About this property
VACANT 4 Family + Commercial Space in Prime Greenpoint!
This solid 3 story brick building offers 2000 SF of retail space, 2600 residential SF and a semi-finished 2000 SF basement.
The building is being converted from a 2 family to a 4 family. Letter of no objection is forthcoming. Property has a new sprinkler system and water lines.
This asset provides an exceptional opportunity for homeowners, investors and developers alike to acquire and develop an existing 3 story brick structure on a 20 x 100 ft lot in prime Greenpoint where new condos sell for an average of $1375 per foot.
Projected income: $168K with lots of room to grow.
Retail rents list around $35 – $45 per foot and
1BR rentals comps at around $2000 – $3500 in this area.
Apartments have been lightly renovated and could rent as is.
Larger than one thinks, Greenpoint is actually three or four different neighborhoods, all of which have distinct differences and commonalities. Near McCarren Park, the professional quotient runs high. So do the new restaurants, outdoor cafes, and bars. Closer to the water, new developments take over. But so does chic retail. All along Driggs Ave, eateries draw artists, writers, and musicians as well as many of the architects and graphic designers who call the Greenpoint home. Clothing and furniture boutiques are most prevalent here.
High-tech companies are coming to the waterfront, purchasing or renting former industrial warehouses for their New York or global headquarters.
The ferry shuttles residents back and forth from Manhattan and up and down the East River.
***Or buy 2 Buildings (55 and 57 Driggs Ave for $6.4M)***
This is a GREAT INVESTMENT!
Call TODAY to schedule a viewing!