22 Covert Street

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22 Covert Street

Bushwick 100% Free-Market | Tax Class Protected

$2,700,000 Sales price

$449/SF Price per Ft

6.5% Cap Rate

100% Free-Market

100% Free-Market Luxury: A rare, fully deregulated asset, providing immediate flexibility for rent increases and exempting the property from restrictive rent-stabilization laws
Protected Tax Class 2C: Benefit from a highly coveted tax designation that limits annual assessment increases, providing long-term predictable carry costs and superior downside protection
Significant Mark-to-Market Opportunity: Substantial value-add potential with in-place rents currently trailing the submarket; provides a clear path to yield expansion through strategic renovations
Turn-Key Physical Condition: An exceptionally well-maintained asset with pride of ownership evident, minimizing near-term capital expenditure (CapEx) requirements
Core Bushwick Location: Situated in the heart of Brooklyn’s most vibrant cultural hub, offering tenants seamless access to premier dining, nightlife, and the L & M subway lines
Massive Equity Arbitrage: The opportunity allows investors to acquire the asset at $337K per unit, representing a 53% discount to Bushwick’s average condo pricing of $710K per unit ($897/SF). This attractive basis provides a rare opportunity to enter the market well below replacement cost with significant upside through future condominium sellout or appreciation