555 Graham

Photo: Massey Knakal

A Greenpoint development site at 555-557 Graham Avenue traded at a record price.

The two-story, approximately 5,990-square-foot brick building between Driggs and Engert avenues sold for $2.9 million in an all-cash transaction. The sale price translates to about $302 per buildable square foot, a record for the neighborhood.

The building, located on a 48′ by 100′ lot, allows for 9,600 buildable square feet and was delivered vacant. The structure is zoned for residential use, with possibility for commercial or retail space on the first floor. The building has ceilings 12 to 15 feet tall, and additional air rights are available.

“There was a considerable amount of interest in this Greenpoint development site, which is indicative of the strong demand for product in the neighborhood,” Massey Knakal’s Mark Lively said in a statement. Lively exclusively handled the transaction with Brendan Maddigan.

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