299 McGuinness Boulevard
30 modern rentals at a 5.5% cap. Free Market by 2027
Marketing description
The Wexler offers tenants modern finishes as well as a superb Greenpoint location. Every unit comes with central air, modern stainless-steel kitchens, washing machines, oversize windows, and hardwood floors.
The property is a 5-minute walk to the Greenpoint G train as well as a 15-minute walk to the East River Ferry Dock. Restaurants, Art Galleries, Photo Studios, and Breweries are a short list of what is found nearby.
Investment highlights
The Corcoran Group has been retained exclusively to market for sale 287-299 McGuinness Boulevard, a 2009 ground-up rental assemblage that is comprised of three consecutive buildings and totals thirty units. The units range from 1 bedrooms up to 5 bedrooms and enjoy central air, home offices, and outdoor space. This opportunity is unique as a savvy investor will purchase this tax-abated building and within a year be the owner of 30 free market units that bring in close to market rate rents. This building is being offered at a nearly 5.5% cap rate. There is room for capital improvement and higher rents, which makes this an even smarter investment.
The 15-year, uncapped 421A tax exemption is currently on it's final year. Upon expiring, the building will transition from 100% rent stabilized to 100% free market.
The Wexford offers tenants modern finishes as well as a superb Greenpoint location. Every unit comes with central air, modern stainless-steel kitchens, washing machines, oversize windows, and hardwood floors.
The property is a 5-minute walk to the Greenpoint G train as well as a 15-minute walk to the East River Ferry Dock. Restaurants, Art Galleries, Photo Studios, and Breweries are a few things found nearby.
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