Investment Property Realty Group sells 233 Franklin St. for $20 million

Brooklyn, NY Investment Property Realty Group (IPRG) negotiated the closing of 233 Franklin St., a multifamily asset located in Greenpoint for $20 million.

Originally constructed in 1920, the property consists of a three-story, 20-unit residential building totaling approximately 27,300 s/f. Positioned on Franklin St. between Eagle Str. and Dupont St., the building is on a 31.58 ft × 73.33 ft. lot zoned R6, offering 48,600 buildable s/f - an opportunity for long-term redevelopment or expansion.

The building contains large, efficiently laid-out apartments typical of Greenpoint pre-war housing stock, many with high ceilings and loft-style characteristics found throughout the neighborhood’s converted industrial corridor. The property has historically benefited from strong, steady rental demand due to its proximity to the Greenpoint waterfront, Transmitter Park, and the vibrant retail corridors along Franklin and Manhattan Avenues.

The asset was sold by Diego Salazar to Jacob Fulop of Loom Capital.

IPRG brokers Derek Bestreich, Luke Sproviero, Donal Flaherty, Corey Haynes, Thomas Ventura, and Sal Monteverde represented both the buyer and the seller.