BUSHWICK — CPEX reports the sale of a three-story mixed-use walk-up building in Bushwick.
A local investor has acquired the property, at 1100 Dekalb Ave., for $465,000, according to Tim King, principal at CPEX, who made the announcement.
The original asking price was $525,000.
Scott Burk, Esq., and Andre Sigourney, both directors on the CPEX Mixed-Use Team, handled the transaction, representing the property owner.
The property contains two commercial spaces and a residential unit. However, the new owner plans to redevelop the property into seven residential units.
“The building is located steps away from Broadway, a retail corridor that is beginning to feel the influence of the massive changes happening in Williamsburg and western portions of Bushwick,” said Burk. “The R6/C2-3 zoning designation allows the owner to convert the building into a multi-family property and the new owner plans to take advantage of this option.
“Because the three current units have high ceilings, the new owner hopes to create a loft feel in the converted units.”