The Real Deal New York

Resi developer nabs commercial Brooklyn site for $16M

Midwood Investment hasn't announced plans for 100,000 sf in Greenpoint
By Katherine Clarke | August 30, 2013 01:18PM

Midwood Investment & Development is expanding its footprint in Brooklyn, adding a 100,000-square-foot commercial lot to the three residential rental projects that it has under way.

The Park Avenue-based company paid $16 million for 55 Lombardy Street, in Greenpoint, public records show. New York-based Morgan Realty Enterprises had owned the property since 1980.The deal closed Aug. 1.

Almost half of the lot — 48,080 square feet — is taken up by a McDonald’s restaurant and the rest of the space is a parking lot. The property is zoned for manufacturing and commercial uses and can be built to only one story with a maximum 100,750 square feet, according to PropertyShark.

Midwood has not laid out its plans for the site, which is next to the Brooklyn Queens Expressway, and a company representative could not be reached immediately for comment; Morgan could not be reached.

Midwood is building three rental towers, at 285 Broadway and 282 South 5th Street in Williamsburg and 800 Union Street in Park Slope; the company also owns a 19-story office tower at 430 Park Avenue in Midtown.