BROOKLYN—Massey Knakal has sold a waterfront development site at 77 Commercial Street, located on the north side of Commercial Street between Manhattan Avenue and Franklin Street, in Greenpoint, Brooklyn, in a transaction valued at $25 million.

The site has over 230 ft. of frontage along the water, unobstructed views of midtown Manhattan, and is located one stop away from Grand Central Station on the 7 train. New development is already in the works surrounding the property. The new development, formerly the Greenpoint Lumber Exchange, will be developed into 10 luxury high-rise apartment buildings totaling approximately 4,000 units.

Greenpoint is a neighborhood that is currently undergoing a local renaissance, mainly due to the 2005 zoning change which now allows for residential development along the waterfront. The site lies in the midst of this rezoning and has the potential to be a 271,499-307,250 sq. ft. residential waterfront development site. In addition, approximately 311,078 sq. ft. of air-rights are available from the adjacent parcel (Lot 425) which the City of NY will be converting into a public park. The site, therefore, has a potential to add buildable square footage.