The Reel

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A blog for breaking sales and neighborhood real estate news.

A waterfront development site at 77 Commercial Street located on the north side of Commercial Street between Manhattan Avenue and Franklin Street in Greenpoint, Brooklyn, was sold in a transaction valued at $25,000,000.

The site has over 230 feet of frontage along the water, unobstructed views of midtown Manhattan, and is located one stop away from Grand Central Station on the 7 train. This is a rare opportunity to build a residential project in a neighborhood which some consider to be the next Park Slope. New development is already in the works surrounding the subject as 20+ acres, formerly the Greenpoint Lumber Exchange, will be developed into 10 luxury high-rise apartment buildings totaling approximately 4,000 units.

“In just a few weeks of marketing this property, a buyer stepped up, differentiated themselves from the pack of interested parties that were circling the property and signed a non-contingent contract at a strong price level,” stated Bob Knakal, Chairman of Massey Knakal who exclusively handled this transaction along with Vice President of Sales Mark Lively, who added, “When this site is developed it will be a welcomed addition to the neighborhood.”

Greenpoint is a neighborhood that is currently undergoing a local renaissance, mainly due to the 2005 zoning change which now allows for residential development along the waterfront. The site lies in the midst of this rezoning and has the potential to be a 271,499 - 307,250 square foot residential waterfront development site. In addition, approximately 311,078 square feet of air-rights are available from the adjacent parcel (Lot 425) which the City of NY will be converting into a public park. The site, therefore, has a potential to add buildable square footage.

Click here for press release

Neighborhoods: Greenpoint/ Agents: Mark Lively