Invictus Property Advisors successfully closed the sale of 1647 Summerfield Street between Wyckoff Avenue and Cypress Avenue. The property is a six (6) unit multifamily walkup building located on the border of Ridgewood and Bushwick.
There is a cut-out on the western side of the property creating an abundance of light and air with windows lining the entire facade. The natural light would allow a future owner to reconfigure the units to add additional bedrooms in each apartment. Additionally there is a cellar with 10' ceilings with hopper windows, which could be duplexed with the ground floor units over time.
The asset has been immaculately maintained with zero (0) DOB or ECB violations and has undergone several cap-ex projects such as a new gas boiler and water heater. The property is separately metered for electric and gas.
The future owner will also benefit from the property falling into tax class 2A where tax increases are capped year to year and over a five (5) year period. Such caps would remain even if 1647 Summerfield Street were converted into a condo property at some point in the future.
The building is at the intersection of the Myrtle Avenue, Wyckoff Avenue and Cypress Avenue corridors with convenient access to national retailers such as Rite Aid, Dunkin Donuts, T-Mobile, AT&T, Blink Fitness, Citibank, among many others. The property is located .1 miles away from the L subway lines with access to Downtown & Midtown Manhattan in as little as 30-40 minutes.
