131 Greenpoint Ave
Brooklyn, NY 11222
Retail Property For Sale

If ever the old real estate adage "Location, location, location" ever truly applied, it is at 131 Greenpoint Avenue, a mixed-use brick building located in the heart of Greenpoint - central to transportation, Transmitter Park, great restaurants, and retail. The G train entrance is right at the corner on Manhattan Avenue and the East River ferry is but a few blocks away. The building boasts a new commercial tenant with a history of great success in the neighborhood, Jungle Cafe, guaranteeing excellent income for a decade to come. There are 6 boxed units over the commercial space, one a renovated free-market 2 bedroom and the rest rent-stabilized. The building is in excellent condition, with almost every apartment renovated in the past few years. The boiler is brand new, the hot-water heater just a few years old, and the electrical has been upgraded, all rare for a building with a majority of rent-stabilized tenants. The building is 25' x 65' on a 25' x 95' lot with approximately 617 sq ft of FAR left to build if necessary. Each apartment stands out for the large rooms, high ceilings (10 feet), and extra lot-line windows for added light. Zoning is R6A, C2-4. Ownership recognizes the recent changes in rent-stabilization laws and the price has been drastically adjusted to reflect that. Another huge drawback to the new laws is they constrict putting money into stabilized buildings, but that has already been accomplished for the new owner. Impending vacancy of some tenants is possible, so please contact to discuss. The seller is very motivated so please submit offers. DHCR documents can be reviewed upon offer acceptance.