Cushman & Wakefield announced today that the firm has arranged the sale of 313-331 Bond Street, a 185,040 buildable square-foot development site located in the Gowanus neighborhood of Brooklyn. The final closing price was $61 million, equating to $330 per buildable square foot.
Cushman & Wakefield’s Vice Chairman Stephen Palmese, Executive Director Winfield Clifford, Director James Berluti and Associate Director William Barrett led the marketing efforts on behalf of the seller. All Year Management purchased the property.
“At 95,000 square feet, the site is so large, it’s essentially two-in-one,” said Vice Chairman Stephen Palmese. “With one half, the developer can build an office and retail building today, then if/when the zoning changes, residential can be built on the other side.”
“Gowanus continues to attract developers seeking large footprint development sites in anticipation of the neighborhood’s rezoning,” saysExecutive Director Winfield Clifford. “Located within the Upper Canal sub-area of the Department of City Planning’s framework, 313-331 Bond Street, a two-acre parcel with 360 feet of frontage along the Gowanus Canal, will likely benefit from an increase in density as well as a change in use. We can expect a significant mixed-use project as a result of this sale.”
The development site spans approximately 95,520 square-feet and is comprised of seven tax lots. The property features 360 feet of frontage along the Gowanus Canal, in addition to over 410 feet of frontage along Carroll and Bond Streets. 313-331 Bond Street is located in an M2-1 zone benefiting from a 2.00 FAR, yielding approximately 185,040 buildable square feet as-of-right.
The Gowanus submarket has emerged as one of the most sought-after areas of the city due to its untapped development potential and proximity to established Brooklyn neighborhoods including Park Slope and Downtown Brooklyn. As a result, several large-scale developments are surrounding the property. The area is also a major Brooklyn retail destination with tenants including Whole Foods, Dinosaur Bar-B-Que and Ample Hills Creamery.
313-331 Bond Street is conveniently located three blocks from three different subway lines, providing connectivity throughout New York City and a direct commute to Brooklyn and Manhattan’s primary business districts.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
