Massey Knakal Retained Exclusively To Sell Mixed-Use Development Site in Greenpoint
Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 1026-1030 Manhattan Avenue. The property is located between Freeman Street and Green Street in Brooklyn’s Greenpoint neighborhood. The asking price is $5,250,000.
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.
This offering is ideal for a developer looking to take advantage of various tax-saving incentive programs. One option is to improve the current structure and likely receive the benefit of a 15-year J-51 tax exemption. A second option is to tear down and rebuild under the inclusionary program, in which case there is a possibility to receive the benefit of a 25-year 421a tax exemption. Lastly, the ICAP tax exemption may be possible for any commercial portion of new development.
“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 Massey Knakal’s Stephen P. Palmese, who is exclusively marketing this property with Mark L. Lively and Brendan T. Maddigan. “Brooklyn’s Greenpoint neighborhood has over 5,000 new residential units in line for development, which will contribute to the overall dynamic of the neighborhood and increase the demand of properties with a retail component,” said Brendan Maddigan.