Bushwick 100% Free-Market | Tax Class Protected

For Sale

22 Covert Street, Brooklyn, NY 11207

This Brooklyn property for sale is located at 22 Covert Street. The current listed sale price for Bushwick 100% Free-Market | Tax Class Protected is $2,700,000. Bushwick 100% Free-Market | Tax Class Protected is situated on a lot that is 0.06 acre in size.

Contacts

Lev Mavashev

Alpha Realty

Eli Yusupov

Alpha Realty

Property Details

  • Property Type Multi-Family
  • Property Size 6,012 SF
  • Units 8
  • Lot Size 0.06 Acre
  • Cap Rate % 6.5
  • # of Floors 4
  • Year Built 1906
  • Date Updated Aug 10, 2026

  • 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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Getting around

  • 86/100

    Walk Score ®

  • 97/100

    Transit Score ®

  • 75/100

    Bike Score ®

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Location

  • City Brooklyn, NY
  • Neighborhood Bushwick
  • Zip Code 11207
  • Market Brooklyn

Points of Interest

  • Halsey Street

    0.39 miles

  • Chauncey Street

    0.56 miles

  • Myrtle–Wyckoff Avenues

    0.65 miles

  • Gates Avenue

    0.77 miles

  • Knickerbocker Avenue

    0.81 miles

  • Rockaway Avenue

    0.88 miles

  • Broadway Junction

    0.88 miles

  • Rockaway Avenue Station

    0.90 miles

  • Stanhope St & Wycoff Ave - SE Corner

    1.02 miles

  • Stanhope St & Wycoff Ave - NE Corner

    1.03 miles

  • Hess

    0.61 miles

  • BP

    0.70 miles

  • Sunoco

    1.22 miles

  • Pure Energy

    1.27 miles

  • Mobil

    1.35 miles

  • Speedy Gas

    1.40 miles

  • Exxon

    1.40 miles

  • Revel

    2.29 miles

  • Tesla Supercharger

    2.44 miles

  • ChargePoint

    3.44 miles

  • Havens Place Lot

    1.00 miles

  • MMP Parking LLC

    1.10 miles

  • Stop & Shop Parking

    1.15 miles

  • School bus parking

    1.29 miles

  • Connoly's Parking Lot

    2.72 miles

  • Kings County Parking Garage

    2.94 miles

  • Cielo Garage

    3.10 miles

  • Underhill Garage

    3.18 miles

  • The Brooklyn Museum and Botanic Garden

    3.28 miles

  • Private Parking Lot

    3.46 miles

  • Red Carpet Inn

    0.38 miles

  • Marina Hotel

    0.62 miles

  • hull

    0.74 miles

  • casa reservada para vacaciones

    0.89 miles

  • Holiday Inn Express

    1.03 miles

  • East New York Inn

    1.03 miles

  • Artel 535

    1.05 miles

  • Imperial Hotel

    1.06 miles

  • Hotel Omega

    1.07 miles

  • Days Inn

    1.11 miles

  • Stop One Supermarket

    0.13 miles

  • Your Deal Food Corporation

    0.27 miles

  • Meat Market

    0.31 miles

  • Junior's Food Outlets

    0.40 miles

  • Pioneer

    0.50 miles

  • Food Bazaar Supermarket

    0.52 miles

  • Key Food

    0.54 miles

  • ABC Super Stores

    0.61 miles

  • Liberty Department Stores

    0.61 miles

  • Billy's Market Place

    0.62 miles

Contact Bushwick 100% Free-Market | Tax Class Protected
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