Large Vinegar Hill development site sells for $25M

Buyer hopes to attract major national retailers

TRD New York /
Feb.February 14, 2013 09:00 AM

A large development site in Brooklyn’s Vinegar Hill neighborhood has sold for $25 million and is likely to attract major national retailers, the New York Observer reported.

The site, located at 39-53 Jay Street, currently holds a three-story, 80,000-square-foot manufacturing property. “This site has the largest footprint in Vinegar Hill, and possibly in all of the greater Downtown Brooklyn market,” Stephen Palmese, the director of sales at Massey Knakal and the exclusive broker on the transaction, told the Observer. “The ability to offer big box retail could really change the landscape.”

Palmese declined to name the buyer, but said that he had so far been focusing his resources on projects in Williamsburg. Few years ago, a rezoning changed Vinegar Hill from a strictly manufacturing area into a retail/residential hybrid, paving the way for large-scale development. Other projects in the area include a Massey Knakal-marketed rental building at 99 Gold Street, as The Real Deal previously reported.

The buyer is hoping to lure retailers such as Whole Foods, Crate & Barrel or a range of “medium boxers” of that level, Palmese told the Observer, thus advancing the gentrification in the neighborhood, which is close to DUMBO and the Brooklyn Bridge Park. [NYO]  –Hiten Samtani


Related Articles

arrow_forward_ios
Paul Massey leases Bryant Park space for new brokerage

Paul Massey leases Bryant Park space for new brokerage

National Cheat Sheet: Zillow plans to file for a $650M public offering … & more

National Cheat Sheet: Zillow plans to file for a $650M public offering … & more

Paul Massey working on building new brokerage

Paul Massey working on building new brokerage

Bob Knakal renegotiates Cushman contract to shorten it by nearly 2 years

Bob Knakal renegotiates Cushman contract to shorten it by nearly 2 years

Bob Knakal (credit: Young Men's and Women's Real Estate Association)

Bob Knakal on how to win friends and succeed in real estate

Paul Massey would model mayoral campaign on Massey Knakal territory system

Paul Massey would model mayoral campaign on Massey Knakal territory system

What does the wave of M&As mean for the market?

What does the wave of M&As mean for the market?

Former St. Luke’s hospital site sells for $29M

Former St. Luke’s hospital site sells for $29M

arrow_forward_ios
Loading...