Greenpoint Development Site Sells, Could Become Mixed-Use Rental Building

Investor Joseph Brunner closed Tuesday on an $18,000,000 deal in Greenpoint, The Real Deal reported. The seven-building development site includes 1050-66 Manhattan Avenue and 154 Eagle Street, totaling 57,000 square feet of buildable space.

Brunner plans to develop the site into a mixed-use rental building, according to The Real Deal. If that’s the case, the current 57,000 square feet of buildable space could increase to 74,000 square feet if he participates in the city’s inclusionary housing program.

This is a low-rise R7A zoning district, with buildings typically four to six stories, although taller setbacks are allowed.

Currently at the site is a hardware shop and furniture store run by the family of Howard Josephs, manager of Kajo Realty, the property’s seller.

Brunner is also developing large apartment buildings at 1134 Fulton Street in Bed Stuy and 10 Lexington Avenue in Clinton Hill.

Joseph Brunner Buys Again in North Brooklyn [TRD]
Photo by Christopher Bride for PropertyShark