191 Greenpoint Avenue
Deal Overview
Total Raise
$3.5M
Minimum Investment
$100K
Hold Period
2.75 Years
LP IRR
24.6%
Return on Equity
1.6x
Boutique Development
Build the type of homes buyers cannot find.
191 Greenpoint Avenue is an ultra-luxury boutique condominium development consisting of five distinct trophy residences. Each home is engineered around a specific buyer profile, prioritizing family-sized layouts, dramatic volume, and townhouse-level privacy.
Project Financial Details
| Unit | Type | SF | Gross Sale | $/SF |
|---|---|---|---|---|
| Apt 1 | Garden Triplex | 2,260 | $3.37M | $1,490 |
| Apt 2 | 3BR + Terrace | 1,298 | $2.32M | $1,791 |
| Apt 3 | 3BR + Terrace | 1,298 | $2.40M | $1,848 |
| Apt 4 | 3BR + Terrace | 1,298 | $2.47M | $1,906 |
| PH | Trophy Duplex | 1,602 | $3.25M | $2,028 |
| Total | 7,756 | $13.81M | $1,781 |
Total Capital Stack
Margin of Safety
Meet the Team
Allon Avgi
Founder & CEO, AVGI
Allon started AVGI at 21 after acquiring his first real estate investment. He currently oversees $300M+ in real estate holdings across 7 markets. Allon handles investment oversight, capital discipline, and asset management, with a track record showing 86.17% realized IRR on sold deals.
David Avgi
Founder, AVENUES Real Estate
David has 15+ years shaping New York City residential sales and development strategy. With $500M+ in total sales and 1,200+ transactions, David anchors the NYC product strategy, branding, sales launch, and absorption execution for 191 Greenpoint.
Michael Genovese
Investor Relations
Michael manages the firm’s capital markets strategy and investor relations. He acts as the primary liaison for AVGI’s investment partners, focusing on transparency, onboarding, and providing data-driven insights into portfolio performance.
Investment Highlights
- Compelling Target Returns: Projected 24.6% LP XIRR and 1.56x LP MOIC (55.7% total ROI) over a 2.75-year hold.
- Investor-First Waterfall: 7.0% simple preferred return and 100% return of LP capital before entering a 50/50 residual profit split.
- Significant Scarcity Value: Boutique project featuring family-sized 3-bedroom layouts and townhouse-style private gardens—the most supply-constrained segment of the Greenpoint luxury market.
- Deep Margin of Safety: $1,374/SF all-in cost basis represents a significant spread against the projected $1,781/SF sellout, providing protection against market fluctuations.
- Premium Lifestyle "Moat": Residences engineered with private terraces, rooftop saunas, jacuzzis, and outdoor kitchens to drive a premium sellout narrative.
- Institutional Execution: Managed by AVGI, a vertically integrated firm with over $150M in assets under management and a realized 86.17% IRR on sold assets.
Portfolio Overview
| Unit | Buyer Narrative | Pricing $/SF | Est. Sale |
|---|---|---|---|
| Apt 1 | Triplex Garden Townhome Alternative | $1,490 | $3.37M |
| Apt 2-4 | 3BR family units with wrap terraces | Avg. $1,848 | $7.19M |
| Penthouse | Trophy PH Duplex w/ Private Roof | $2,028 | $3.25M |
Project Financial Details
The Capital Stack
Underwriting Cushion
*Underwriting assumes no market appreciation. The profit spread is created entirely by the gap between the acquisition/build cost and the current boutique market floor in Greenpoint.
Target Return and Timelines
Modeled Investor Profit
55.7% ROI
Modeled Hold
2.75 Years
Aug 2026
Subscriptions
LP pref clock begins at contribution.
Nov 2028
First Closing
Apt 2 sale close starts capital return.
Apr 2029
Final Exit
PH close completes 50/50 profit split.
Boutique Product Vision
Three-bedroom scale, floor-to-ceiling glass, and "outdoor rooms" drive the product story. We are selling unit-by-unit into absolute scarcity.
Premium Finish Direction
Private Outdoor "Moats"
Spa-Inspired Primary Baths
Townhouse Identity & Volume
Invest in 191 Greenpoint Avenue
Total raise
$3.5M
Min Investment
$100K
Hold time
2.75 Years
LP IRR
24.6%
Return on equity
1.6x
↓ More details available to qualified investors ↓
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