September 15, 2017
Condo developers are still busy in Brooklyn — one just paid $5.9 million for a site in Brooklyn’s Greenpoint neighborhood.
The parcel at 91-93 and 95 Diamond St. is zoned for residential, with 15,000 square feet of buildable space under the current zoning. That works out to a price of $390 per buildable square foot.
“91-95 Diamond Street presented a rare opportunity for a developer to obtain sizeable footage in a highly sought-after neighborhood,” said Daniel Tropp, director at Ariel Property Advisors, which represented the seller and procured the buyer.
Condominiums in Greenpoint now sell at prices above $1,400-per-square-foot. Recent projects include Greenpoint Landing, 161 West Street, and Gibralter Condominiums. However, the flood of new construction has not overwhelmed the market. “Demand in the Greenpoint condominium market has outpaced new supply in recent years,” said Tropp.
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