Open to InvestorsSingle-AssetMultifamilyOZ Pitch Day Platinum Partner
Green Street Metropolitan Assemblage
Overview
The Metropolitan Assemblage, is located in a rare OZ census tract in the booming neighborhood of Williamsburg in Brooklyn, NY. When complete, this ground-up development project will comprise 130,000 square feet, and approximately 150 residential units, to be constructed in two phases.
- Phase I: In years 1-3, Green Street will develop 554-558 Metropolitan Avenue (70 units, $48.5m cost, $78m value on completion).
- Phase II: In years 4-5, Green Street will develop 536 & 546 Metropolitan Avenue (~80 units, $44.5m cost, $80m value on completion).
Opportunity Zone Deal Metrics:
- Projected returns of ~1.3x of initial investor capital upon completion of phase II (year 5), without any dilution in ownership.
- Investor net IRR is projected at 17.3% over a 15-year period.
- This implies a pre-tax (i.e., non-OZ) equivalent IRR of 22.7%.
- Investor net equity multiple is 4.21, or a 5.82 pre-tax (i.e., non-OZ) equivalent.
OZ Pitch Day Presentation
Investment details
- Minimum investment
- $250,000
- Status
- Open to Investors
- Investment type
- Single-Asset
- Sectors
- Multifamily
- Locations
- New York
Property details
- Address
- 554 Metropolitan Ave, Brooklyn NY 11211
- County
- Kings County
- Project type
- Ground-Up Development
- Units
- 150
- Gross sq ft
- 130,000
Location on the OZ map
The pin marks the property address; the shaded tract is its Opportunity Zone. Open the full map →
OZ designation
- Census tracts
- 36047051300
- Designation year
- 2018 (OZ 1.0 Tract)
- Tract type
- Non-Rural
- State incentives
- NY - Nonconforming State
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