637 Wilson Ave

• Mark-to-Market Upside: In-place rents total $19,150/month ($229,800/year) against market rents of $22,015/month ($264,180/year) – roughly 15% below market across the residential units, with a clear path to repositioning as leases turn.
• Two Units Already in the Eviction Pipeline: Unit 2R is currently in Housing Court for nonpayment and Unit 3R has a marshal’s order in process (paperwork received 7/14 and moving toward execution) — accelerating the timeline to vacancy and re-leasing at market rents without the buyer having to initiate proceedings.
• Approved Alt-1 for Basement Conversion: Ownership has an approved Alt-1 permit to convert the basement into commercial space — a meaningful, unbuilt income stream that is not reflected anywhere in the current rent roll or underwriting.
• Long-Term Retail Anchor: The ground-floor retail tenant is on a lease through 2036 with annual increases in the 5%–10% range and is responsible for its own electric — a stable, growing income base while the residential units are repositioned to market.
• Violations Actively Being Cleared: Ownership has an expediter engaged to resolve the property’s open violations (2 DOB, 7 HPD Class A, 13 HPD Class B, 4 HPD Class C, 9 HPD Class I — 35 total), giving a buyer a head start toward a clean title and marketable asset.
• Prime Bushwick Location: Positioned on Wilson Avenue between Cooper Street and Decatur Street, in the heart of Bushwick and within close proximity to the Central Avenue and Knickerbocker Avenue retail corridors.