Cushman & Wakefield Sells Mixed-Use Development Site in Greenpoint
A development site at 1026-1030 Manhattan Avenue, located between Freeman Street and Green Street in Brooklyn’s Greenpoint neighborhood, was sold in an all-cash transaction valued at $5,000,000.
The site currently consists of a three-story mixed-use building with seven apartments and two retail stores. All of the units have short term leases, positioning the property to be a prime redevelopment site on a major retail corridor. The subject property contains two tax lots which combine for approximately 4,375 square feet with 50 feet of frontage on Manhattan Avenue. The site holds approximately 15,094 buildable square feet of mixed-use market rate development, or 20,125 buildable square feet under the inclusionary housing program.
“With 50 feet of frontage along Greenpoint’s major retail corridor and short-term leases in place, 1026-1030 Manhattan Avenue is well-positioned for redevelopment,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively handled this transaction with Brendan Maddigan. “Brooklyn’s Greenpoint neighborhood has over 8,000 new residential units in line for development, which buyers were excited about contributing to the overall dynamic of retail driven properties,” said Brendan Maddigan.