Located in one of the most highly sought after neighborhoods in Brooklyn, the Greenpoint Sweater Lofts at 239 Banker Street provide spacious industrial lofts reminiscent of another time.  Originally two separate factory buildings constructed in the 1920s, this four-story, 65,000 sf structure is home to 72 true loft-style residential rental units.  Heavy timber columns, industrial brick walls and original factory windows create character-filled residences without comparison in the neighborhood.  

Notably, the Greenpoint Sweater Lofts is classified as an Interim Multiple Dwelling ("IMD"), a designation in New York City defined by former commercial and industrial buildings that were illegally converted into residential use.  Subject to the NYC Loft Board and Department of Buildings, these buildings require that the Owner "legalize" them to achieve a residential C of O in exchange for residential “interim” use and income.  As a value-add investment,  Banker Street has strong in-place cash flow, demonstrable demand, a prescriptive legalization process, and a meaningful discount to replacement cost.