INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 178 Frost Street. The subject property is an eight (8) unit multifamily building and is located at the crossroads of Williamsburg and Greenpoint. The building has been family-owned and occupied for decades and has been immaculately maintained with zero (0) DOB/ECB violations. Over the years ownership has made improvements to the individual units and conducted various capital expenditure projects such as upgrading the ground floor owner occupied units with central heating/cooling. The building will be delivered with five (5) vacancies, including the entire left side of the building and both ground floor units allowing investors to easily combine or subdivide units to establish "first rents". The garden level apartments have access to a private backyard which extends to the extra long lot-line of 154'. All of the units are separately metered for electric and gas.
The future owner will also benefit from the property falling into tax class 2B whereby state law limits how much the assessed value can rise each year - no more than 8% from the year prior or 30% over five (5) years. Such caps would remain even if 178 Frost Street were converted into a condo property at some point in the future.
178 Frost Street is five (5) blocks away from the L train at Graham Avenue and a 0.5 mile walk from the G subway line at Nassau Avenue and Manhattan Avenue. The city and state recently announced that the L train rehab finished ahead of schedule, news that will continue to strengthen rents in this location.
The building is adjacent to the Graham Avenue and the Metropolitan Avenue commercial corridors, which have numerous bars, restaurants and retailers that are hallmarks of the Brooklyn community. The property is close to McCarren Park and Msgr. McGolrick Park. The building is surrounded by national retailers, as well as local favorites such as Anthony & Son Panini Shoppe, The Meat Hook, Lilia, Nick + Sons Bakery, Beer Boutique, among others.
Williamsburg & Greenpoint ("Community District 1") have experienced an 18% increase in its population since 2000—the largest increase in Brooklyn after Brooklyn Heights and Fort Greene—a trend that is expected to continue in the coming years. Additionally, the share of adults with bachelor's degrees in Community District 1 has increased from 17 percent to 45 percent, the third-greatest increase in the city over the last two decades. Furthermore, the Human Development Index score (a measure of health, education, and earnings) is 7.07, above the city average of 6.05 out of 10.
