Ahead of the L train shutdown, would you buy an East Williamsburg rental building?
As the North Brooklyn real estate market braces for the effects of the L train shutdown, some experts have told us to expect multi-family property owners to put their places on the market ASAP, the better to get out of the game before rents presumably drop. But if you're willing to risk a couple of possibly rough years for a shot at lucrative Brooklyn landlording, this 10-unit, $4.595 million property in East Williamsburg might be the ideal investment option.
The property consists of two townhouses near the Grand Street L station (and about a 10-minute walk from the G at Metropolitan). The listing notes that all 10 of the apartments are currently occupied, and only two of them are rent-stabilized. All the market-rate units have been recently renovated, with finishes that look slightly higher-end than a lot of the cookie-cutter upgrades one sees in the Brooklyn rental market.
![image](/sites/default/files/hallway_0.png)
![image](/sites/default/files/livingroom.png)
![image](/sites/default/files/kitchen_19.png)
![image](/sites/default/files/kitchen2_4.png)
![image](/sites/default/files/bathroom_18.png)
There's laundry and storage in the basement, as well as a backyard patio. The mechanicals have all been recently been updated, and the roof is brand new, too.
![image](/sites/default/files/backyard.png)
Keep in mind that this particular part of East Williamsburg might be more affected by the L train shutdown than other areas of Williamsburg and Bushwick, as it's fairly isolated from other transit options like the JMZ. But if you're a deep-pocketed investor who can weather the storm when the train shuts down in 2019, now may be the ideal time to get into the market.
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