Closed

7,000 SF Mixed-Use Building

1008 Manhattan Avenue

Greenpoint

Closed at

8 Residential Units
2 Commercial Units
10 Total Units
7,000 Gross Building SF
Cross Streets Green Street & Huron Street
Subways
g
Other Transportation
India Street Ferry Stop
Retail/Mixed-Use 1008 Manhattan Avenue, Greenpoint
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Dan Marks
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Details

Block-Lot 2523-5
Lot Size 25 ft. x 100 ft.
Lot SF 2,500
Zoning C2-4/R7A
Building Class S9
Stories 4
Building Dimensions 25 ft. x 70 ft.
Residential SF 6,000
Commercial Above Grade SF 1,000
Commercial Below Grade SF 400
FAR 2.80
Gross BSF 7,000
Available Air Rights 0

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 1008 Manhattan Avenue, a 10-unit mixed-use building in Greenpoint, Brooklyn. The offering is a unique opportunity to acquire an asset in one of the fastest growing markets in Brooklyn.

The 7,000 square foot property consists of eight residential units, seven on which are unrenovated and will be delivered vacant, and two commercial spaces. After renovations, the property has a projected net operating income of ~$256,674 with significant upside remaining on both the retail and residential income. One of the commercial tenants, Kim Pro Hair, is paying $61/SF, well below the market rate, but only has two years remaining on the lease. The second commercial space has recently been leased by Brooklyn Whiskers Bakery.

Manhattan Avenue, particularly this section, is one of the strongest retail corridors in Brooklyn. The area offers a unique mix of popular neighborhood tenants including Oak & Iron, Ovenly, t.b.d. brooklyn and Propeller Coffee. Manhattan Avenue has been attracting new commercial tenants in anticipation of thousands of new residents moving into new developments nearby.

 

Attractions

Greenpoint is going through a remarkable transformation, particularly along the waterfront. Greenpoint Landing, one of New York City’s largest developments, is located just a few blocks west of the subject property and is set to deliver 5,500 units of both affordable and luxury housing occupied by 13,750 new residents. The first 300 units are slated to be complete in the coming months.

Greenpoint Landing
McCarren Park Pool
Brooklyn Expo Center

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