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New
York, 06/25/2010 - Former school turned Polish Legion hall bought for $12.3 million by developer who plans a residential conversion; development site nearby fetches $10 million.
Two separate sites in Greenpoint - a former public school and a development site totaling 127,500 square feet - have been sold for a total of $12.3 million.
In the first sale, condominium developer MDIM, LLC purchased the former site of PS 59 at 535 Leonard Street for $2.3 million. The developer plans to convert the two-story, 13,500 square foot property- which has two 2,500 square foot courtyards on either side - into a 18 unit condo building.
Joseph Nicholas of Kalmon Dolgin Affiliates represented both the seller, the Polish Legion of American Veterans, as well as MDIM in the sale. bill Richko and Ralf Mayer represented the seller and buyer in-house, respectively.
The building was used as a school before it was purchased by the Polish Legion. With the neighborhoods population rapidly changing, the buildings owners felt it was a good time to move on.
"Since Greenpoint was changing from a Polish neighborhood to a more ethnically mixed, younger neighborhood, the Leion thought it would be best to sell the property", said Kalmon Dolgin Executive Vice President Neil Dolgin.
The new owner hopes to begin construction on the site in early fall.
Kalmon Dolgin also arranged the sale of an 114,000 square foot development site at 365 Kingsland Avenue, also, in the area for $10 million. Mr. Dolgin, along with his colleagues Joseph Nicholas and Jean Cook, represented both seller Broadway Stages and buyer Kingsland 359 LLc in the sale.
The property features a 20,000 square foot building on a plot of 114,000 square feet zoned for industrial use. It was previously used for the parking and storing of trucks. The new owners who purchased the property plan to continue to use the site as a industrial sotrage facility.
"Hes a user, not a developer, " said Mr. Dolgin on the buyer. "He sotes his own trucks and lighting equipment for various businesses. He can use this for storage and profitable use. This was a perfect match for a user who was already in the area".
by: James Comtois |
