114 Greenpoint Avenue

Description

This exceptional investment opportunity is located in the heart of Greenpoint, Brooklyn and features a fully restored Landmark Elevator building containing 12 Luxury residential apartments and 2 ground-floor retail storefronts. Originally composed of two adjoining commercial buildings, the property underwent a complete gut renovation between 2012 and 2013, transforming it into a modern, energy-efficient mixed-use development with premium finishes and strong, stable income. The residential component includes 2 duplex penthouses of approximately 1,200 square feet each, offering two bedrooms, two bathrooms, private terraces, and exclusive roof decks with NYC skyline views. In addition, there are 10 one-bedroom apartments of approximately 750 square feet each, three of which include private terraces. All residences feature modern layouts, luxury finishes, private video intercom systems, and separate electric and gas metering. The building offers an array of amenities, including an elevator, a 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 secured with 24/7 indoor and outdoor video surveillance supported by off-site monitoring and utilizes high-efficiency LED lighting throughout all common areas. The building’s mechanical and energy systems are designed for maximum performance and minimal maintenance. These systems include an individual Navien condensing boilers installed in 2024 paired with a dedicated hot-water storage tank, a Mitsubishi stand-alone air-conditioning system, and a two-zone natural gas heating system with private thermostats for improved tenant control. Additional infrastructure includes a constant-pressure, variable-speed domestic water system and a newly implemented building-wide lock system that provides remote lobby access and unique owner codes for mechanical rooms and on-site key storage. Together, these modern systems significantly enhance long-term property value while reducing overall operating costs. The commercial portion consists of 2 ground-floor retail storefronts that benefit from outdoor patio space and excellent visibility along Greenpoint Avenue. These spaces are independently metered for gas, electric, and water, with long term 3% escalating leases through 2031 & 2033. The building is located on Greenpoint Avenue between Manhattan Avenue and Franklin Avenue, Prime location less than one 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 Cap Rate 5%. 100% occupied. Showings by appointment only.