Bushwick 100% Free-Market | Tax Class Protected

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Address: 22 Covert St., Brooklyn, NY 11207, USA
New York & Tri-State + Apartment Buildings
Created date: August 10, 2026
Date last updated: August 10, 2026
Price: $2,700,000Investment Analyzer NEW!
  • 100% Free-Market Luxury: A rare, fully deregulated asset providing immediate flexibility for rent increases while exempting the property from restrictive rent-stabilization laws.
  • Protected Tax Class 2C: Benefits from a highly coveted tax designation that limits annual assessment increases, providing predictable long-term carry costs and superior downside protection.
  • Significant Mark-to-Market Opportunity: Substantial value-add potential with in-place rents currently trailing the submarket, providing a clear path to yield expansion through strategic renovations.
  • Core Bushwick Location: Situated in the heart of Brooklyn’s most vibrant cultural hub, offering tenants seamless access to premier dining, nightlife, and the L and M subway lines.
  • Massive Equity Arbitrage: Allows investors to acquire the asset at $337K per unit—a 53% discount to Bushwick’s average condo pricing of $710K per unit ($897/SF). This attractive basis offers entry well below replacement cost, with significant upside through future condo sellout or appreciation.
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Broker Details

Lev Mavashev
Lev Mavashev

Alpha Realty (212) 658-0955

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Key Property Information

Listing Status: Available
Property Types: Apartment Buildings
Price: $2,700,000
No. of Units: 8
Cap Rate: 6.5%
Year Built: 1906
Building Size: 6,012 Sq ft
Lot Size: 0.06 Acres
No. of Stories: 4
Opportunity Zone: No
Price per unit: $337,500
Address: 22 Covert St., Brooklyn, NY 11207, USA

Additional contacts

Full name Phone number Email address
Lev Mavashev (212) 658-0979 [email protected]
Eli Yusupov (212) 658-0624 [email protected]

Investment Analyzer

Step 1Financing Calculation

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Step 2Gross Rent Analysis

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Step 3Cap Rate Calculation

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Step 4Final Deal Analysis

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