Massey Knakal Sells Development Site In Gowanus
A development site at 450-482 Union Street, located on the corner of Union and Bond Streets with block-through exposure to the Gowanus Canal in Brooklyn’s Gowanus neighborhood, was sold in an all-cash transaction valued at $12,300,000.
The site contains approximately 28,500 square feet on a 100’ x 300’ lot. It benefits from approximately 80 feet of frontage along Bond Street, 100 feet along the Gowanus Canal and 300 feet along Union Street. The site, currently improved by an approximately 9,880-square foot warehouse, is zoned M2-1 and benefits from approximately 57,000 square feet of as-of-right development. The sale price equates to approximately $216 per buildable square foot.
“South of Atlantic Avenue, Union Street is the only corridor that provides access to Prospect Park from the Columbia Waterfront. It is poised to become a destination for major retail tenants,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction with Winfield Clifford. “Land pricing in Gowanus continues to improve for sellers as the market gets comfortable with the strength in commercial rents and the anticipation for the potential rezoning of the surrounding area continues,” said Clifford.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 5,000 transactions having a market value in excess of $21 billion.