-- Alpha Realty closed the $8.4 million sale of 499-503 Evergreen Avenue, a two-building mixed-use portfolio in Bushwick, Brooklyn. The 21,198-square-foot property includes 17 residential apartments and two commercial spaces across two contiguous elevator buildings constructed in 2019.
The buildings feature modern layouts, high-end finishes, and popular amenities such as rooftop access, laundry facilities, storage, and a dog spa. Approximately 85% of the residential units are free-market, offering strong rent growth potential.
On the commercial side, an early childhood education center occupies 7,850 square feet across both the ground and lower levels under a triple-net (NNN) lease, covering utilities and taxes.
The portfolio also benefits from a 35-year 70/30 tax abatement that began in 2022, enhancing its long-term investment appeal. Located near the Chauncey Street J/Z subway station, the property sits in a rapidly developing neighborhood with access to vibrant dining, shopping, and entertainment.
Lev Mavashev and Eli Yusupov of Alpha Realty represented the seller.
“This sale speaks to the continued strength of the Bushwick market and investor appetite for quality, stabilized assets with long-term tax incentives,” said Lev Mavashev, Managing Principal at Alpha Realty.
About Us: Alpha Realty is a New York City–based investment sales brokerage firm specializing in multifamily and mixed-use properties. Founded by Lev Mavashev in 2014, the firm has quickly become one of the most active and respected players in the NYC commercial real estate market. With deep experience across Brooklyn, Manhattan, and the outer boroughs, Alpha Realty combines local market expertise with hands-on deal execution, delivering consistent results across transactions of all sizes.
Contact Info:
Name: Lev Mavashev
Email: Send Email
Organization: Alpha Realty - Investment-Sales | NYC Multifamily
Address: 164 20th St Suite 3D, Brooklyn, NY 11232
Phone: (212) 658-0955
Website: https://www.alpharealtyny.com/
Release ID: 89171260
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