Massey Knakal Sells Development Site In Greenpoint
A development site at 555-557 Graham Avenue, located between Driggs and Engert Avenuesin Brooklyn’s Greenpoint neighborhood, was sold in an all-cash transaction valued at $2,900,000.
The site currently consists of a two-story, approximately 5,990 square foot brick building on a 48’ x 100’ lot. Zoned R6B, the site contains approximately 9,600 buildable square feet and was delivered vacant. The sale price equates to approximately $302 per buildable square foot.
“There was a considerable amount of interest in this Greenpoint development site, which is indicative of the strong demand for product in the neighborhood,” said Massey Knakal’s Mark L. Lively, who exclusively handled this transaction with Brendan T. Maddigan. “Multiple bids pushed the price per buildable square foot above $300, a record for Greenpoint,” Brendan added.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.