GOWANUS — A vacant lot, home of a former auto repair shop, at Fourth Avenue and Third Street in Gowanus sold to a Manhattan developer in a bidding war, according to Massey Knakal broker Kenneth Freeman, who represented the seller.

“This highly sought after corner commercial property resulted in an intense bidding war, driving the price well over the asking price,� said Freeman. “Subsequent discovery of environmental contamination resulted in the current sales price, with some ‘look-back’ provisions governing the price post clean-up.�

The developer paid $3.25 million for the site at 340 Fourth Ave. It is not known at this point what will become of the property.

“The purchasers insist they will not be able to determine the property’s use until the environmental clean-up of the site is concluded,� Freeman said.

The 10,000-square-foot property contains approximately 20,000 buildable square feet, according to Freeman, who notes that it sold for $162.50 per buildable square foot.

It is also adjacent to both Staples and Pep Boys stores and one block from the future Whole Foods market, so it has great potential, according to Freeman, who said, “All commercial uses are permitted with the exception of an amusement park facility.�

A check of Department of Buildings records reveals that a demolition application filed by the owner, identified as Joe Zafarani of 340 4th Avenue LLC, has been approved for the single-story structure on the site.

© Brooklyn Daily Eagle 2008
All materials posted on BrooklynEagle.com are protected by United States copyright law.
Just a reminder, though -- It’s not considered polite to paste the entire story on your blog. Most blogs post a summary or the first paragraph,( 40 words) then post a link to the rest of the story. That helps increase click-throughs for everyone, and minimizes copyright issues. So please keep posting, but not the entire article. arturc at att.net

Main Office 718 422 7400