Marcus & Millichap is pleased to present 176 West Street on the Greenpoint Waterfront. 176 West Street is currently configured as 4 apartments over 1 garage and built 20' x 55' on a 20' x 75' lot. The property has been recently gut renovated and will be delivered vacant at closing. 176 West Street consists of a floor through apartment on the 2nd floor, 2 one bedroom apartments on the 3rd floor, and a full floor penthouse with roof access on the top floor of the building. The ground floor is currently utilized as a garage that fits at least 2 cars and also contains a usable finished basement with direct access from the garage. The zoning of the property is M1-2/R6A/MX-8 allowing for a multitude of uses. This is extremely valuable given that the property currently does not have a certificate of occupancy so the next owner will need to complete the legalization process. This is ideal as a new owner has their preference to easily convert the building to a townhouse with private parking on the first floor, convert to a 5 family building, or convert the building to 4 apartments over 1 retail store. The property has an irreplaceable location on the Greenpoint waterfront on ever-changing West Street. There are myriad of new luxury developments planned in the immediate area which will bring even more amenities to the neighborhood. These developments will certainly allow for the property to appreciate significantly over the coming years as West Street continues it's Kent Avenue-esque evolution. The property is 2 blocks from the G Train entrance at India Street and is 1 block from India Street Ferry stop with direct access to Manhattan. 176 West is the perfect opportunity for an owner/user that wants a live plus income building or an investor that wants an architecturally significant building with tremendous rental/condo upside at a low price per square foot basis. Many comparable building sales in the area have gone for well over $1,000 PSF with condo pricing directly next door achieving north of $1,600 PSF. The property is in protected tax class 2A and has a low tax bill of $10,811 per year.
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