Former fuel oil terminal hits market in Gravesend

Allegretti family asking $2.2M annual ground lease

New York /
May.May 11, 2022 09:45 AM
1776 Shore Parkway in Gravesend (JLL)

1776 Shore Parkway in Gravesend (JLL)

A sizable industrial site could gas up the commercial real estate market in South Brooklyn.

One of the fuel oil terminals formerly owned and operated by the Bayside Fuel Oil Depot Corporation in Gravesend has hit the market, the Commercial Observer reported. Instead of a traditional sale, the brokers are aiming to ground lease the property for either 49 or 99 years.

The 2.5-acre property at 1776 Shore Parkway includes a two-story building and several fuel oil tanks. It has 14 acres of deeded water rights, which extend out into Gravesend Bay. The asking price of the 110,000-square-foot parcel is $2.25 million per year, or $20 per square foot.

A JLL capital markets team including Michael Mazzara and Brendan Maddigan are marketing the property on behalf of the Allegretti family.

The site is already zoned for industrial and commercial use and the zoning allows for up to 870,000 square feet of industrial, retail or office development.

The site, which is located next to Caesar’s Bay mall and right off the Belt Parkway, also has waterfront access.

The terminal has served as a hub for trucks and barges, which filled up on heating oil at the site.

The site does have controversy in its past. Bklyner reported in 2017 an estimated 27,000 gallons of heating oil spilled into Gravesend Bay, requiring a response team to rush in to contain the spill and vacuum up oiled water.

The heating oil distributor and wholesaler opened its headquarters terminal at the site in 1984, according to the outlet. In 2015, the company sold its Gowanus Canal terminal, which became part of the state’s Brownfield Cleanup Program.

[CO] — Holden Walter-Warner





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