Metropolitan Avenue Assemblage
Managed by Green Street (greenstreet.nyc) · Multifamily, Ground-up development, Mixed-use · Opportunity Zones in New York
~150-unit, 130,000 SF ground-up multifamily across four assembled parcels on Metropolitan Ave in Williamsburg, Brooklyn. Land basis of $211/SF sits well below market (~$350/SF), and two NYC up-zonings (485x and City of Yes) increased buildable density after acquisition. Two-phase plan: Phase I (70 units) refinances and cashes out into Phase II. Margin-on-cost projected at 64% — $93M total cost to $153M on-completion value. $250K minimum.
Overview
A 130,000 SF, ~150-unit ground-up development assembled across four adjacent parcels in Williamsburg, Brooklyn. The plan is two-phased: Phase I (554-558 Metropolitan, 70 units, $49M cost) develops in Years 1–3, with cashout from refinancing redeployed into Phase II (536 & 546 Metropolitan, ~80 units, $44.5M cost) in Years 4–5.
Land basis of $211/SF is materially below market value of ~$350/SF. New York City passed two up-zonings (485x and City of Yes) shortly after acquisition. Margin-on-cost is projected at 64%: total cost $93M, value on completion $153M.
At a glance
Targets are sponsor-stated and not guaranteed.
Investment thesis
Land was assembled below market basis ($211/SF land basis vs ~$350/SF market) with NYC up-zonings (485x and City of Yes) increasing buildable density post-acquisition.
Equity structure prioritizes investor alignment: 90% Preferred Equity at 10% compounded return + 5% Common Equity for investors; sponsor takes 5% Common Equity with personal construction-loan guarantees and $3M+ of own equity alongside investors. No acquisition or development fees.
Future opportunities to expand Phase I and II by acquiring adjacent sites could increase margin-on-cost by an additional ~10% per sponsor materials.
Geographic focus
Williamsburg, Brooklyn — designated Opportunity Zone. Phase I: 554-558 Metropolitan Ave. Phase II: 536 & 546 Metropolitan Ave.
Investor timeline
Sponsor
Green Street (greenstreet.nyc) . New York-based ground-up developer with a focus on Brooklyn multifamily. Per sponsor materials: investor-aligned structure — no acquisition/development fees; sponsor compensation is performance-based via 5% Common Equity participation behind a 10% preferred return; sponsors personally guarantee the construction loan and have invested at least $3M of their own equity alongside investors.
Leadership team
The people responsible for acquiring and managing the fund's assets.
Key risks
- Illiquid for ~10 years. No public market for shares; plan to leave capital invested for a decade.
- Returns are targets, not guarantees. Real estate can underperform; you could receive less than invested.
- Tax benefit requires the full hold. The appreciation exclusion applies only at 10+ years.
- Construction risk on a two-phase ground-up development.
- NYC entitlement and regulatory risk; further zoning changes could affect buildable density.
- Submarket concentration risk in Williamsburg/Brooklyn multifamily.
- 15-year hold is meaningfully longer than typical 10-year OZ structures.
- Single-sponsor execution risk. Outcomes depend on Green Street (greenstreet.nyc)'s acquisition and management. Past performance does not guarantee future results.
Model your return
Compare this fund's after-tax outcome against paying the tax and investing elsewhere.
Hypothetical scenarios. Not a forecast. Past performance does not predict future results. Target IRR is sponsor-stated; actual returns may differ materially. S&P 500 baseline uses 10% historical nominal; T-bills 4% nominal. State tax: California 13.30%. Federal LTCG 20% + 3.8% NIIT applied to appreciation at exit on non-OZ paths. QROF appreciation tax-free after 10-year hold per IRC § 1400Z-2. Not investment advice; not an offer to sell securities.
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