NEW YORK, February, 28, 2017 – On behalf of private investors, Cushman & Wakefield has sold a development site at 233 Butler Street, located between Bond and Nevins Streets, in Gowanus, Brooklyn. The all-cash transaction was valued at $9,500,000 or approximately $300 per buildable square foot. Cushman & Wakefield’s Winfield Clifford, Senior Director, and his sales team exclusively handled the deal.
“233 Butler Street, situated at the northern most point of the Gowanus Canal, was once the home to the original ASPCA (American Society for the Prevention of Cruelty to Animals) building. Most recently it was owner occupied and purchased by a Manhattan-based developer who will be bringing a unique retail concept to the property,” said Clifford.
The site measures approximately 159’ by 100’ and possesses an M1-2 zoning designation which allows for commercial development of 31,800 square feet. It is currently improved by a two-story 13,447-square-foot renaissance revival structure, which was once home to the Brooklyn headquarters for the ASPCA. A majority of the land was delivered vacant upon the sale while 5,400 square feet will remain leased until September 2017.
Since the 1870s, Gowanus has served as one of the city’s most active industrial and manufacturing hubs, leading to decades of pollution and toxic buildup. After a national initiative was announced to clean-up the area in 2010, Gowanus experienced rapid growth and revitalization, attracting various manufacturing, arts, dining, and retail tenants. Mid-market and luxury residential projects broke ground soon after including 363 Bond Street, 465 Pacific Street, 489 Baltic Street and 225 4th Avenue among other projects.
“At approximately $300 per buildable, this sale reflects the continued demand for commercial M-zoned development sites in the Gowanus area,” added Clifford.
233 Butler Street is ideally within walking distance to the Barclay’s Center and MTA’s Atlantic Terminal which offers access to over nine subway lines (2,3,4,5,N,Q,R,B,D) and the Long Island Rail Road. The site is also in close proximity to the F and G trains at Bergen Street and Carroll Street.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.