$6M for Greenpoint Development Site

More big buildings are coming to Brooklyn’s Greenpoint neighborhood. A private developer planning a mix-used project paid $6 million for a 100-foot by 98-foot development site.

“The development market is behaving more cautiously, but we were able to achieve $387-per-buildable-square-foot for an irregular lot, which was near a record-setting price for the Greenpoint submarket,” said Matthew Steinberg, investment sales associate for for M&M, which marketed the property.

“The sale of 52 Commercial Street shows that despite a challenging land asset marketplace and limited construction financing options available, our team was able to procure a buyer for a competitive price per buildable square foot,” adds Shaun Riney, commercial real estate investment professional for M&M.

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