Greenpoint, Brooklyn, November 27, 2025
A 20-unit apartment building in Greenpoint, Brooklyn has been sold for $20 million. The new owner, Jacob Fulop, plans to convert the property into a childcare facility to meet the area’s increasing demand for such services. With 27,309 square feet of built space and additional air rights, the acquisition highlights the neighborhood’s rapid growth and potential for further development. This initiative supports working families and reflects a commitment to community needs while fostering economic growth.
New York City
Greenpoint Apartment Building Sells for $20 Million with Plans for Childcare Facility
In a notable transaction highlighting the entrepreneurial spirit and evolving community needs in Brooklyn, a 20-unit residential walkup building in Greenpoint has been sold for $20 million. The new owner, Jacob Fulop, has announced plans to convert the property into a childcare facility, addressing the increasing demand for such services in a neighborhood known for its rapid growth.
The building has significant potential, featuring 27,309 square feet of built space and an additional 21,200 square feet of air rights. This offers a total buildable area of 48,600 square feet, allowing for further development in line with community needs. The sale price translates to approximately $732 per built square foot and $411 per buildable square foot, showcasing a robust investment in a neighborhood that continues to attract both families and businesses.
Property Details
The building, located at 233 Franklin Street, sits on a generous 20,000-square-foot lot with 100 feet of frontage. It has a depth of 200 feet and is zoned R6, allowing for a floor area ratio (FAR) of up to 2.43 for residential use. The city’s market value assessment for the property in 2022 was $5 million, indicating significant appreciation over the years.
Currently, the property generates an annual revenue of $1 million, averaging $37 per square foot. Importantly, there are no active lawsuits or major violations associated with the building, which was previously owned by Diego Salazar since 2016. The transaction was finalized on November 17, 2025, and recorded shortly after.
Plans for Childcare Facility
Fulop’s initiative to transform the building into a childcare facility comes at a time when the demand for childcare services is on the rise in Greenpoint. This development is expected to lend crucial support to working families, reflecting a strong commitment to community needs while also promoting economic growth through the provision of essential services.
Background Context
The Greenpoint neighborhood has witnessed substantial real estate activity in recent years, demonstrating its attractiveness to investors. A joint venture recently announced plans for three new mixed-income residential towers at Greenpoint Landing, which will bring over 1,000 new apartments—including 300 affordable units—along with more than 20,000 square feet of retail space and a public park along the East River waterfront.
Additionally, in June 2025, Brookfield Properties secured a sizable $400 million refinancing loan for a 745-unit residential building at 1 Eagle Street in Greenpoint, indicating sustained confidence in the area’s real estate market.
Related Developments
Greenpoint continues to appeal to investors and developers alike. For instance, a recent sale involved a six-story rental building near the waterfront, which was fully leased and included 45 residential units along with 27,000 square feet of retail space—selling for an impressive $66 million. Such transactions illustrate the momentum and potential of the area as a hub for residential and commercial investment.
Conclusion
The acquisition and plans for the building at 233 Franklin Street underline the ongoing evolution of Greenpoint. Jacob Fulop’s commitment to converting this space into a childcare facility is a proactive response to the needs of the community, further enhancing the neighborhood’s viability for families and businesses alike. As Greenpoint continues to grow, initiatives like this will be vital in fostering a thriving local economy.
FAQ
What is the address of the building sold?
The building is located at 233 Franklin Street in Brooklyn’s Greenpoint neighborhood.
How much was the building sold for?
The building was sold for $20 million.
What are the plans for the building?
The new owner, Jacob Fulop, intends to convert the building into a childcare facility to meet the growing demand for such services in the area.
What is the size of the building?
The building encompasses 27,309 square feet of built space and includes 21,200 square feet of additional air rights, allowing for a total buildable area of 48,600 square feet.
When was the sale finalized?
The transaction was finalized on November 17, 2025, and recorded on November 24, 2025.
Key Features
| Feature | Details |
|---|---|
| Address | 233 Franklin Street, Brooklyn, NY |
| Sale Price | $20 million |
| Built Space | 27,309 square feet |
| Additional Air Rights | 21,200 square feet |
| Total Buildable Area | 48,600 square feet |
| Zoning | R6 |
| Floor Area Ratio (FAR) | 2.43 for residential use |
| City’s Market Value Assessment (2022) | $5 million |
| Annual Revenue | $1 million |
| Previous Owner | Diego Salazar |
| Sale Finalization Date | November 17, 2025 |
| Sale Recording Date | November 24, 2025 |
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