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Multi-Family

170 Freeman Street

170 Freeman St, Brooklyn, NY 11222

Listing Price: $17,500,000

Lot Size
0.23 acres
Price/Acre
$76,230,000
Land Type
Land

Investment Overview

Marcus and Millichap is pleased to present 170 Freeman Street, a shovel-ready development with DOB-approved plans for a 58,090 gross SF 8-story mixed-use building on the corner of Manhattan Avenue and Freeman Street. DOB APPROVED PLANS 4.0 FAR zoning allows for a 46,000 SF property as-of-right and current plans call for a 44,803 per ZFA build which enlarges to 58,090 SF inclusive of the cellar and roof. The 68 unit mixed-use property will feature 67 apartments, one commercial store, 17 parking spaces, and several amenity spaces. See broker for full set of DOB-approved plans created by the world-class Ismael Leyva Architects and ASH NYC design teams. QUALIFYING SITE FOR 35-YEAR TAX ABATEMENT - Shovel-ready development site under Affordable New York Program - Corner 100' x 100' lot - Projected starting NOI of $2,650,000+ BOOMING LUXURY MARKET Greenpoint is rapidly expanding upwards with numerous developments in progress around the Greenpoint Avenue retail corridor and waterfront. Several luxury skyscrapers are dotting the northern waterfront area commanding rents and condo sell outs at all-time highs and the submarket will continue to blossom into one of the strongest and most desirable submarkets in all of New York City and is severely supply constrained. With 35 years of real estate tax protection upon completion, there is an immense and undeniable long-term value play. THRIVING RETAIL 170 Freeman Street is situated at the intersection of Freeman Street and Manhattan Avenue, one of which is one of the highest-traffic retail and commercial streets in Greenpoint. The restaurant industry in particular has been thriving in Greenpoint with popular destinations being Esme, Agra Taj Mahal, Kana Hashi, and Citroen.

Investment Highlights

  • - 58,090 Total SF (Per Approved Plans Inclusive of Cellar/Roof)
  • - 10,000 SF Lot Size
  • - 200 FT Street Frontage
  • - Affordable NY 35-Year Tax Abatement
  • - $70,382 Annual Taxes
  • - 4.0, R7A / C2-4 Max FAR As-Of Right for 100% Market Rate Development
  • - 4.6 Max Far With Inclusionary Housing

Exclusively Listed By

Multi-Family

170 Freeman Street

Listing Price: $17,500,000

Lot Size
0.23 acres
Price/Acre
$76,230,000
Land Type
Land

Investment Highlights

  • - 58,090 Total SF (Per Approved Plans Inclusive of Cellar/Roof)
  • - 10,000 SF Lot Size
  • - 200 FT Street Frontage
  • - Affordable NY 35-Year Tax Abatement
  • - $70,382 Annual Taxes
  • - 4.0, R7A / C2-4 Max FAR As-Of Right for 100% Market Rate Development
  • - 4.6 Max Far With Inclusionary Housing

Investment Overview

Marcus and Millichap is pleased to present 170 Freeman Street, a shovel-ready development with DOB-approved plans for a 58,090 gross SF 8-story mixed-use building on the corner of Manhattan Avenue and Freeman Street. DOB APPROVED PLANS 4.0 FAR zoning allows for a 46,000 SF property as-of-right and current plans call for a 44,803 per ZFA build which enlarges to 58,090 SF inclusive of the cellar and roof. The 68 unit mixed-use property will feature 67 apartments, one commercial store, 17 parking spaces, and several amenity spaces. See broker for full set of DOB-approved plans created by the world-class Ismael Leyva Architects and ASH NYC design teams. QUALIFYING SITE FOR 35-YEAR TAX ABATEMENT - Shovel-ready development site under Affordable New York Program - Corner 100' x 100' lot - Projected starting NOI of $2,650,000+ BOOMING LUXURY MARKET Greenpoint is rapidly expanding upwards with numerous developments in progress around the Greenpoint Avenue retail corridor and waterfront. Several luxury skyscrapers are dotting the northern waterfront area commanding rents and condo sell outs at all-time highs and the submarket will continue to blossom into one of the strongest and most desirable submarkets in all of New York City and is severely supply constrained. With 35 years of real estate tax protection upon completion, there is an immense and undeniable long-term value play. THRIVING RETAIL 170 Freeman Street is situated at the intersection of Freeman Street and Manhattan Avenue, one of which is one of the highest-traffic retail and commercial streets in Greenpoint. The restaurant industry in particular has been thriving in Greenpoint with popular destinations being Esme, Agra Taj Mahal, Kana Hashi, and Citroen.

Exclusively Listed By

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