Major Developer Purchases Polluted Greenpoint Parcels

GREENPOINT – Major developer and property management company All Year Management has purchased a few polluted parcels of Greenpoint land in a huge real-estate deal in North Brooklyn.

The company is reportedly paying $55 million for 10 parcels along Dupont and Clay Streets on the Franklin side of north Greenpoint, reports The Real Deal. The lots will yield about 335,000 buildable square feet of land.

Due to an industrial history, much of the land in Greenpoint has environmental issues, and remediation is usually called for before development. The low-rise warehouse space will undergo a full environmental cleanup before being transformed into a few structures of rental and residential space, sources told the outlet.

Yoel Goldman’s All Year Management is responsible for some notable mega-developments in Brooklyn, including the massive redevelopment of the Rheingold Site in Bushwick, which faced opposition from community members over the inclusion of enough affordable housing.

Combined with the massive high-rise projects going up along Greenpoint’s waterfront, another large-scale residential development in the area will surely add to what is set to be a massive population boom for the neighborhood in the next few years.