Abandoned Factory in Ocean Hill Sells for $2.2 Million

A long-shuttered factory and lot at 1725 St Marks Avenue, between Eastern Parkway and East New York Avenue in Ocean Hill, sold for $2,200,000 last month, according to public records. That’s about twice what we would expect.

It’s a large lot, nearly 7,000 square feet, but the property has a FAR of 1 and is only zoned for manufacturing. (The existing building is 1.39 over FAR, also.) About a year ago, small residential lots in Ocean Hill on the other side of Atlantic were trading around $180 per square foot. This sale price works out to about $314 a square foot.

Prices have been rising all across the borough, of course, and this property sits right next to the boundaries of de Blasio’s proposed East New York rezoning plan. If that goes through, it will turn nearby commercial-only spaces into mixed-use residential and possibly add as many as 7,000 apartments in the area, as we reported last month.

Signatures on the deeds show the buyer is an LLC managed by local investor Zalmen Wagschal. GMAP

Image via Google Maps