Cushman & Wakefield Sells Development Site in Greenpoint
A development site at 45-49 Newel Street, located between Nassau and Driggs Avenues in Brooklyn’s Greenpoint neighborhood, was sold in an all-cash transaction valued at $4,200,000.
The site consists of a brick, multistory building on an approximately 64.25’ x 100’ lot. It holds approximately 12,850 buildable square feet for a residentially zoned building. The sale price equates to approximately $327 per buildable square foot.
The property is centrally located less than four blocks from the Nassau Avenue G train station and five blocks from McCarren Park.
“This development site is located on a quiet street in Greenpoint, ideal for new residential development,” said Cushman & Wakefield’s Brendan Maddigan, who exclusively handled this transaction. “We were able to find a buyer at a top price who would also give our client a flexible closing period of nine months so he could facilitate an exchange,” he continued.