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