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.

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[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."

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[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."

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Neil Dolgin of Kalmon Dolgin Affiliates tells GlobeSt.com thatthere is a young, hip crowd on the rise here, making this areaperfect for a rental development. "The sale of 580 Union Ave.represents an upswing in the rental market and the continuedsuccess of west Brooklyn, and an incredible opportunity for boththe buyer and the seller."

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The property was never on the market. Dolgin notes that theseller had prepared the site for sale perfectly by finalizing allapprovals, cleaning up the location, demolishing existingwarehouses and making it easy for the buyer to take advantage ofthe 421a tax advantage. "To construct this site from pilings tocompleted form is an involved process and the buyer sought toundertake the actual development of this luxury property."

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The buyers retooled plans to fit their goals, Klein says. Thebuyer was attracted not only to the location of the property, butmost of all, because "the sellers had engineering, environmentaland MTA approvals. Since the 'G' subway line runs in front of thisbuilding, this would have required more wait-time had the sellersnot completed all necessary steps before building. Having theseapprovals in place made for a seamless closing."

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.