$2,175,000 $2,650,000
Updated 22 days ago
Greenpoint, Brooklyn | Graham Ave & Humboldt Street
6,000 Square FeetIncome Property

$2,175,000 $2,650,000
floors / apts4 / 8
Lot Size25'x153'3"
Built Size25'x60'
ZoneR6B
Building TypeTownhouse
RE Taxes$10,945
Price Per SF
$363

Outdoor space and views

  • Backyard

Building Amenities

  • Voice Intercom

Property Description

INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 178 Frost Street. The subject property is an eight (8) unit multifamily building and is located at the crossroads of Williamsburg and Greenpoint. The building has been family-owned and occupied for decades and has been immaculately maintained with zero (0) DOB/ECB violations. Over the years ownership has made improvements to the individual units and conducted various capital expenditure projects such as upgrading the ground floor owner occupied units with central heating/cooling. The building will be delivered with five (5) vacancies, including the entire left side of the building and both ground floor units allowing investors to easily combine or subdivide units to establish "first rents". The garden level apartments have access to a private backyard which extends to the extra long lot-line of 154'. All of the units are separately metered for electric and gas. The future owner will also benefit from the property falling into tax class 2B whereby state law limits how much the assessed value can rise each year - no more than 8% from the year prior or 30% over five (5) years. Such caps would remain even if 178 Frost Street were converted into a condo property at some point in the future. 178 Frost Street is five (5) blocks away from the L train at Graham Avenue and a 0.5 mile walk from the G subway line at Nassau Avenue and Manhattan Avenue. The city and state recently announced that the L train rehab finished ahead of schedule, news that will continue to strengthen rents in this location. The building is adjacent to the Graham Avenue and the Metropolitan Avenue commercial corridors, which have numerous bars, restaurants and retailers that are hallmarks of the Brooklyn community. The property is close to McCarren Park and Msgr. McGolrick Park. The building is surrounded by national retailers, as well as local favorites such as Anthony & Son Panini Shoppe, The Meat Hook, Lilia, Nick + Sons Bakery, Beer Boutique, among others. Williamsburg & Greenpoint ("Community District 1") have experienced an 18% increase in its population since 2000—the largest increase in Brooklyn after Brooklyn Heights and Fort Greene—a trend that is expected to continue in the coming years. Additionally, the share of adults with bachelor's degrees in Community District 1 has increased from 17 percent to 45 percent, the third-greatest increase in the city over the last two decades. Furthermore, the Human Development Index score (a measure of health, education, and earnings) is 7.07, above the city average of 6.05 out of 10.

Listing History

Now
03/26/2021
$2,175,000 [-$475,000] [17.9%]
Price Drop by Josh Lipton
Invictus Property Advisors
2021

Building Details

OwnershipIncome Property
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1928
Floors/Apts4/8
Learn More About the Building

Transit and Citi Bike

Subway

Graham Av
0.24 miles
Lorimer St
0.42 miles
Grand St
0.46 miles

Citi Bike

Graham Ave & Withers St
0.08 miles
Graham Ave & Herbert St
0.1 miles
Richardson St & N Henry St
0.13 miles

Contact Agents

Contact Agents

Josh Lipton
Invictus Property Advisors
Andrew Levine
Invictus Property Advisors
View this property on the company's website
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Greenpoint | Brooklyn

Quick Profile

Go north, not west. Greenpoint’s placement at the furthermost tip of Brooklyn makes it peak “North Brooklyn” territory. Bordered by the East River, its geographical location has long made Greenpoint integral to maritime activity, present day ferry service to Manhattan included. With Williamsburg to the south and Long Island City to the north, Greenpoint’s “hip factor” often experiences crossover traffic from these areas. 

Particularly bustling on the weekend, the edge of McCarren Park at Bedford Avenue and Lorimer Street filters out into prime Greenpoint, where brunch has become a hallowed tradition for newer and longtime residents alike. Bars and restaurants such as Spritzenhaus and Five Leaves also provide close proximity to a post-dining jaunt in the park. 

As the neighborhood continues to grow and develop, the old world feel of a tradition of Polish immigrants has commingled with the arrival of enterprising millennials that have become a part of the go-getting spirit of the neighborhood. Filled with small coffee shops, vintage boutiques and award-winning restaurants (as well as tailored bars like TØRST offering up specialty beers on tap), Greenpoint truly is the jewel of North Brooklyn. 

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All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 79943TH