Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 107-115 Greenpoint Avenue, a package of three (3) renovated walk-up buildings consisting of 52 residential units located in Greenpoint, Brooklyn. The units are comprised of three (3) one-bedroom units, seventeen (17) two-bedroom units, twenty-seven (27) three-bedroom units, and five (5) four-bedroom units. Among the 52 units, fifty (50) are free market units and two (2) are rent stabilized units.
In addition to performing high-end renovations to the apartments, current ownership has secured approved plans to add a fifth floor to each building. The plans are slated to create five (5) four-bedroom, two bathroom penthouse units and one (1) two-bedroom, two-bathroom penthouse unit by duplexing the fifth floor down to the existing fourth floor units. Further, possessing a C2-4 commercial overlay, the property is permitted for retail use on the ground floor, allowing purchasers to capitalize on high retail rents along this corridor by converting the ground floor.
Located between Franklin Street and Manhattan Avenue, these assets are ideally located on the same block as the G subway line and off the corner of Greenpoint’s busiest retail corridor. 107-115 Greenpoint Avenue provides investors with the opportunity secure a high-end product and establish scale in one of New York City’s top growth markets.