Overview
Avison Young, as the exclusive agent, is pleased to offer for sale 44 Kent Street, a six-story,
approximately 60,046 square foot mixed-use building located on the waterfront of Greenpoint, Brooklyn. The property sits on a 12,446 square foot block-end lot and comprises forty-two (42) residential units and four (4) ground-floor retail spaces. The property was completed in 2017 and benefits from a 35-Year 421a Affordable New York Housing Tax Abatement with 27 years of savings remaining, providing an extraordinary tax advantage that dramatically enhances net operating income.
Investment Highlights
SIGNIFICANT 421A TAX ABATEMENT: 27 years remaining on a 35-Year Affordable New York Housing Tax Abatement, generating substantial annual tax savings and meaningfully enhancing
cash-on-cash returns.
PREDOMINANTLY FREE-MARKET MIX WITH MARK-TO-MARKET UNIT UPSIDE: 29 units (~70%) are free-market, with in-place rents presenting a measurable mark-to-market upside opportunity as leases roll.
AFFORDABLE UNITS INCOME FLOOR: 13 units (~30%) are rent-stabilized at 130% AMI, providing a durable and predictable income base that anchors the investment.
STABLE RETAIL INCOME WITH NEAR-TERM RE-LEASING UPSIDE: Four service-focused ground-floor retail tenants with lease expirations in 2028–2029 offer income security today and the opportunity to reset rents at market upon rollover.
Photo Gallery
