Redevelopment opportunity.
Marketing description
Prime Greenpoint mixed-use development assemblage offering 3 contiguous lots with 75 linear feet of frontage. R7A zoning with C2-4 overlay permits 30,000+ buildable square feet (FAR 4.0) with potential for 53 residential units across 7 floors plus penthouse. The site presents multiple investment pathways: condo sellout projected at $56M-$65M+ with base case returns of 31.2% ROI, or rental hold scenario with stabilized NOI of $2.05M+ and estimated value of $45.6M. Located in one of Brooklyn's most dynamic submarkets with Walk Score of 97, steps from the G Train at Greenpoint Avenue and near the 5,500+ unit Greenpoint Landing development pipeline. This is an off-market opportunity being offered for the first time in decades, ideal for developers seeking assemblage sites in high-barrier-to-entry Greenpoint corridor.
Investment highlights
- Prime Greenpoint corridor — 75 FT frontage, 3 contiguous lots
- Off-market — first time offered in decades
- R7A unlocks 8 stories; rendering is conservative
- G Train, Walk Score 97, steps from Greenpoint Landing
- Condo sellout $56M–$65M+ | 31%+ ROI on cost
- Rental hold: $2.05M NOI, ~$45.6M stabilized value
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