 SF property has a 421-A that expires June 30, 2026 and all the units will go from Rent Stabilized to Free Market when the abatement expires. Also, Good Cause Eviction does not apply to this building because it has a C of O dated after 2009.The buildings have in place gross income of $707,756/Year. However, when the units revert to Free Market the market rents should be ~$953,000/year.  The building is offered at $500/gross SF.