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It doesn’t look like much, but this little factory at the corner of Meserole and Leonard streets just sold for $5,075,000.
Here’s why: The building sits on a 200-by 100-foot lot that is already zoned as residential, meaning that developers were salivating.
But an auto body shop ended up with the site, said broker Mark Lively of the Massey Knakal realty giant.
“There was considerable interest from developers, which drove up the price,” Lively said. “But the buyer would like to put an auto repair shop.”
Of course, when he bores of banging out fenders, he’ll consider inflating his own tires.
“The body shop is a short-term use,” Lively said. “Down the road — we’re talking five or 10 years — he’ll probably sell to a developer.”
The area remains a mix of industrial and residential uses — and if it leans more towards housing, the site would only go up in value.
“It’s not as hot as the north side of Williamsburg, but there are condos going up,” Lively said. “And it is fairly close to the Montrose L train.”
©2007 Community Newspaper Group
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