January 18th, 2007
After dinner at Grimaldi’s the other night, we noticed a sale sign at 11-15 Old Fulton Street (Between Water and Front Street). I’ve always wondered about them… three vacant townhouses between Grimaldi’s Pizza and Fulton Ferry. According to the realtor Massey Knakal, the owners are selling the properties for $7.5million. It’s a highly visible location with great “potential for condominium conversion or mixed-use rental”. From Massey Knakal:
“Vacant 4 story 21,716 sq ft walkup mixed-use building with proposed plans for 24,812 saleable sq ft. The property will be delivered with Landmarked approval’s to convert the existing buildings to residential apartments and add fifth floor penthouse suites, and retail on the ground floor and basement Located in the landmark district of DUMBO Current C of O of existing building is for residential use & commercial use Highly visible location with 72 feet of frontage on Old Fulton Street. Great potential for condominium conversion or mixed-use rental. Walk to 2 and 3 trains at Clark Street, the A and C trains at High Street, buses, and a few blocks from entrance to pedestrian path on the Brooklyn Bridge. Blocks from Brooklyn Bridge Park and close to all restaurants and shopping in Brooklyn Heights. Asking Price: $7,500,000″
This could be a great opportunity to own a piece of historic property under the Brooklyn Bridge. But is the asking price too high? Any developers out there?