The Saint Marks

Investment Overview

Avison Young, as the exclusive agent, is pleased to offer for sale 618 Bushwick Avenue (the “Property”), a unique 99-unit residential property located on a prominent block-end in the vibrant Bushwick neighborhood of Brooklyn. This exceptional property spans the entire block-end, connecting Bushwick Avenue, Jefferson Street, and Troutman Street.

618 Bushwick Avenue is the result of a masterful gut renovation of an 1890s brick church and school, integrated with a modern elevator building completed in 2017. Many of the units are located within the historic church and preserve its original architectural details resulting in unique unit layouts and aesthetics. The property benefits from a 35-year, Affordable New York, 421a tax abatement, which extends through 2054.

The property features approximately 490 feet of wraparound frontage at the intersection of Bushwick Avenue, Jefferson Street, and Troutman Street, with 99 residential units consisting of 7 studios, 53 one-bedroom apartments, and 39 two-bedroom apartments. Additionally, the property includes 32 on-site resident parking spaces located behind the church.

618 Bushwick Avenue represents a rare opportunity to acquire a large-scale, new construction, elevator building with robust in-place cash flow, $30 million of assumable debt at a favorable 4.004% interest rate, and significant upside potential through the lease-up of units currently rented below market value—all within one of Brooklyn’s most desirable residential neighborhoods, which is undergoing rapid rent growth.

Investment Highlights

• Strong occupancy with significant upside potential
• 35-year 421A tax abatement, expiring in 2054
• $30 million assumable debt at an attractive 4.004% fixed interest rate, maturing in 2028
• Prime location in the heart of Bushwick