Greenpoint

Greenpoint development site for sale

March 25, 2015 By Lore Croghan Brooklyn Daily Eagle
This development site that's for sale on McGuinness Boulevard has frontage on Freeman and Green Streets. Eagle photos by Lore Croghan

Eye on Real Estate

An apartment building could be coming soon to a corner site in Greenpoint that has been a parking lot for more than a half-century.

A three-lot property with the addresses 216 and 218 Freeman St. and 215 Green St. has just hit the sale market at an asking price of $7.25 million. That works out to $312 per buildable square foot for the  23,250-developable-square-foot site.

The asking price was arrived at by looking at market comparables — the sale prices of other Greenpoint residential sites with less than 50,000 square feet of developable square feet — and the rents of the apartment units that are being built, said Ben Tapper, principal and senior director at Eastern Consolidated. He exclusively represents the seller along with his colleague Deborah Gutoff, who is also an Eastern Consolidated principal and senior director.

There’s a finite number of residential development sites of this size still available in the neighborhood, Tapper told us — and considerable interest on the part of would-be purchasers. East of McGuinness Boulevard, the property is for the most part zoned for manufacturing, which narrows the potential terrain for residential development sites to properties on the west side of the boulevard.

“I think there’s a lot of energy you’re seeing in Greenpoint,” he said. The neighborhood is drawing developers who think property prices are too steep in neighborhoods such as Williamsburg.

The site for sale has frontage on the west side of McGuinness Boulevard. In contrast with nearly silent Greenpoint side streets where you can hear songbirds warbling in the middle of the day, it’s a busy thoroughfare. Nevertheless, other apartment buildings have been constructed on it in recent years, Tapper said.

The site’s seller is the Jochnowitz family through a company called Arfan Enterprises, city Finance Department records indicate.

That family name is likely to call forth nostalgia among old-time neighborhood residents.

Though we didn’t live in Brooklyn back then, we felt a stab of nostalgia when we found an article in an online copy of the Greenpoint Weekly Star from July 27, 1962 about Jochnowitz Furniture Store.

At that time, the shop, which was on Manhattan Avenue, was celebrating its 50th anniversary. Tempus fugit.

 

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