Cushman & Wakefield Retained Exclusively to Market The Bushwick Development Assemblage
Over 82,000 Buildable-Square-Foot Portfolio Offers Investors Immediate Large-Scale Footprint in Bushwick, Brooklyn
NEW YORK, Nov. 1, 2016 – Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a six-property portfolio at 1504 Jefferson, 1438 Hancock, and 389, 391, 376 and 378 Weirfield Streets in Bushwick, Brooklyn. The asking price is $17,300,000. Cushman & Wakefield’s Michael Amirkhanian and DJ Johnston are exclusively marketing this property.
The portfolio encompasses roughly 82,000 residential buildable square feet – a rare offering of this magnitude for Bushwick.
“This assemblage combines the benefits of a large scale development with the low overhead of a boutique project. By offering multiple tax lots, and generous frontage, a developer can build in a way that minimizes tax exposure and reduces parking requirements,” said DJ Johnston.
The Bushwick Development Assemblage offers investors the chance to join a rapidly growing revitalization of the area, as it is well-positioned amongst existing Bushwick projects such as The Rheingold Brewery, Savanah’s 95 Evergreen, The Jefferson at 455 Jefferson Street, The Glassworks Factory at 336 Himrod Street, and Colony 1209 at 1209 DeKalb Avenue, among many others. Neighboring Queens neighborhood, Ridgewood is also thriving with approximately 500 units currently in development within the immediate blocks bordering Bushwick. The site is also improved by new retailers such as The Queens Brewery and Houdini Kitchen which are both within short walking distance.
“A project of this scale will have an enormous influence on the surrounding neighborhood and will act as a complement for the continued growth of an already flourishing pocket of Brooklyn,” said Michael Amirkhanian.
Additionally, the offering is ideally located only one block from the L subway line at Halsey Street and five blocks to the M subway at Myrtle Avenue, which offers a convenient 20 minute commute to Manhattan and Williamsburg.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.