Cushman & Wakefield Sells Residential Development Site in Brooklyn
A development site at 263 Union Avenue, located between South 3rd and South 4th Streets in Brooklyn’s East Williamsburg neighborhood, was sold in an all-cash transaction valued at $1,880,000.
Located in a R6 zoning district, the site holds approximately 6,204 buildable square feet and sits on a 25’ x 91’ irregular lot. Previous ownership submitted plans to the DOB and MTA to build a seven-story, six-unit residential building. The sale price equates to approximately $303 per buildable square foot.
“The seller solved several issues with this challenging site before asking us to market the property for him just a year after he bought it,” said Cushman & Wakefield’s Brendan Maddigan, who exclusively handled this transaction. “Our marketing efforts identified a top bidder who is an overseas based purchaser excited to quickly get into the ground with the nearly ready to build project,” he continued.