Realterm Acquires Industrial Development Site In Greenpoint, Brooklyn For $70M

The industrial/development property located at 512 Gardner Avenue in Greenpoint, Brooklyn has been sold for a total of $70,000,000. This transaction took place on October 11, 2021, and was represented by Stephen R. Preuss SR, Larry Casey, and Frank Liggio.

Summary of transaction details

• Property Type: Industrial / Development
• Sale Price: $70,000,000
• Address: 512 Gardner Avenue, Greenpoint, Brooklyn
• Market: Greenpoint, Brooklyn
• Asset Type: Industrial / Development
• Acreage: 5 acres

The buyer in this transaction is Realterm, represented by Derek Fish and Ben Andreycak. The property is a last-mile distribution center and truck terminal, making it an attractive investment opportunity. It sits on approximately 197,188 square feet of land, with a price per lot square foot of $355. Additionally, the property has a total of 52 cross doors, with a price per door of $1.35 million.

Notably, the property is situated in an Opportunity Zone Development Site and is zoned as M3-1. This further enhances its appeal as a valuable and versatile investment. With a sale price of $70,000,000 and a building square footage of 394,376, the price per buildable square foot is $178.

Note from the seller's representative: This property offers excellent potential for industrial development, with its 5 acres of land and prime location in Greenpoint, Brooklyn. The price per acre is $15.55 million, further highlighting the substantial value of this transaction.