The Real Deal New York

Greenpoint’s Lofts 305 hits market, asking $25M

October 12, 2012 02:00PM

From left: Matthew Fotis and Lofts 305

Lofts 305, a condominium-turned-rental property located at 305 McGuiness Boulevard in Greenpoint is on the market, the New York Observer reported. Marcus & Millichap’s Matthew Fotis, Shaun Riney and Michael Salvatico have the listing with a $25 million ask.

The property is 41,335 square feet and has 38 residential units.

The building owner is pegged to an entity named 305 McGuinness Blvd. LLC, which bought the property for $13.4 million in 2010, public records show. Its lawyer declined to identity the buyer. But the lawyer did say that the owner was motivated by Brooklyn’s hot rental market.

“Since the asset’s average rent is currently below market,” Fotis told the Observer, “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.” [NYO]

One Response to “Greenpoint’s Lofts 305 hits market, asking $25M”

  1. October 19, 2012 at 1:52 pm, 3CPO said:

    Prob is that at a $600 psf purchase price you are purchasing the property at market…unless their is a high yield the increase in 421a taxes will very very quickly burn thru the increase in rents and then you have to hope the condo market is their and hope you can pass the taxes along to the condo buyers

comment form

You must be logged in to post a comment.

MENU