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Brooklyn owner hits jackpot as warehouse fetches $84m.


An unnamed Greenpoint Greenpoint or Green Point can refer to the following places:
  • Greenpoint, Brooklyn in the USA
  • Green Point, New South Wales in Australia
  • Green Point, Cape Town in South Africa
  • Green Point, Newfoundland in Canada
 property owner struck it lucky, selling his waterfront warehouse property for $84 million, four times more than he paid for it.

"As the rate of rezoning in the area increases, many are finding that, wholly by chance, they are the owners of very valuable real estate property," said Louis Louis, titular duke of Burgundy
Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin.
 Perfetto, a partner at Cohen cohen
 or kohen

(Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male.
 & Perfetto, handled the sale for the long-time client.

Recently the City of New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 rezoned several industrial and manufacturing neighborhoods for residential use and the neighborhood is enjoying a major resurgence re·sur·gence  
n.
1. A continuing after interruption; a renewal.

2. A restoration to use, acceptance, activity, or vigor; a revival.
 as developers vie for space to build new condos.

"This client is one of the lucky businesses that owned property in a rezoned neighborhood and has reaped impressive returns from the rezoning," added Perfetto.

In fact the client could be considered by many to be a part of what Perfetto calls the "lucky zoning club."

The club consists of mostly industrial property owners, the values of whose manufacturing or distribution facilities have sky-rocketed due to such rezoning.
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Article Details
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Publication:Real Estate Weekly
Date:Aug 9, 2006
Words:165
Previous Article:Pulice is making a difference in bid to smash glass ceiling.(PROFILE OF THE WEEK: Jodi Pulice, founder & president JRT Realty Group)
Next Article:Witkoff buys Madison Square office/loft building for $31m.(Witkoff Group L.L.C.)(Brief article)
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