Massey Knakal Sells Mixed-Use Development Site In Brooklyn
A mixed-use development siteat 350-356 Neptune Avenue located on the south side of Neptune Avenue between Brighton 1st Street and Brighton 3rd Street in Ocean Parkway, Brooklyn, was sold in an all-cash transaction valued at $5,000,000.
This property is a unique combination of four lots (95, 97, 218, 221) providing frontage on four streets. The largest lot (97) consists of two one-story buildings that are currently used as offices. Lots 95 and 218 consist of three one-story buildings while lot 221 has a two-family house. All of the buildings will be delivered vacant. There is a total buildable potential of approximately 73,640 square feet. The sale price equates to approximately $68 per buildable square foot.
The site is located just 200 feet from Ocean Parkway and within close proximity to Brighton Beach Avenue, Coney Island Avenue, and the Belt Parkway.
“The property's size and block-front situation attracted the attention of numerous local developers,” said Massey Knakal Director of Sales Brian Hanson, who exclusively handled this transaction. “The building's existing commercial use in a residential zone will likely allow the developer to incorporate retail or commercial offices where the zoning would not otherwise allow it. This realization allowed us to achieve a higher price,” added Hanson.
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.