All Year Management Pays $61M for ‘Two in One’ Development Site
The purchase of 313-331 Bond St. calculated out to approximately $330-per-buildable-square-foot.
NEW YORK CITY—Brooklyn-based All Year Management has acquired a large development site involving seven tax parcels in the Gowanus section of Brooklyn for $61 million.
The purchase of 313-331 Bond St. calculated out to approximately $330-per-buildable-square-foot, according to Cushman & Wakefield, which expects the deal to eventually result in the development of a “substantial” mixed-use project at the site.
The site totals approximately 95,520 square feet and can accommodate 185,040 square feet of development. Cushman & Wakefield’s vice chairman Stephen Palmese, executive director Winfield Clifford, director James Berluti and associate director William Barrett represented the seller in the transaction.
“At 95,000 square feet, the site is so large, it’s essentially two-in-one,” says C&W’s 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.”
The Gowanus neighborhood is 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, C&W notes. As a result, several large-scale developments are surrounding the property and the area is also a major Brooklyn retail destination with tenants including Whole Foods, Dinosaur Bar-B-Que and Ample Hills Creamery.
Gowanus continues to attract developer interest, particularly in light of anticipated rezoning of the area, Clifford notes. The two-acre development site, which is located in the Upper Canal sub-area “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,” he adds.