109 Gold St. Sells, 313 Gold on Market

March 30, 2012 Brooklyn Eagle Staff

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Compiled by Linda Collins

Brooklyn Daily Eagle

VINEGAR HILL/DOWNTOWN BROOKLYN — In another sign that the real estate and development market is on an up-swing in Brooklyn, two major and oft-written about properties — one in Vinegar Hill and one in Downtown Brooklyn — are seeing some activity.

Massey Knakal Realty Services reports a new exclusive listing for the development site at 313 Gold St., corner of Johnson Street in Downtown Brooklyn, sitting vacant for several years since it was known as Oro II.

The firm also reports the sale of the already completed residential development at 109 Gold St., corner of York Street in Vinegar Hill, for $14.5 million.

Stephen Palmese, director of sales for Massey Knakal, is handling both properties.

109 Gold St.

The new owner of this all-new construction seven-story, 36,944-square-foot luxury condo building will market it now as a rental building, according to Palmese. “because the rental market is so strong right now.”

It has 33 units, averaging approximately 725 square feet in a mix of studios to two-bedrooms, some with home offices. The building, which has already received its final Certificate of Occupancy, has 17 onsite parking spaces.

“There is a supply and demand imbalance in today’s market. New construction, luxury properties are the most sought-after asset class, yet the rarest,” said Palmese. “This property received interest from many local, out-of-state and international buyers, all eager to deploy capital.”

313 Gold St.

This development site, which has an asking price of $25.5 million, is also “receiving interest from local, national and international buyers,” said Palmese. It comes with fully approved and permitted plans for a 35-story, 214-unit 250,237-square-foot residential tower.

According to Palmese, there is an opportunity to enlarge the tower to 325,649 square feet by executing a “Purchase and Sale Agreement” with the city for the additional 75,000 square feet from the adjoining city-owned police station.

The air rights transfer has also been approved through the city’s ULURP process, providing a “shovel-ready” site, according to Palmese. Through the purchase of the air rights, the building could be increased to 296 units and 40 stories, he added.