1164-1168 Greene Avenue_Property for Sale

1164-1168 Greene Avenue, Brooklyn, NY, 11221, US

1164-1168 Greene Avenue

Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to facilitate the sale of 1164 & 1168 Greene Avenue (the “Properties”), two adjacent four-story buildings in Bushwick, Brooklyn. The new construction apartments combine for 20 residential units across 16,034 rentable square feet. The Properties beneﬁt from a 25-year tax abatement with 20 years remaining. This valuable tax incentive creates signiﬁcant savings for property owners, ensuring improved cash ﬂow and long-term ﬁnancial stability. There is a 22% spread between the in-place rents and legal rents, which will provide a signiﬁcant mark to market upon turnover.

The property’s advantageous location is enhanced by excellent accessibility to public transportation. Just a short distance away, the Knickerbocker Avenue subway station offers convenient connections to the J and Z subway lines. With the station situated a mere 0.2 miles from the property, residents can enjoy seamless commuting to various destinations across Brooklyn and Manhattan.

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Attributes

Total GSF

21,489

Total RSF

16,362

Units

Tax Abatement Years Remaining

20 Years

Media

Investment highlights

REMAINING 421A ABATEMENT TERM

1164 & 1168 Greene Avenue offers the distinct advantage of benefiting from a 25-year 421a tax abatement, with 20 years remaining. With the program no longer available for new applications, the tax abatement on this property becomes even more valuable. Property owners can enjoy significant tax savings, providing long-term financial benefits and enhancing the overall value of the property.

MARK TO LEGAL

The Properties have a 22% spread between their existing in-place rents and legal rents, demonstrating potential for significant revenue growth upon tenant turnover. With in-place rents currently below market, no additional capital will be needed to achieve a full mark to market.

SUPERIOR CONNECTIVITY

The Properties benefits from excellent access to public transportation, with multiple subway stations nearby. The Myrtle-Wyckoff Avenue station, serving the L and M lines, is just 0.8 miles away, making it easily accessible on foot. Additionally, the Knickerbocker Avenue station, serving the J and Z lines, is also within proximity, at a distance of 0.4 miles.

TAX CLASS PROTECTION

The Properties offer the advantage of being tax class protected 2B. This status provides a measure of protection against future tax increases for the property’s ownership. Tax class protection 2B is designed to help shield property owners from significant tax spikes caused by market value increases in rapidly developing areas. This benefit can provide stability and predictability in long-term property ownership costs.