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Oleg Pavlov and Seth Schumer’s Quadrum Global has put a 1.5-acre waterfront site at Greenpoint’s 1 Huron St on the market for $60M.
The site currently houses a two-story, 78k SF vacant warehouse which, if demolished, would allow for 180k SF of residential development. This could increase to 330k SF if a developer seeks rezoning under the Mandatory Inclusionary Housing policy, Crain's reports.
The area has seen considerable residential development recently, including Mack Real Estate Group and Palin Enterprises’ 29-story 10 Huron St, Park Tower Group and L + M Development’s three affordable towers, Park Tower and Brookfield Property Partners two rental towers, and the 22-acre, 5,500-unit Greenpoint Landing.
The London-based developers have hired Cushman & Wakefield’s James Nelson, Mitchell Levine and Brendan Maddigan to sell the property.
The recent residential development wave has inspired fears of a potential glut, but James told Crain’s available parcels are increasingly hard to come by in Greenpoint, and he believes interest will be strong.
Mitchell added the site’s large footprint could allow for parking spaces or a private park, while Brendan said there could also be ground-floor retail, especially with foot traffic set to explode in the next few years. [Crain's]
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