The Astral Apartments in Greenpoint, an 1890s landmark at 184 Franklin St, was listed for sale Tuesday at $82 million. Longtime tenants say they’re bracing for changes as brokers begin tours this week.

The Astral Apartments, a red-brick behemoth that has defined Greenpoint’s skyline for over 130 years, hit the open market Tuesday morning. Cushman & Wakefield put the six-story, 163-unit icon up for sale, pricing it at $82 million after months of off-market speculation.

Residents like Maria Kowalski, who has lived on the third floor since 1989, say they first heard whispers of a possible sale when brokers started visiting last month. “There’s a pit in my stomach,” Kowalski told NYC Pulse. “We know what usually happens when a big new landlord comes in.”

While the building is landmarked and nearly all apartments are rent-stabilized, tenants and local organizers fear that new ownership could mean higher legal rents, condo conversions, or attempts to empty units through buyouts. The Astral, originally built by Charles Pratt for Standard Oil workers in 1886, is one of the largest rent-stabilized buildings remaining in the neighborhood.

Cushman & Wakefield’s listing pitches the Astral as a “generational asset” just blocks from the Greenpoint Avenue G train, highlighting nearby developments like 50 Kent Avenue. The current ownership group, who purchased the building in 2010 for $46 million, has yet to comment on the sale.

Frequently Asked Questions

Who currently owns the Astral Apartments?

The Astral is owned by a private investor group that bought the property in 2010 for $46 million, according to city records. The group has not been publicly named in marketing materials, and has not commented on the pending sale or their reasons for listing the building at this time.

Are tenants at risk of losing their apartments?

Most of the 163 units are protected by rent stabilization laws and the building is landmarked, limiting immediate eviction risk or drastic changes. However, tenants worry about long-term threats like buyouts, legal rent increases, or efforts to convert the building to condos under new ownership.

What happens next in the sale process?

Brokers have started tours with potential buyers this week. Formal bids are expected over the summer. If a buyer is selected, the sale could close by fall, after which any major changes would require public filings and, potentially, city review due to the landmark status of the building.

Frequently Asked Questions

Who currently owns the Astral Apartments in Greenpoint?

The Astral Apartments are owned by a private investor group that purchased the property in 2010 for $46 million.

How many rent-stabilized units are in the Astral Apartments?

The Astral Apartments have 163 rent-stabilized units.

Why are tenants at the Astral Apartments concerned about the sale?

Tenants are concerned that new ownership could bring buyouts, legal rent increases, or attempts to convert the building to condos.

Is there a risk of eviction for Astral Apartments residents after the sale?

Most units are protected by rent stabilization and the building is landmarked, so immediate eviction risk is limited, but tenants worry about long-term threats.

What is the timeline for the sale of the Astral Apartments?

Brokers started tours with potential buyers in June 2024, formal bids are expected over the summer, and the sale could close by fall.

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