Chinese Government Purchases Large Development Site In Brooklyn
In what was one of the largest development site transactions in all of the outer boroughs in 2012, a full-block development site was sold at 421 Kent Avenue, located in the southern section of Williamsburg, Brooklyn. This sale closed at a price of $54,000,000.
The subject property is 2.19 acres and is situated in Brooklyn’s strongest submarket. It is bound by South 8th Street, South 9th Street, Kent Avenue, and Wythe Avenue, giving the site development potential unlike any other assemblage in the Williamsburg neighborhood. The purchaser has the right to build 216 residential units in an as-of-right buildable square footage of approximately 400,000 square feet. The plans that were approved for the site included construction of 12 individual buildings. Including functional cellar space, below-grade first floor units and a large parking component, this was a project which afforded the buyer with a variety of design options.
“While most of the buyers within the local community had keen interest in this property, we were pleased to receive interest from a foreign buyer which is rare for sites outside Manhattan but is likely to become more pronounced now that the outer-boroughs are growing in popularity.
The local buyers simply couldn’t compete on this one,” stated Massey Knakal Chairman Bob Knakal who exclusively handled this transaction with Vice President of Sales Mark Lively.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.