Currently home to a series of vacant warehouses and empty lots,the site at 580 Union Ave. encompasses approximately one-half acity block and features frontage on Frost, Union and Richardsonstreets. Locally based Kalmon Dolgin Affiliates' Bob Klein arrangedthe sale.

[IMGCAP(2)]Klein tells GlobeSt.com that "pricing for top-qualitydevelopment parcels in Greenpoint have grown at a steady rate inthe last two to three years, with little fluctuation. The sale of580 Union Ave. was an all-cash transaction and offered both thebuyer and the seller a great value." Klein continues that the siteitself was a rare find because it features three-street frontage."The transaction price will amortize relatively quickly, as this isa luxury rental development and will eventually offer an influx ofrental income."

[IMGCAP(3)]Klein tells GlobeSt.com that Greenpoint is one of themost attractive neighborhoods in Brooklyn because of its closeproximity to the city--only one stop on the subway--and because itis close to the bridges and tunnels. "From developments in itsinfrastructure, public venues such as Mayor Bloomberg's personalcontributions to the development of McCarren Park Pool, this is ayoung neighborhood and people want to be here."