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Listing Courtesy of Compass
$3,850,000
Est. payment /mo
5 Beds
3 Baths
3,620 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,620 sqft
Price per Sqft $1,063
Subdivision Greenpoint
MLS Listing ID RLS20093821
Bedrooms 5
Full Baths 3
HOA Y/N Yes
Year Built 1925
Annual Tax Amount $9,204
Property Sub-Type Multi Family
Property Description
Welcome to 29 Greenpoint Avenue, a boutique mixed-use property located in the heart of Greenpoint, one of the strongest long-term appreciation corridors in New York City. Positioned steps from Transmitter Park, the NYC Ferry, and the multi-billion-dollar Greenpoint Landing redevelopment, the property is surrounded by thousands of newly developed and planned residential units and continued large-scale investment throughout the neighborhood.
The property is fully occupied and consists of a long-term retail tenant occupying the ground floor and cellar, along with two floor-through residential apartments above. Current in-place income exceeds $250k annually with projected upside to approximately $300k based on market rents. The retail lease includes annual rent escalations and extends through 2033 with a renewal option, while the residential units are fully free-market and exempt from New York's Good Cause Eviction framework, offering immediate near-term rental upside. Existing rents remain below nearby market levels, with area residential walk-up product achieving approximately $90/SF and nearby retail rents approaching or exceeding $100/SF in prime Greenpoint locations. The property also benefits from Protected Tax Class 1 status with real estate taxes of only approximately $9,201 annually.
In addition to stable cash flow and future rental growth, the property also offers meaningful long-term expansion and redevelopment potential. The site currently contains approximately 2,230 additional buildable square feet as-of-right, or up to approximately 3,223 buildable square feet under the current UAP zoning framework, creating a rare opportunity to combine durable in-place income with future development optionality in one of Brooklyn's most rapidly appreciating neighborhoods.
The property is fully occupied and consists of a long-term retail tenant occupying the ground floor and cellar, along with two floor-through residential apartments above. Current in-place income exceeds $250k annually with projected upside to approximately $300k based on market rents. The retail lease includes annual rent escalations and extends through 2033 with a renewal option, while the residential units are fully free-market and exempt from New York's Good Cause Eviction framework, offering immediate near-term rental upside. Existing rents remain below nearby market levels, with area residential walk-up product achieving approximately $90/SF and nearby retail rents approaching or exceeding $100/SF in prime Greenpoint locations. The property also benefits from Protected Tax Class 1 status with real estate taxes of only approximately $9,201 annually.
In addition to stable cash flow and future rental growth, the property also offers meaningful long-term expansion and redevelopment potential. The site currently contains approximately 2,230 additional buildable square feet as-of-right, or up to approximately 3,223 buildable square feet under the current UAP zoning framework, creating a rare opportunity to combine durable in-place income with future development optionality in one of Brooklyn's most rapidly appreciating neighborhoods.
Location
State NY
County Kings
Interior
Furnishings Unfurnished
Fireplace No
Laundry See Remarks
Exterior
Exterior Feature Private Outdoor Space Over 60 Sqft, Private Yard
View Y/N No
Private Pool No
Building
Dwelling Type Mixed Use
Story 4
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Tax ID 02556-0053
Ownership None
Monthly Total Fees $767
Pets Allowed Building No, No
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