A brownfield site with major environmental contamination was successfully sold in East New York, Brooklyn. The property, located at 221-241 Glenmore Avenue and 97-99 Snediker Avenue, was purchased for $9,500,000. The industrial asset spans a total of 43,830 square feet, resulting in a price per square foot of $217.

Summary of transation details

• Property Type: Industrial
• Transaction Amount: $9,500,000
• Address: 221-241 Glenmore Avenue & 97-99 Snediker Avenue
• Market: East New York, Brooklyn
• Square Footage: 43,830
• Price per Square Foot: $217

Rick Gropper was the buyer of the brownfield site, while Michael Bellovin acted as the seller. The transaction was facilitated by Jakub Nowak and Thomas Brennan, representatives from Marcus & Millichap. The brokers played a crucial role in negotiating the sale of the contaminated property, which would have otherwise been considered unsellable due to environmental concerns.

Despite the significant environmental contamination, Rick Gropper, the buyer, was willing and financially capable of handling the remediation costs, which exceeded $2 million. The negotiation process proceeded without the need for significant contract renegotiation, allowing the buyer to proceed with their plans for the site.

To learn more about the challenges involved in the sale of commercial properties or to consult with experts experienced in navigating similar transactions, interested parties may contact Jakub Nowak at 718-475-4353 or Thomas Brennan at 718-475-4326.