972-974 Manhattan Ave
Brooklyn, NY 11222

CBRE is pleased to offer for sale 972 Manhattan Avenue (the “Property”), a five-story, 29-unit, mixed-use walkup building located in the heart of Greenpoint, one of the City’s most desirable residential submarkets. The fully occupied 22,000 square foot property is located on the corner of India Street and Manhattan Avenue, with 150’ of wraparound frontage. 972 Manhattan Avenue is a masterfully renovated building configured as 24 apartments and 5 retail store fronts. Through substantial rehabilitation, 20 of the 24 apartments, representing 83% of the apartment units, are fair market (FM), allowing for continuous rent growth upon lease expiration. All fair market apartments have been strategically renovated to maximize bedroom counts and include top of the line finishes with in-unit washer/dryer. These units rent for an average of $4,841 per month, or ~$98rpnsf. The remaining rent stabilized units will become FM status upon vacancy. The Property’s retail storefronts benefit from the building’s corner location on Manhattan Avenue, the prime retail corridor in Greenpoint. Four of the five retail tenants occupy the Property under modified gross leases, reducing significant management responsibility for a future buyer. Four of the five leases have 3 or 4 percent annual escalations with three leases expiring in 2027 allowing for significant mark-to-market increases. Additionally, 972 Manhattan Avenue is steps away from the G-train subway station, providing superior connectivity for residents, and a steady stream of foot traffic for the ground floor retailers. The sale of 972 Manhattan Avenue represents an excellent opportunity for an investor to acquire a meticulously maintained, core investment opportunity in Brooklyn’s most sought after rental market.