The Real Deal New York

Yoel Goldman buying a large, contaminated Greenpoint site

Developer in contract on 10 waterfront parcels boasting 335K buildable sf
By Mark Maurer | April 24, 2018 02:55PM

2-36 Clay Street, 280 Franklin Street and 49-93 Dupont Street (Credit: Google Maps)

Yoel Goldman’s All Year Management is in contract to acquire a large development site along the Greenpoint waterfront, The Real Deal has learned.

The Brooklyn developer signed an agreement earlier this month to pay over $55 million for a 10-parcel site with about 335,000 buildable square feet at the northwestern edge of the borough, according to sources familiar with the property. The addresses are  2-36 Clay Street, 280 Franklin Street and 49-93 Dupont Street.

Goldman plans to execute a full environmental cleanup before proceeding with development: a residential-and-rental complex with two or more buildings, sources said.

The site, which belongs to a group of investors led by Bo Jin Zhu and Joseph Folkman, is slated to sell for about $165 per buildable square foot. It last traded hands in 2014 when Zhu paid $23.3 million for a majority stake, valuing it at $48.5 million.

The investors were considering building a mix of free-market and rent-stabilized apartments and a community facility space, but never commenced cleanup. Over the past few years, they put the site on and off the market for the past few years. At one point, sources said the asking price was as high as $95 million.

Ultimately, the site went into contract with no brokers involved, sources said.

There is now a cluster of one-, two- and three-story warehouses spanning 107,000 square feet on the site. The site has a floor-area ratio of 3.6, according to earlier marketing materials.

The site was also at the center of litigation involving Joseph Brunner, who had flipped the stake to Zhu in 2014, and investor Chaim Miller over an allegedly unpaid loan.

Goldman is one of Brooklyn’s most active developers, with projects such as the 1 million-square-foot Rheingold Brewery complex in Bushwick and a 28-story rental building at 436 Albee Square in Downtown Brooklyn under construction.

Representatives for All Year declined to comment. The sellers could not be immediately reached.

The north Brooklyn waterfront continues to see a bevy of development deals, including Brookfield Property Partners and Park Tower’s recent $137 million refinancing of its Greenpoint Landing megaproject and Rabsky Group’s $50 million acquisition of a 2.65-acre site at 500 Kent Avenue.