Sections

Big price paid for little plot

The Brooklyn Paper
Share on TwitterTweet
Share on Facebook
Subscribe

Don’t miss our updates:

It doesn’t look like much, but this little factory at the corner of Meserole and Leonard streets just sold for $5,075,000.

Here’s why: The building sits on a 200-by 100-foot lot that is already zoned as residential, meaning that developers were salivating.

But an auto body shop ended up with the site, said broker Mark Lively of the Massey Knakal realty giant.

“There was considerable interest from developers, which drove up the price,” Lively said. “But the buyer would like to put an auto repair shop.”

Of course, when he bores of banging out fenders, he’ll consider inflating his own tires.

“The body shop is a short-term use,” Lively said. “Down the road — we’re talking five or 10 years — he’ll probably sell to a developer.”

The area remains a mix of industrial and residential uses — and if it leans more towards housing, the site would only go up in value.

“It’s not as hot as the north side of Williamsburg, but there are condos going up,” Lively said. “And it is fairly close to the Montrose L train.”

Updated 4:00 pm, November 10, 2010
Today’s news:
Share on TwitterTweet
Share on Facebook
Subscribe

Don’t miss our updates:


Reasonable discourse

Comments closed.

First name
Last name
Your neighborhood
Email address
Daytime phone

Your letter must be signed and include all of the information requested above. (Only your name and neighborhood are published with the letter.) Letters should be as brief as possible; while they may discuss any topic of interest to our readers, priority will be given to letters that relate to stories covered by The Brooklyn Paper.

Letters will be edited at the sole discretion of the editor, may be published in whole or part in any media, and upon publication become the property of The Brooklyn Paper. The earlier in the week you send your letter, the better.

Keep it local!

Stay in touch with your community. Subscribe to our free newsletter: