Massey Knakal Sells Apartment Building In Williamsburg
A building at 28 Scholes Street, located between Union Avenue and Lorimer Streetin Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $1,400,000.
This three-story building contains approximately 3,750 square feet and sits on a 25’ x 100’ lot. The six-family, wood frame building will be delivered vacant. There is approximately 1,750 square feet of air rights available, for a total buildable area of approximately 5,500 square feet. The sale price equates to approximately $373 per square foot.
There are popular bars and restaurants nearby which have gentrified the neighborhood, and as a result rents in the area have dramatically increased. The Lorimer Street L train station, the Broadway G train station, and the Hewes Street J and M train station, all located just blocks away, provide quick access to Manhattan and throughout Brooklyn.
“The building sold in an all-cash transaction for above the asking price after less than one week on the market. The interest was strong because the area is rapidly improving and the building could be delivered vacant, taking full advantage of the rising rents. The price per square foot was significantly higher than sales of similar buildings in the area,” said Massey Knakal Vice President of Sales Mark L. Lively, who exclusively handled this transaction with Director of Sales Brendan Maddigan
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.