$12.9 Million Non-Performing Multifamily Loan | New York City, NY
33 eenheden
Beschrijving
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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Kenmerken
Total GSF
21,489
Total RSF
16,362
Aantal eenheden
20
Tax Abatement Years Remaining
20 Years
Media
Investeringskenmerken
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.
Contact adviseurs
1164-1168 Greene Avenue (0 Eigendommen)
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Laatst bijgewerkt
27 apr 2026
