64 maspeth

Image: TerraCRG

A 24-unit new construction building at 64-68 Maspeth Avenue in East Williamsburg is on the market for $14 million.

Built in 2011, the property measures about 22,500 square feet and is located between Bushwick Avenue and Olive Street. The four-story building has one- and two-bedroom apartments with video intercoms, hardwood floors, stainless steel appliances, granite countertops, exposed brick walls, air conditioning and in-unit stacked washer/dryers. Residents have a shared backyard garden.

The place is fully occupied, with all leases expiring by August 2014. It has 19 years left of a 25-year 421a tax abatement. Current rents average $45 per square foot.

There are four new construction residential buildings already on the block, with another one in progress, according to the TerraCRG listing.

The property was marketed back in October 2013 as part of a three-building package that included 65 Maspeth Avenue and 484 Humboldt Street, The Real Deal reported. The buildings, located within a five-block radius of each other, had an asking price of $42 million.

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