Investors Snap Up Brooklyn Mixed-Use Properties
- Jan 27, 2016
New York—Two mixed-use properties in Brooklyn have traded hands. The properties, in the Greenpoint and Clinton Hill neighborhoods of Brooklyn, sold for a total of $10.3 million.
In Greenpoint, a 10,394-square-foot, mixed-used building at 109-111 Franklin St. traded for $7.1 million, or about $683 per square foot. The four-story walk-up on the corner of Franklin Street and Greenpoint Avenue contains 16 units, 12 of which are rent stabilized, two-bedroom apartments and four are fully leased retail units. Jonathan Schwartz, a director in the investment sales division of Eastern Consolidated, represented both the seller, a long-time owner, and the buyer, an international investor, in the off-market deal.
New York City rezoned the Williamsburg/Greenpoint waterfront in 2005, paving the way for dozens of new residential projects. In Greenpoint, developers are planning Greenpoint Landing, which will create 5,500 apartments, nine acres of parkland, riverside walkways, and open spaces on 22 acres of waterfront property.
In Clinton Hill, a 3,762-square-foot mixed-use property at 507 Myrtle Ave. between Ryerson and Grand Aves. sold for $3.2 million, or $851 per square foot. The three-story building consists of two stores and four apartments, and offers a total of 10,000 buildable square feet for future development.
Akil Rossi, an associate director in the investment sales division of Eastern Consolidated, represented the seller, 507 Myrtle LLC, and procured the buyer, Klosed Properties, in the off-market transaction. “In the short-term, Klosed Properties plans to renovate the apartments as rentals to attract students from the Pratt Institute, which is a block away from the building,” Rossi said, noting that the property’s retail will benefit from the new developments in the area, including Madison Realty Capital’s planned 141-unit residential project across the street.