Waterfront Property in Greenpoint Sells to Developer for $25 Million

April 5, 2012 Brooklyn Eagle Staff

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Compiled by Linda Collins

Brooklyn Daily Eagle

GREENPOINT — A large waterfront property in Greenpoint could soon be home to a residential development, according to Massey Knakal Realty Services.

The property, at 77 Commercial St., between Manhattan Avenue and Franklin Street, sold to a developer for $25 million.

“In just a few weeks of marketing this property, a buyer stepped up, differentiated himself from the pack of interested parties that were circling the property and signed a non-contingent contract at a strong price level,” said Bob Knakal, chairman of Massey Knakal, who handled the transaction along with Mark Lively, vice president of sales.

Added Lively, noting that the property has more than 230 feet of frontage along the water with unobstructed views of midtown Manhattan, “When this site is developed it will be a welcome addition to the neighborhood.”

Knakal and Lively also point out that new development is already in the works for a neighboring 20-plus-acre site, formerly the Greenpoint Lumber Exchange, which will be developed into 10 luxury high-rise apartment buildings totaling approximately 4,000 units.

Greenpoint is a neighborhood that is currently undergoing a renaissance, mainly due to the 2005 zoning change which now allows for residential development along the waterfront, Knakal explained.

“The site lies in the midst of this rezoning and has the potential to be a 271,499-307,250-square-foot residential development,” he said. “In addition, approximately 311,078 square feet of air-rights are available from the adjacent parcel (Lot 425) which the city will be converting into a public park. The site, therefore, has a potential to add buildable square footage.

In an article from 2005, the Eagle reported that a developer with plans for two 15-story and one six-story residential buildings had acquired the property for $12.75 million.

A check of Department of Buildings documents revealed there have been no filings for demolition or new building permits.