Currently home to a series of vacant warehouses and empty lots, the site at 580 Union Ave. encompasses approximately one-half a city block and features frontage on Frost, Union and Richardson streets. Locally based Kalmon Dolgin Affiliates' Bob Klein arranged the sale.

[IMGCAP(2)]Klein tells GlobeSt.com that "pricing for top-quality development parcels in Greenpoint have grown at a steady rate in the last two to three years, with little fluctuation. The sale of 580 Union Ave. was an all-cash transaction and offered both the buyer and the seller a great value." Klein continues that the site itself was a rare find because it features three-street frontage. "The transaction price will amortize relatively quickly, as this is a luxury rental development and will eventually offer an influx of rental income."

[IMGCAP(3)]Klein tells GlobeSt.com that Greenpoint is one of the most attractive neighborhoods in Brooklyn because of its close proximity to the city--only one stop on the subway--and because it is close to the bridges and tunnels. "From developments in its infrastructure, public venues such as Mayor Bloomberg's personal contributions to the development of McCarren Park Pool, this is a young neighborhood and people want to be here."

Neil Dolgin of Kalmon Dolgin Affiliates tells GlobeSt.com that there is a young, hip crowd on the rise here, making this area perfect for a rental development. "The sale of 580 Union Ave. represents an upswing in the rental market and the continued success of west Brooklyn, and an incredible opportunity for both the buyer and the seller."

The property was never on the market. Dolgin notes that the seller had prepared the site for sale perfectly by finalizing all approvals, cleaning up the location, demolishing existing warehouses and making it easy for the buyer to take advantage of the 421a tax advantage. "To construct this site from pilings to completed form is an involved process and the buyer sought to undertake the actual development of this luxury property."

The buyers retooled plans to fit their goals, Klein says. The buyer was attracted not only to the location of the property, but most of all, because "the sellers had engineering, environmental and MTA approvals. Since the 'G' subway line runs in front of this building, this would have required more wait-time had the sellers not completed all necessary steps before building. Having these approvals in place made for a seamless closing."