148 29th Street, New York City, NY 11232

Rarely does a true 3-family property become available in the up-and-coming neighborhood of Greenwood Heights, offering spacious living and serene surroundings. Ideal for both end-users and investors, this property currently functions as an income-producing asset with three separate rental units. However, it presents the opportunity to easily convert into an owner’s duplex with an income-generating unit on the ground floor.

Situated on a 25×100 lot with an unused FAR of 2,905, this property boasts recent renovations throughout all units. The current layout includes a 2 bedroom/1 bath unit on the top floor, another 2 bedroom/1 bath unit on the second floor, and a 1 bedroom/1 bath unit on the ground floor. Each unit enjoys access to a well-maintained backyard through a private 5′ alley running alongside the house.

With separate mechanicals and grids for each unit, operational costs remain low, and ceiling heights exceed 9′ in all units. Additionally, the property utilizes only .84 of its FAR, leaving ample room for expansion, with a maximum FAR of 1.65 for residential use or 2 for commercial use. There’s even potential to expand each unit into a 3 bed/2 bath configuration.

Conveniently located just minutes away from transportation options such as the R at 25th Street or the express N and D at 36th Street, as well as Industry City, a prominent manufacturing coworking and retail space in Brooklyn. Residents can also enjoy proximity to Greenwood Park, a popular 13,000-square-foot beer garden with bocce courts and seasonal menus.

Furthermore, the area is undergoing significant development with numerous high-profile condo and commercial projects slated for 4th Avenue and 5th Avenue. Whether you’re seeking a promising investment opportunity or more living space, this property is not to be overlooked.