Tuesday, May 12, 2015

More of Same

Owners of a large parcel on 24th Street (291-301, between Fourth & Fifth) are "awaiting proposals."

The properties make up a 120' x 100' R6B development site.

Recent real estate development in the area has brought an influx of luxury condominium apartments and strong retail into a residential area that was mainly made up of 1- and 2-family homes. Residential rents for new construction buildings in Greenwood Heights are projected at $55/SF and the lack of condo inventory create a surge in condo pricing over the past year with recent pricing reaching above the $950-$1,050/SF mark, and still trending upward. 

This site is directly across the street from an area that is zoned M1-1D for 4 blocks. The unobstructed view from this vantage point on the hill would be a big benefit on the long term value of high end condo or apartment development. A well-designed building with lots of glass, balconies with great light and air, etc., would have a commanding view of Sunset Park, Greenwood Heights, and the Bay.
(Massey Knakal)*

Included here is the Triangle Preserves Co. Building (see The Jelly Factory).

*Massey Knakal, was acquired by Cushman Wakefield in late '14 for $100 million..  The Real Deal reported yesterday that Cushman Wakefield has just been bought by commercial real estate firm DTZ, for a modest two billion dollars.

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