803 Wyckoff Avenue
Queens, NY
Overview
- Asking Price Submit Offers
- Square Footage 62,564 SF
- Units 54
- Neighborhood Ridgewood
Avison Young, as the exclusive agent, is pleased to offer for sale 803 Wyckoff Avenue (the “Property”), also known as “The Arcade,” located on the blockfront of Wyckoff Avenue between Cornelia Street and Putnam Avenue at the intersection of Bushwick, Brooklyn and Ridgewood, Queens. This 5-story, new construction multifamily elevator building with 410 feet of wraparound frontage was completed in 2018 with a 15-year 421a tax abatement that expires in 2034. Designed by award-winning architects, the Property consists of one-bedroom, two-bedroom and three-bedroom layouts across 54 residential units, 23 parking spaces, and an array of amenities across approximately 62,564 gross square feet.
Highlights
Significant Rent Upside Upon 421-a Expiration
- 803 Wyckoff’s RS units currently rent 14% below market for 1BRs, 18% below market for 2BRs, and 24% below market for 3BRs. Meaningful rent growth opportunity as units mark to market once the 421-a abatement expires in 2034
Exempt From Good Cause Eviction
- Upon burn off of the 421a Abatement all units are exempt from capped rental growth (lower of inflation + 4% or 10%) through 2048
Favorable Amenity Package
- The building offers a variety of luxury amenities, including a sprawling co-working and business center, a fully built-out fitness center, a media and gaming lounge, onsite parking, bike storage and rooftop terrace with built in seating and stunning views of both the Bushwick and Manhattan skylines
8 Years Remaining Of 421-a Benefits
- 15-year 421a Tax Abatement with 8 years remaining, expires in 2034
