188 Butler Street, New York City, NY 11217 - Photo 1

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$3,999,000

For Sale
Active
Multi-Family
Updated 6 days ago

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Property Description

188 Butler Street presents a rare opportunity to acquire a fully occupied 3-unit free-market multifamilyproperty with significant condo conversion and development upside. Located on a prime Gowanus blocknear Bond Street, the property offers approximately 2,400 SF of unused FAR, allowing for potentialvertical expansion to 5 units. With modern finishes, outdoor space, and in-unit washer/dryers, theexisting building is also positioned for strong cash flow or immediate resale as boutique condos.The property may be acquired subject to an assumable mortgage with a favorable 5.25% fixed interestrate. This is an ideal investment for developers, architects, 1031 exchange buyers, or owner-usersseeking value-add potential in one of Brooklyn's fastest-growing neighborhoods.INVESTMENT HIGHLIGHTS:Free-Market 3-unit multifamily assetPotential to acquire favorable 5.25% fixed interest rate.Approximately $12,000/month in-place rent roll with ability to increase rents to matchmarket rates at lease expiration.2,400 SF of unused residential FAR (R6B/M1-4 zoning)Potential to add 2 additional units via vertical expansionModern finishes, each unit equipped with washer/dryerPrivate outdoor space for ground floor unitGowanus condo comps averaging $1,300-$1,500/SF

Full Property Details

Full Property Details for 188 Butler St

General

Price: $3,999,000
Taxes: $7,910
Status: Active
Type: Multi-Family
Source: REBNY
MLS ID: RLS20039715
Updated: 1/11/2026
Added to Site: 179 day(s) ago

Interior

Number of Rooms: 10

Rooms

Bathrooms

Total Bathrooms: 3
Full Bathrooms: 3

Other Rooms

Laundry: See Remarks

Additional Information

Equipment: Intercom

Exterior

Exterior Features: Private Outdoor Space Under 60 Sqft
Porch/Patio/Deck: Patio

Location

County: Kings
Subdivision: Gowanus
Cross Streets: Bond Street/Nevins Street

Community

Pets Allowed: Yes

Heating & Cooling

Air Conditioning: Yes
Cooling Type: Wall Unit(s)
Heating Type: Electric

Structural Information

Architectural Style: Prewar, Walk-Up
Structure Type: Multi Family
Stories/Levels: 3
Square Feet: 2,400
Living Area: 2,400 Sq. Ft.
Year Built: 1901

Lot Features

Property View: City
Lot Size: 2500
Lot Dimensions: 25.00 x 100.00

Financial Considerations

Tax Amount: $7,910

Disclosures and Reports

Property ID: 00411-0010
Block: 411
Lot Number: 10

Listing Courtesy of NYC Property Expo, Inc.

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Schools

Schools serving 188 Butler St

School District:New York City Geographic School District 15

Name	Grades	Distance
Ps 32 Samuels Mills Sprole 317 Hoyt Street, Brooklyn, NY 11231	K-8	0.2 mi

Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 188 Butler St Get Price Alerts and Save Property

Date

Details

Price

Change

Source

7/23/2025

Listed

$3,999,000

219.92%

MLS

12/08/2015

Sold

$1,250,000

—

Public Record

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Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History

Tax History for 188 Butler St

Year

Property Taxes

Change

Tax Assessment

Change

2025

$8,256

4%

$41,104

-74%

2024

$7,910

1%

$157,380

-18%

2023

$7,860

3%

$193,080

24%

2022

$7,620

-50%

$155,820

-1%

2021

$15,159

182%

$157,920

4%

2020

$5,384

6%

$151,380

6%

2019

$5,081

11%

$142,440

499%

2017

$4,576

—

$23,796

6%

2017

$4,576

8%

$22,450

6%

2016

$4,238

2%

$21,198

—

2015

$4,145

9%

$21,198

6%

2014

$3,806

12%

$20,004

1%

2013

$3,406

—

$19,830

—

View All

Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Estimate the Cost

Estimate the Cost for 188 Butler St

188 Butler Street, New York City, NY 11217 (MLS# RLS20039715) is a Multi-Family property with 0 units containing 0 bedrooms and 3 full bathrooms. 188 Butler Street is currently listed for $3,999,000 and was received on July 23, 2025. Want to learn more about 188 Butler Street? Do you have questions about finding other Multi-Family real estate for sale in New York City? You can browse all New York City real estate or contact a Coldwell Banker agent to request more information.

188 Butler St New York City, NY 11217