856 Greene Avenue

• Fully Renovated Walkup – Gut renovated in 2018, the five-story masonry building features condo-quality finishes, including stainless appliances, central heating and cooling, in-unit laundry, new hardwood floors, and exposed brick walls.
• Alteration Type 1 – The property was converted from a 4-unit building to a 10-unit building via Alteration Type 1 (2 stories added – permits and construction file available for review)
• Amenitized Living – The building differentiates from other rental properties with a fitness room, bicycle storage, common outdoor space, roof access, private balconies, and green spaces.
• Large Unit Layouts – Apartments are a mix of 3 and 4 bedroom layouts with all units having 2 ½ bathrooms, offering tenants a desirable BR/BTH ratio.
• J-51 Abatement – The property benefits from a 14-year J-51 tax abatement with full tax savings through 2031, and taxes phasing in 20% per year through 2035. The property is subject to rent stabilization at least through expiration of the abatement.
• Upside in Rent Roll / Path to Free Market – Legal rents exceed market rents (preferential), allowing for market annual increases. Additionally, all leases include J-51 riders, allowing for conversion to market upon expiration of the abatement