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Meridian Closes on Record-Setting Greenpoint Development Site Sale 

Meridian’s David Ravvin, Amit Doshi and Shallini Mehra recently closed on the sale of 15 Clay St., a single-story vacant building, and 56 Commercial St., a vacant lot, in Brooklyn. The two properties comprise a 17,000-buildable-square-foot development site in the Greenpoint neighborhood. The properties traded for $5.8 million, or $339 per buildable square foot, a new record. 

“Despite market constraints such as the end of 421a, higher interest rates and supply chain issues, we had three competing bids in a matter of days of marketing this asset,” said Ravvin. “From start to finish, the entire transaction took less than 45 days to close.”  

Doshi added, “For the purchaser, it was a perfect site providing critical mass to their adjacent site, plus additional light and air. Not buying this site was not an option.”  

Meridian Investment Sales represented both the seller, Greenpoint Development Group LLC, and the purchaser, Rimani Realty LLC. 


Inside The Story

Meridian Investment Sales

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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