Invictus Property Advisors is pleased to announce the successful sale of 348 Van Brunt Street in Red Hook, Brooklyn for $1,800,000, equating to approximately $212 per Residential Buildable Square Foot based on 8,500 residential BSF.
The property presented a unique redevelopment opportunity along one of Red Hook's primary commercial corridors. As a Qualifying Residential Site under New York City's City of Yes for Housing Opportunity zoning reforms, the purchaser has the ability to increase the site's allowable density by incorporating ground-floor commercial space, significantly enhancing the property's development potential.
The transaction attracted strong interest from developers seeking to capitalize on Red Hook's continued evolution, driven by ongoing public and private investment throughout the neighborhood. The property is located just blocks from the 122-acre Brooklyn Marine Terminal Transformation, a long-term redevelopment initiative expected to modernize the waterfront, improve infrastructure, create jobs, and encourage additional investment in the surrounding area.
This transaction is another example of Invictus Property Advisors' expertise in identifying and marketing development opportunities created by New York City's evolving zoning regulations. Although the property had previously been marketed by multiple brokerage firms, our team successfully positioned the asset to highlight its enhanced development potential under the City's recent zoning reforms and ultimately achieved a successful closing at $1.8 million.
We would like to thank both the purchaser and seller for their professionalism throughout the transaction and look forward to continuing to advise owners and developers throughout Red Hook and the surrounding Brooklyn waterfront.
