240 Gold St. aerial map/ Image provided by Avison Young
NEW YORK CITY—Brooklyn continues to show signs of being a hot investment as Bruman Realty closed on its purchase of 240 Gold St. in Downtown Brooklyn. The Dumbo (short for Down Under the Manhattan Bridge Overpass) lot comprises 26,916 square feet of ground space with a projected 193,258 square feet of zoning floor area for residential development. A McDonald's fast-food chain and a parking lot formerly occupied the space.
The seller, 240 Gold Street Realty Holdings, LLC, received $60 million for the vacant development site. Avison Young's Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley represented the seller. Bruman Realty is the parent company of the buyer, a single purpose entity with the name Gold Street Realty Holdings, LLC, which has a very similar yet different name from the seller.
In July 2018, the Real Deal had reported that Bruman Realty entered a contract in late 2017 to buy the sites 169 Tillary, 236 Gold St. and 240 Gold St. for $55 million.
“This is an extremely attractive development site with great visibility in one of the most highly desirable markets in New York City,” says Carrega. “There was strong interest in this property as soon as we brought it to market, as the Downtown Brooklyn area continues to attract smart investors looking to tap into the region's growth.” He adds that the price of $311 per square foot illustrates the continued strength and appeal of Brooklyn and the strong interest among the residential development community.
Downtown Brooklyn is the third largest central business district in New York City, according to Avison Young.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
