BROOKLYN—The CPEX Real Estate’s Development and Conversion Sales Team has arranged the sale of a landmark conversion/development site in Greenwood Heights, located at 750-751 5th Avenue in Brooklyn. The properties, situated on the southwest corner of 25th Street & 5th Avenue, were sold to Green-Wood Cemetery for $1.625 million in an all cash transaction.
The sale consisted of two properties on contiguous tax lots, totaling 7,500 sq. ft. of land. The landmarked greenhouse is approximately 2,500 sq. ft. and the adjacent property is a two-story building totaling approximately 4,000 sq. ft. and is not landmarked. Both properties are currently zoned M1-1D, allowing for multiple commercial uses as well as residential. The properties were delivered vacant at closing.
CPEX’s development and conversion sales team consisting of managing partner Brian T. Leary, managing director Sean R. Kelly Esq., and associate Cengiz A. Sendogdular represented McGovern Florist, the seller, in this transaction and procured the buyer, Green-Wood Cemetery.
The 19th century Victorian building, McGovern Weir Greenhouse was constructed in 1895 and was designated as a landmark in 1982. Located opposite the entrance to Green-Wood, the properties were utilized as a florist owned and operated by the McGovern family for multiple generations. Green-Wood plans on completing a landmarked renovation on the existing greenhouse to restore it to its original state. They will also further develop the adjacent property.
Green-Wood intends to have a multiple use facility completed by 2014. Green-Wood Cemetery consists of 478 acres of sprawling land and is registered as a national landmark. It is estimated that 300,000 plus tourists visit this attraction on an annual basis.