Monday, October 15, 2012

$25 Million Luxury Loft Project Hits the Market in Brooklyn’s Greenpoint



Lofts 305, Greenpoint section, Brooklyn, NY
 BROOKLYN, N.Y., Oct. 15, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for Lofts 305, a 38-unit luxury multifamily asset. The listing price of $25 million equates to $657,895 per unit and $605 per square foot.

            Matthew Fotis, a vice president investments in Marcus & Millichap’s Manhattan office, along with Shaun Riney, a senior associate in the Brooklyn office, and associate Michael Salvatico, are representing the seller.


“The Brooklyn rental market is extremely strong, with vacancies well below 2 percent,” says Fotis. “In particular, demand continues to rise for residences in desirable neighborhoods near Williamsburg, like Greenpoint,” says Fotis.

“Since this asset’s average rent is currently below market, the new ownership will have the opportunity to increase rents, making this a true value-added play. Furthermore, once 421-a tax benefits expire, condominium conversion will provide an excellent potential exit strategy for a savvy investor,” Fotis adds.

Shaun Riney
The five-story condominium-quality multifamily rental is located at 305 McGuiness Boulevard in the Greenpoint section of Brooklyn. Stretching the length of a block, it may also be found through its alternate address, 189-193 India Street. The 41,355-square foot property is just a block away from the G train entrance at India Street and Manhattan Avenue, and an equally short block from Manhattan Avenue shopping, dining and nightlife.

            Comprising 38 luxury residential loft units, Loft 305 was built in 2008 and is still in pristine condition.

For a complete copy of the company’s news release, please contact:

Stacey Corso
Public Relations Manager
(925) 953-1716

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