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140 Broadway New York, NY 10005it’s who you know | www.gfirealty.com
Exclusive OfferingPrime Greenpoint196 Russell StreetBrooklyn, NYAsking Price: $2,075,000
Property DescriptionGFI Realty Services, LLC is pleased to offer the exclusive opportunity to purchase 196 Russell Street located on a quiet-tree lined block in the prime Greenpoint neighborhood of Brooklyn. The subject property is a fully vacant pre-war (3)-story walk up apartment building comprised of 3 units. The vacant building presents an ideal redevelopment opportunity for an investor to rehabilitate the units to lease out at market rates. The property was built in 1910 and totals approximately 3,135 sf.
The asset is well-situated just off the busy commercial thoroughfare on Nassau Avenue which is occupied by trendy restaurants, quaint cafes and many local businesses. The building is located just a short walk away from the G train at the Nassau and Manhattan Avenue junction. Greenpoint (aka ‘Little Poland’) has experienced an influx of new residents due to Williamsburg’s fleeing population who desire more space without sacrificing the smorgasbord of dining and retail options.
Block/Lot:Year Built: Lot Size:Built Size:FAR:As Built:Built:Assessment:Tax Class:Zoning: Mortgage:
2655/64191019 x 7519 x 552.01.943,135 sf$25,3221R6BDelivered free and clear.
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
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Property Overview
Asking Price: $2,075,000
196 Russell Street| Brooklyn, NY | Greenpoint
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
Tax Lot Map
4
Grand Central Pkwy
Main Street
79th Ave
150th St
Parso
ns Blvd
78th Rd
78th Ave77th Rd
77th Ave76th Rd
76th Ave75th Rd
75th Ave73rd Ave
72nd Dr72nd Rd
141st St
138th St
78th Dr
78th Rd
136th St
137th St
Main Street
150th St
Union Tpke
Union Tpke
KEW GARDENS HILLS
82nd Ave 138th St
Main Street
Hoover Ave
82nd Dr
150th S
t
Village Rd
84th Ave
196 Russell Street| Brooklyn, NY | Greenpoint
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
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Aerial
1820 Avenue VBrooklyn, NY
196 Russell Street| Brooklyn, NY | Greenpoint
Transit Map
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
6
Neighborhood Map
196 Russell StreetBrooklyn, NY
196 Russell StreetBrooklyn, NY
196 Russell Street| Brooklyn, NY | Greenpoint
R 6B districts are often traditional row house districts, designed to preserve the scale and harmonious streetscape of the neighborhoods
developed during the 19th century with four-story attached buildings. Many of these houses are set back from the street by stoops or small front yards.
The floor area ratio is 2.0 and the mandatory Quality Housing regulations also accommodate apartment buildings at a similar four- to five-story
scale. The base height of a new building before setback must be between 30 and 40 feet; the maximum building height is 50 feet. To maintain the traditional streetscape, curb cuts are prohibited on lots narrower than 40 feet. The front line wall of a new building, on any lot up to 50 feet wide, must be as deep as one adjacent street wall but no deeper than the other. Off-street parking is not allowed in front of a building and the area between the front wall and the street line must be landscaped. Parking is required for 50% of a building’s dwelling units, or waived if five or fewer spaces are required.
Zoning Map
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
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150-10 79th AvenueQueens, NY
196 Russell StreetBrooklyn, NY
196 Russell Street| Brooklyn, NY | Greenpoint
of
• Greenpoint (aka ‘Little Poland’) is located in the northern section of Brooklyn bordered by Williamsburg and Bushwick on the southwest, Brooklyn-Queens and East Williamsburg on the southeast, Newton Creek and Long Island City on the north and the East River on the west.
• Greenpoint is served by the Greenpoint Avenue and Nassau Avenue stations on the IND Crosstown Line (G train) of the New York City Subway. It is served by the B24, B32, B43, B48 and B62 bus routes. NY Waterway operates service to points along the East River from its India Street ferry slip.
• The largest park in the area is McCarren Park.
• Greenpoint is currently experiencing an influx of young professionals to the area due to the increase of developments close to the waterfront.
• The neighborhood is a great mix of new and old, trendy and traditional. Greenpoint offers stunning views of Manhattan, flea markets, cafes, galleries, designer boutqiues, bars and concert halls.
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
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Market Highlights 196 Russell Street| Brooklyn, NY | Greenpoint
Demographics
Area:Population: Population density: Median household income 2013:MalesFemalesMedian age males:Median age females:Average household size:
2.754 square miles95,93934,831 people per square mile$55,12447,87848,44735.233.62.1 people
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
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196 Russell Street| Brooklyn, NY | Greenpoint
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
Property Map
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Grand Central Pkwy
Main Street
79th Ave
150th St
Parso
ns Blvd
78th Rd
78th Ave77th Rd
77th Ave76th Rd
76th Ave75th Rd
75th Ave73rd Ave
72nd Dr72nd Rd
141st St
138th St
78th Dr
78th Rd
136th St
137th St
Main Street
150th St
Union Tpke
Union Tpke
KEW GARDENS HILLS
134th St
82nd Ave 138th St
Main Street
Hoover Ave
82nd Dr
150th S
t
Village Rd
84th Ave
196 Russell Street| Brooklyn, NY | Greenpoint
Subject Property
Date Closed: N/AGross SF: 3,135 SF Sales Price: N/ABuilding Dimensions: 19 x 55Residential Units: 3Year Built: 1910Key Metrics: N/ABuilding Class: Walk-UpDistance: 0.00
Date Closed: 5/9/2016Gross SF: 2,180 SF Sales Price: $2,000,000Building Dimensions: 15 x 50Residential Units: 4Year Built: 1931Key Metrics: $666,667/Unit $629/SFBuilding Class: Walk-UpDistance: 0.21 Miles
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
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Comparables 196 Russell Street| Brooklyn, NY | Greenpoint
196 Russell Street
144 A Newel StreetProperty No. 1
Property No. 2
Date Closed: 9/7/2016Gross SF: 3,150 SF Sales Price: $2,400,000Building Dimensions: 25 x 42Residential Units: 3Year Built: 1901Key Metrics: $800,000/Unit $762/SF Building Class: Walk-UpDistance: 0.27 Miles
81 Mc Guinness Boulevard
Comparables149 Eckford Street Date Closed: 12/29/2016
Gross SF: 2,224 SF Sales Price: $2,450,000Building Dimensions: 18.75 x 36Residential Units: 3Year Built: 1901Key Metrics: $816,667/Unit $1,092/SFBuilding Class: Walk-UpDistance: 0.32 Miles
Property No. 3
57 Russell Street Date Closed: 9/14/2016Gross SF: 3,120 SF Sales Price: $2,050,000Building Dimensions: 20 x 48Residential Units: 3Year Built: 1910Key Metrics: $683,333/Unit $657/SFBuilding Class: Walk-UpDistance: 0.34 Miles
Property No. 4
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
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196 Russell Street| Brooklyn, NY | Greenpoint
www.gfirealty.com 140 Broadway New York, NY 10005