1164 & 1168 Greene Avenue_Property for Sale

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

1164 & 1168 Greene Avenue

Asset Description

Jones Lang LaSalle has been retained on an exclusive basis to facilitate the sale of 1164 & 1168 Greene Avenue, two adjacent four-story buildings in Bushwick, Brooklyn. The new construction apartments combine for 20 residential units across 16,362 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. With a 22% spread between in-place rents and legal rents, there will be a significant market to market upon turnover ensuring revenue growth for future ownership.

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Attributes

Number of units

Occupancy

100%

Year built

2019

Building area net

1,996 m²

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. Property owners can enjoy significant tax savings, providing long-term financial benefits and enhancing the overall value of the property.

MARK TO MARKET - 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 Knickerbocker Avenue station serving the J & Z subway lines is only 0.4 miles away while the Myrtle-Wycoff Avenue station is 0.8 miles away providing access to the L & M subway lines.