8-Family Brick Walk-Up Apartment
For Sale
$2,988,000
59 Newel Street, Brooklyn, NY 11222
MULTI_FAMILY - Brooklyn, NY
Property Size8,000 SF
Lot Size0.06 Acres
Price / SF$373.50
Days on Market57
Property Features for 59 Newel Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Rooms
Basement
Parking features
Off Street
Basement
Storage Space, Full
Appliances
Gas Cooktop, Gas Oven, Refrigerator, Gas Water Heater
Lot features
Back Yard, Garden
Elementary school
Ps 110 Monitor
Middle school
John Ericsson Middle School 126
High school
Williamsburg Prep School
Elementary school district
Brooklyn 14
Middle school district
Brooklyn 14
High school district
Brooklyn 14
Directions
Map Quest.59 Newel St. Greenpoint ,NY /Nassau Ave.G Train To Manhattan.Easy access to the NYC Ferry.Close to Bus, Close to Park, Close to Railroad, Close to School, Close to Shops, Near Public Transportation.
Standard status
Active
APN
02683-0007
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
18531
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1928
Floors in Building
4
Number of units
8
Flooring type
Tile - Ceramic, Hardwood
Building materials
Brick
Listing Agency:
Trademarko Realty Inc
(718) 502-5141
Listed By:
Malgorzata A. Pieniadz CBR
(347) 647-6397
Added: Jun 16
Changed: Jul 30
Last Checked: Aug 11 at 8:06AM
MLS# 1014129
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 8-family, four-story walk-up apartment building at 59 Newel Street is constructed with brick and was built in 1928. The property offers eight rent-stabilized residential units with approximately 8,000 square feet of interior space. Each unit includes two bedrooms, a bright living room, a full bathroom, and a separate kitchen. A full basement adds storage and operational flexibility. Building footprint is 25' x 80', and the property includes off-street parking.
The building is located in Greenpoint, one block from the G train, with close access to the NYC Ferry and near McGolrick Park. McCarren Park is also a short distance away, with surrounding retail and daily conveniences nearby.
The property is offered as-is and features utilities including public water and public sewer, with natural gas heating and window or wall/window unit cooling.
The building is located in Greenpoint, one block from the G train, with close access to the NYC Ferry and near McGolrick Park. McCarren Park is also a short distance away, with surrounding retail and daily conveniences nearby.
The property is offered as-is and features utilities including public water and public sewer, with natural gas heating and window or wall/window unit cooling.
Key Highlights
- 8 rent‑stabilized residential units in a four‑story walk‑up
- Approximately 8,000 SF of interior space
- Brick building built in 1928 with a full basement
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$244,232
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,884,640
$4.9M
Cap Rate 7%
$3,489,029
$3.5M
Cap Rate 9%
$2,713,689
$2.7M
Market Conditions
NOI Build-Up for 8,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$453.1K $56.64/SF
− Vacancy
−$9.1K −$1.13/SF
EGI
$444.1K $55.51/SF
− OpEx
−$199.8K −$24.98/SF
NOI
$244.2K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,884,640
Cap Rate 7%
$3,489,029
Cap Rate 9%
$2,713,689
Alternative Uses
Best Use
Apartment 5plus
$3.49M
$3.05M – $4.07M
NOI $244,232 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.62M
$5.80M – $7.73M
NOI $463,680 @ 7.0% cap · market cap 15.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
6,420
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - R6B zoned four-story walk-up with eight rent-stabilized units, a full basement, and off-street parking.
Where is this apartment building located?
The property is located at 59 Newel Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,988,000.
What are key features of this property?
This property features: 8 rent‑stabilized residential units in a four‑story walk‑up; Approximately 8,000 SF of interior space; Brick building built in 1928 with a full basement
