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29 Greenpoint Ave 2,714 SF 100% Leased Retail Building Brooklyn, NY 11222 $3,850,000 ($1,418.57/SF)
Investment Highlights
- Prime Greenpoint Trophy Asset Steps from the Waterfront
- Exceptional Long-Term Appreciation Potential
- Free-Market / Good Cause Exempt
- $255k+ Current Income with Significant Upside
- Rare Future Expansion / Development Opportunity
- Protected Tax Class 1 / $9.2k Taxes
Executive Summary
Compass has been exclusively retained to arrange for the sale of 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.
Feel free to reach out to 706-255-5657 / Nathan.Horne@Compass.com with additional questions or to make an offer.
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.
Feel free to reach out to 706-255-5657 / Nathan.Horne@Compass.com with additional questions or to make an offer.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$255,804
|
$94.25
|
| Other Income |
$2,038
|
$0.75
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$257,842
|
$95.00
|
| Taxes |
$9,201
|
$3.39
|
| Operating Expenses |
$22,373
|
$8.24
|
| Total Expenses |
$31,574
|
$11.63
|
| Net Operating Income |
$226,268
|
$83.37
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $255,804 |
| Annual Per SF | $94.25 |
| Other Income | |
|---|---|
| Annual | $2,038 |
| Annual Per SF | $0.75 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $257,842 |
| Annual Per SF | $95.00 |
| Taxes | |
|---|---|
| Annual | $9,201 |
| Annual Per SF | $3.39 |
| Operating Expenses | |
|---|---|
| Annual | $22,373 |
| Annual Per SF | $8.24 |
| Total Expenses | |
|---|---|
| Annual | $31,574 |
| Annual Per SF | $11.63 |
| Net Operating Income | |
|---|---|
| Annual | $226,268 |
| Annual Per SF | $83.37 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
2,714 SF
Building Class
B
Year Built/Renovated
1931/2023
Price
$3,850,000
Price Per SF
$1,418.57
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.39
Lot Size
0.04 AC
Zoning
R6/C2-4 - In NYC, R6 Zoning is a medium-density residential zoning district. It has optional regulations for the Quality Housing Program.
Frontage
20’ on Greenpoint Ave
Amenities
- Restaurant
- Signage
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Ovenly
- Manufacturing
- -
- -
- -
- -
- Taku Sando
- Retailer
- -
- -
- Modified Gross
- May 2027
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Ovenly | Manufacturing | - | - | - | - | |
| Taku Sando | Retailer | - | - | Modified Gross | May 2027 |
Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
100/100
Very bikeable
80/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 02556-0053 | Total Assessment | $180,000 (2026) |
| Land Assessment | $19,500 (2026) | Annual Taxes | $9,201 ($3.39/SF) |
| Improvements Assessment | $160,500 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
02556-0053
Land Assessment
$19,500 (2026)
Improvements Assessment
$160,500 (2026)
Total Assessment
$180,000 (2026)
Annual Taxes
$9,201 ($3.39/SF)
Tax Year
2025
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29 Greenpoint Ave
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