New Construction Expiring 421-A | Bushwick

Highlights:

• 18 Unit New Construction Building
• Indoor Parking Garage
• Tenant Amenities including Gym and On-Site Laundry
• 100% Free Market Status after Abatement Expiration in 2026
• Good Cause Eviction does NOT apply
• Building Offered at $500/gross SF
• Located on one of Bushwick’s Premier Blocks

Description:

TerraCRG has been retained to exclusively represent ownership in the sale of 999 Willoughby Avenue – an 18-unit new construction elevator building located on one of the best blocks in Bushwick.
The 22,000 SF property has a 421-A that expires June 30, 2026 and all the units will go from Rent Stabilized to Free Market when the abatement expires. Also, Good Cause Eviction does not apply to this building because it has a C of O dated after 2009.
The property consists of:
- 10 two-bedroom units (including 2 penthouse units with large terraces)
- 8 one-bedroom units (all the 1-beds are extremely large – none less than 730 SF)
- Indoor Parking Garage
- Gym and On-Site Laundry
- Roof Deck with Manhattan Skyline Views
- Bike Storage
The buildings have in place gross income of $707,756/Year. However, when the units revert to Free Market the market rents should be ~$953,000/year. The building is offered at $500/gross SF.
The property is ideally on one of the best blocks in Bushwick - in close proximity to the L & M Subway lines, Maria Hernandez Park and some of the best restaurants, bars and music venues in all of NYC. Including House of Yes, Elsewhere, Red Pavilion, Danger Danger, Yours Sincerely, Orion Bar, Ra-Ra Rhino, Nana’s House, The Monkey King and Seawolf.