The Real Deal New York

Development firm does another Greenpoint deal with $24M buy

Deal for three properties is Red Brick's fourth -- and largest -- purchase in neighborhood 

October 03, 2014 02:10PM
By Rich Bockmann

105-117 Greenpoint Avenue

105-115 Greenpoint Avenue

A small development and management firm bought a trio of apartment buildings in Greenpoint for nearly $24 million — marking the company’s fourth and largest acquisition in the neighborhood in the past three years.

Red Brick Properties closed on the three buildings at 105-115 Greenpoint Avenue last month for $23.75 million, according to records filed with the city today.

The seller was an LLC owned by Christopher Mauro, which had owned the properties since 1977.

The three buildings are steps away from the Greenpoint Avenue G subway station and hold a total of 52 apartments.

Red Brick founder David Slaven said all but three of the units in the fully occupied buildings are market rate, and the company plans to gut-renovate the properties in phases over the next 18 months.

Since 2011 Red Brick has bought three other properties in the neighborhood. The portfolio on Greenpoint Avenue is by far the largest.

“We see a lot of rent growth and demand in the neighborhood,” Slaven said.

  • Letmesee

    thats 461,000 per unit… gonna need at least 100k per unit to gut renovate which leads you to all in of 561,000 per unit. Another 2 million for common area upgrades (2m / 52 units = 40k per unit) thats 600,000 all in per unit. Finally, throw in marketing, broker fees, closing costs, and TAXES and now we arrive at 700,000 ALL in per UNIT.

    • stupidis

      yes, someone is quite a moron buying at this price. You can get cheaper prices in the East Village

  • N. Flagrante

    These must all be rent controlled units, no?

    • dingdong

      should have read the article

  • Marc

    As long as Liberals keep moving into crap like this……..

MENU