Clinton Hill Development Site Sold by Massey Knakal
A block-through development site at 131-137 Emerson Place, located just off the corner of Myrtle Avenue in Brooklyn’s Clinton Hill neighborhood, was sold in an all cash transaction valued at $13,000,000 or $74 per buildable square foot.
The property, located in a C2-4/R7-A zone, contains approximately 176,600 buildable square feet, of which 88,300 square feet can be applied towards residential use and 88,300 square feet can be used for a community facility. The sale was divided between the residential use, which sold for $11,000,000 and the community facility use which sold for $2,000,000.
“This site is a great development opportunity in a prime location in Clinton Hill.” said Massey Knakal Director of Sales Stephen Palmese who exclusively handled this transaction with Senior Associate Winfield Clifford.
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.