The subject property is a three-story mixed-use building, consisting of seven apartments and two stores. All of the current tenants are on a month-to-month basis.As such, the property is primed to be a redevelopment site on the major retail corridor in Greenpoint, Brooklyn.The two tax lots combine for a total of 4,375 SF with 50of frontage on Manhattan Avenue and allow for a total of 15,094 BSF of mixed-use market rate development or 20,125 under the inclusionary housing program. For a developer looking to take advantage of various tax-saving incentive programs you have the option to improve the current structure and likely receive the benefit of a 15-year J-51 tax exemption or you may choose to tear down and rebuild under the inclusionary program in which you may receive the benefit of a 25-year 421a tax exemption. Greenpoint has over 5,000 new residential units in the queue for development which should contribute to the overall thriving dynamic of the neighborhood and increase the demand of properties with a retail component.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
