The Real Deal New York

Chetrit grabs Brooklyn development site for $25M

By Adam Fusfeld | April 12, 2012 06:30PM

The Chetrit Group has acquired a residential development site in Greenpoint for $25 million, according to property records filed with the city today.

The site, at 77 Commercial Street between Manhattan Avenue and Franklin Street and near the Queens border, is currently home to a 95,000-square-foot warehouse. Thanks to the 2005 Brooklyn waterfront rezoning, the site is zoned for residential building and can be built to at least 271,499 square feet, according to Massey Knakal Realty Services, which listed the property on behalf of seller New York Community Bank.

The building could reach up to 307,250 square feet if affordable housing is included in the development and up to 618,339 square feet if the Chetrit Group purchases air rights from an adjacent parcel the city is converting into a public park, which will be called Greenpoint Playground.

Massey Knakal Chairman Robert Knakal, who, along with Mark Lively, vice president of sales at the firm, negotiated the deal, confirmed that the Chetrits were planning a residential development but was unsure of whether it would be a rental development or condominium.

“We were very pleased with the price we were able to get,” Knakal said of the $92.50 per buildable square foot purchasing price. “It’s indicative of the interest there is for these types of developable properties.” The deal closed March 29.

The site has more than 230 feet of frontage along the water, but is “certainly not the most centrally located” site in Brooklyn, Knakal said of its placement near the Queens border.

The Chetrit Group could not be reached for comment.

  • Xprop

    Did anyone tell them that the Newtown Creek, on which it sits, is a toxic site and won’t be cleaned for another 20 years? What gives?