- Bedrooms: 12
- Price: $11,000,000
This exceptional investment opportunity is located in the heart of Greenpoint, Brooklyn, and features a fully restored historic elevator building containing 12 luxury residential apartments and 2 ground-floor retail stores. Originally composed of two adjacent commercial buildings, the property underwent a complete renovation between 2012 and 2013, transforming it into a modern and energy-efficient mixed-use development with premium finishes and strong, stable income.
The residential component includes 2 duplex penthouses of approximately 111 m² each, offering two bedrooms, two bathrooms, private terraces, and exclusive rooftop decks with views of the New York City skyline. Additionally, there are 10 one-bedroom apartments of approximately 70 m² each, three of which include private terraces. All residences feature modern layouts, luxury finishes, private video intercom systems, and separate electricity and gas metering.
The building offers a variety of amenities, including an elevator, fitness room, bicycle storage, and a laundry room equipped with a card system that generates approximately $6,000 in additional annual income. The property is protected with 24/7 internal and external video surveillance with remote monitoring and utilizes high-efficiency LED lighting in all common areas. The building's mechanical and energy systems are designed for maximum performance and minimum maintenance.
These systems include individual Navien condensing boilers installed in 2024, combined with a dedicated hot water storage tank, an independent Mitsubishi air conditioning system, and a two-zone natural gas heating system with private thermostats for better tenant control. Additional infrastructure includes a constant-pressure, variable-speed domestic water system and a newly implemented building-wide locking system that provides remote lobby access and unique owner codes for mechanical rooms and on-site key storage.
Together, these modern systems significantly enhance the long-term value of the property while reducing overall operating costs. The commercial portion consists of 2 ground-floor retail stores that benefit from outdoor patio space and excellent visibility along Greenpoint Avenue. These spaces are independently metered for gas, electricity, and water, with long-term lease agreements featuring 3% escalations until 2031 and 2033.
The building is located on Greenpoint Avenue, between Manhattan Avenue and Franklin Avenue, a prime location less than a block from the G train and close to major highways, including the Long Island Expressway (I-495) and the Brooklyn-Queens Expressway (I-278). This "turnkey" asset represents a rare opportunity in one of Brooklyn's most desirable and active commercial corridors. NOI $550k/year Capitalization Rate 5%. 100% occupied.
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