Meridian Closes on Record-Setting Greenpoint Development Site Sale

Meridian’s David Ravvin, Amit Doshi and Shallini Mehra recently closed on the sale of 15 Clay St., a single-story vacant building, and 56 Commercial St., a vacant lot, in Brooklyn. The two properties comprise a 17,000-buildable-square-foot development site in the Greenpoint neighborhood. The properties traded for $5.8 million, or $339 per buildable square foot, a new record. 

“Despite market constraints such as the end of 421a, higher interest rates and supply chain issues, we had three competing bids in a matter of days of marketing this asset,” said Ravvin. “From start to finish, the entire transaction took less than 45 days to close.”.  

Doshi added, “For the purchaser, it was a perfect site providing critical mass to their adjacent site, plus additional light and air. Not buying this site was not an option.”  

Meridian Investment Sales represented both the seller, Greenpoint Development Group LLC, and the purchaser, Rimani Realty LLC.