NEW YORK, NY – August 17, 2018 – Ariel Property Advisors has been exclusively retained to sell 173-175 McGuinness Boulevard, a development site in the highly sought-after Brooklyn neighborhood of Greenpoint. The asking price for the favorably zoned property is $5.4 million.
The 50’ x 100’ (irregular) site is situated in an Inclusionary Housing Zone, between Meserole Avenue and Calyer Street. Zoned R7A, the property’s 3.45 FAR allows 15,094 buildable square feet, as-of-right, for residential use, or 20,125 for Inclusionary Housing. The site will be delivered vacant.
Exclusive agents Daniel Tropp, Sean R. Kelly, and Alexander McGee are representing the owner.
In addition to its proximity to the G train – which will benefit from increased service and additional cars during the shutdown of the L-train in 2019 – the property is also walking distance to many popular neighborhood destinations, such as the Greenpoint Avenue and Manhattan Avenue retail corridors, Cafe Grumpy, and McCarren Park.
Greenpoint is an increasingly popular neighborhood and as a result, the rental and condominium markets have experienced strong growth in recent years. The asset offers developers an opportunity to develop on a site with higher density zoning than a typical Greenpoint development opportunity.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.