INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 1659 Cornelia Street, a six (6) unit multifamily building located on Cornelia Street between Cypress Avenue and Wyckoff Avenue. Of the six (6) units, four (4) are free market and two (2) are rent stabilized. The building is 25' wide and is three (3) stories with a semi above-grade cellar with windows in the front and rear of the asset. Additionally, there are cut-outs on both sides of the property creating light and air on all four sides which would allow a future owner to reconfigure the units to three-bedroom apartments.
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 1659 Cornelia Street were converted into a condo property at some point in the future.
The building is around the corner from the Myrtle Avenue commercial corridor 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 .22 miles away from the M & L subway lines with access to Downtown & Midtown Manhattan in as little as 30-40 minutes.
