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| 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.
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“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.
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| 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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