Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, presented exclusively for sale a retail and commercial property ripe for development, located in the Greenpoint neighborhood of Brooklyn, NY for $11 million. Senior Executive Managing Director, David Schechtman, and Managing Directors, Lipa Lieberman and Abie Kassin, are representing the seller in this transaction.
144-150 Greenpoint Avenue consists of two contiguous buildings on a 7,600 square foot lot. Rising two stories, the retail property spans 12,000 square feet and offers 22,800 total buildable square feet, presenting investors with a prime opportunity to reposition a unique asset of scale with a clear path to vacancy in the heart of the Greenpoint Historic District. Situated just steps from the G train at the Greenpoint Avenue station, the property features 80 feet of valuable retail frontage at one of the flourishing neighborhood’s busiest intersections at Manhattan Avenue. The site benefits from flexible C4-3A (R6A) zoning that permits for a variety of uses, including repositioning the existing asset or designing a new building that capitalizes on the property’s significant development rights.
Situated on the northernmost point in Brooklyn, Greenpoint is a thriving residential enclave. The area saw a flurry of development in the late 19th century with shipping factories popping up along the East River and experienced an influx of European immigrants in the late 1800s and early 1900s, predominantly from Poland, thus becoming known as “Little Poland” to many. Today, Greenpoint is emerging as a leader in Brooklyn’s burgeoning art scene. 144-150 Greenpoint Avenue benefits from its close proximity to a variety of shopping and dining options, including trendy restaurants such as Oxomoco, Esme, Di An Di, and Chez Ma Tante.
“This is a very rare and valuable offering thanks to the property’s rare 80 feet of frontage along prime Greenpoint Avenue and the ability for vacant possession,” said Mr. Lieberman. “The fact that the site offers 22,800 square feet ripe for a user or redevelopment priced in line with market expectations makes the property even more desirable.”