Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Four Lots In Gowanus/Park Slope

11/07/2012

A portfolio consisting of four lots at 645-651 Union Streetlocated between Third and Fourth Avenues on the border of Brooklyn’s Gowanus and Park Slope neighborhoods, was sold in an all-cash transaction valued at $2,500,000.

The site contains approximately 19,000 buildable square feet. The sale price equates to $132 per buildable square foot.

Greenwich Street Equities purchased the property in a joint venture with Kuzari Group. They will develop the parcel into an 82-room boutique hotel, with a sizable food and beveragecomponent. The group aims to begin construction by early spring 2013.

“This seller achieved a strong price for this rapidly developing Gowanus location,” said Massey Knakal Senior Vice President of Sales Kenneth S. Freeman, who exclusively handled this transaction.  “Brooklyn hotel development has bounced back strongly since the recession,” he 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 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

11/06/2012 - 17:31

Source

Cushman & Wakefield Capital Markets Group New York

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