This may become a semi-regular feature here on Smogr, where I look at properties for sale in the NYC area and assess their value and if they are good buys or not. I am not affiliated with any realtors, and no one is paying me to “feature” their properties. So, onto the review.
This property is located on 972 Manhattan Ave in Greenpoint, Brooklyn. It is a 5 story prewar building with 22 residential (16 2 brs & 8 3 brs) and 5 ground floor retail spaces for a total of 22,000 sf of building space listed for $5,800,000. Taking the standard gross rent multiplier of 160 the average residential unit price needs to be more then $1,500 per unit, which is a bit high for this type and location. The building is 50′-0″ x 90′-0″ on a 50′-0″ x 100′-0″ lot (5,000 sf) with a total area of 22,500 sf (17,500 sf res & 4,500 retail). It is zoned C2-3 and there are no major DOB violations (2 boiler violations from the 1990’s, but those can be removed easily).
Here is a relevant passage from the listing:

Commercial space consists 2000Sf deli, 650SF Hair Salon with 2 years lease $1,800 per month, 650 SF Massage space with 5 years lease $1,800 per month, 400SF pet store $1500 per month and 650SF vacant space ready to be rented. Residential consists of 16x2BR(s) 8x3BR(s).

Greenpoint is a changing neighborhood, but this building will need significant upgrade and rehabilitation in order to command high prices. But, I’m sure that rents in this building run around $1,800 per month as-is. Without seeing the property’s interior, it is hard to make a determination, but at the price and if the condition is better than the famed Astral then it would be a good buy – even if you have to become a quasi-slum lord; especially since there is a listing for a 3 story townhouse where you would have to charge $5,210 a month to recoup the $2.5 million asking price.
Disclaimer:
This is not investment advice. I’m not an your architect or broker – I don’t even own property. Caveat Emptor. When in doubt, consult a doctor and why are you taking free advice from the internet?