Downtown Brooklyn Condo Investment Review - Brooklyn Point

Our client wanted to purchase a one-bedroom unit as an investment but not in Manhattan.

In New York City, condos with the 421a tax abatement, which offers tax benefits, are becoming scarce. Koriny found him a unit at Brooklyn Point Condo with a 25-year tax abatement. This arrangement allowed for low maintenance fees and high rental income, providing the best return for renting.

Despite the challenging situation during the COVID-19 period, the client managed to secure a purchase with a discount of more than 5%, which was difficult to achieve at that time. Through intense negotiations led by Koriny experts, the client successfully received an 8.8% discount, reducing the original price from $1,373,940 to $1,251,877. The total discount was $122,063, approximately KRW 1,560 million (as of the July 20, 2023, exchange rate).

Brooklyn Point Condo, completed in 2022, is located in Downtown Brooklyn and consists of 68 floors with 458 units. Developed by Extell and designed by Kohn Pedersen Fox Associates, the building has sold more than 85% of its units.

It offers 40,000 square feet (1,124 sqm) of amenities at no additional cost and boasts the highest infinity pool in the western hemisphere.

Located in the rapidly growing Downtown Brooklyn area, Brooklyn Point is part of the large City Point project. The project aims to build a city with the best infrastructure for living, shopping, culture, and transportation, covering a total area of 1,800,000 square feet. It includes retail anchors such as Target, Century 21, Dekalb Market, Trader Joe's, a food court, and shopping malls.

The condo is situated right in front of Willoughby Square Park, which is currently under construction, and is in proximity to excellent schools such as New York University Tandon School of Engineering, Polytechnic Institute of New York University, Pratt Institute, and the prestigious private Avienu School.

Additionally, the property is conveniently located near 11 New York City Subway lines, providing easy access to Manhattan for commuting and school transportation.