Heatherwood Buys Parcel for Residential Build

[IMGCAP(1)]BROOKLYN, NY-In a transaction valued at $20 million, McCarren Park LLC sold a 35,000-sf development parcel at 580 Union Ave. to Heatherwood Properties. Plans for the site, in the Greenpoint neighborhood of Brooklyn, include a six-story luxury residential rental property.

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.”