Eastern Consolidated Markets Prime Greenpoint Development Site for $4 Million
Billy Gray April 11, 2013, 1:34 p.m.
Eastern Consolidated Director Gabriel Saffioti, Executive Managing Director David Schechtman and Director of Financial Services Gary Meese are marketing a $4 million, 5,500-square-foot residential parcel at 170-174 West Street in Greenpoint, The Commercial Observer has learned.
The property allows for roughly 18,810 square feet of buildable space between three tax lots. It also includes a 3,960-square-foot inclusionary housing certificate from the Department of Housing Preservation and Development. Mr. Saffioti said the buildings would likely rise five or six stories and include either 18 or 21 units with rents at $55 per square foot.
“These will be family-style rental units rather than studios and one-bedrooms, and ideal for a community priced out of Williamsburg,” Mr. Saffioti said. He added that the typical unit would be about 1,000 square feet.
While there are no plans for ground floor retail at the property, Mr. Saffioti emphasized the proximity of Greenpoint’s growing collection of stylish restaurants, bars and boutiques. “The great thing with this site is being near terrific food and shopping,” he said, citing the eatery Anella and Dandelion Wines as standouts.
The parcel is one block from the Greenpoint waterfront, which has been poised for dramatic change since a 2005 rezoning. For now though, the low-key Greenpoint has a unique appeal to multifamily dwellers.
As Mr. Saffioti said, “It’s much more local than Williamsburg.”