Brooklyn Waterfront Development Site at 77 Commercial Street Sells for $25M in Greenpoint

Successful Sale of 77 Commercial Street in Greenpoint, Brooklyn

In 2012, Bob Knakal and his team successfully facilitated the sale of a significant development site at 77 Commercial Street in Greenpoint, Brooklyn. The property, offering approximately 618,339 buildable square feet, was sold for $25,000,000, marking one of the highest-priced per buildable square foot transactions in the neighborhood at that time.

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Sale Details

The property at 77 Commercial Street, located on the north side of Commercial Street between Manhattan Avenue and Franklin Street, presented a prime development opportunity. Despite challenges, including a holdover tenant and limited financing options for development during that period, Bob Knakal's strategic approach led to a successful transaction.

Sale Price: $25,000,000
Seller: New York Community Bank (represented by Thomas Zammit)
Buyer: The Chetrit Group
Seller Type: Institution, Bank
Property Type: Development Site
Sale Date: March 29, 2012

Property Details

The site encompassed approximately 618,339 buildable square feet, with over 230 feet of frontage along the waterfront, offering unobstructed views of Midtown Manhattan upon development. Its proximity to the 7 train, just one stop from Grand Central Terminal, added to its appeal.

Full Address: 77 Commercial Street, Brooklyn, NY 11222
Zoning: Residential (following the 2005 rezoning)
Lot Size: Approximately 300,000 buildable square feet

The Client: New York Community Bank Seeking Real Estate Expertise

New York Community Bank, represented by Thomas Zammit, owned the property at 77 Commercial Street. Facing challenges such as a holdover tenant and a sluggish economy with limited development financing, the bank sought Bob Knakal's expertise to navigate the complexities of the sale.

Market Strategy and Leverage

Bob Knakal and his team targeted top residential developers active within the five boroughs, highlighting the property's potential to become one of the largest residential sites in Brooklyn. They emphasized the 2005 zoning change, which allowed for residential development along the waterfront, and showcased the site's extensive frontage and potential views of Midtown Manhattan.

Neighborhood Overview

Location: Greenpoint, Brooklyn
Nearby Attractions: Waterfront with views of Midtown Manhattan
Transportation: Close proximity to the 7 train, one stop from Grand Central Terminal
Development Appeal: Undergoing a local renaissance due to the 2005 zoning change allowing residential development along the waterfront

Conclusion

The sale of 77 Commercial Street underscores Bob Knakal's ability to overcome market challenges and secure favorable outcomes for clients. By leveraging market insights and strategic positioning, he facilitated a transaction that met the bank's needs, achieving a notable price per buildable square foot in the Greenpoint neighborhood.

Testimonial

"Bob Knakal and his team were able to find the right buyer for us within an extremely short time frame. Their knowledge of the local market and ability to reach the most logical parties very quickly enabled us to secure a sale that met all of the bank’s needs."