Massey Knakal Sells Development Site In Brooklyn Heights
A development site at 295 Hicks Street located between Joralemon and State Streetsin the Brooklyn Heights Landmark District was sold in an all-cash transaction valued at $4,325,000.
This 48’ x 100’ lot measures approximately 4,750 square feet. It is located in a R6 zone (2.2 FAR), and can accommodate approximately 10,450 square feet. The sale price equates to approximately $414 per buildable square foot.
“The sale of 295 Hicks Street represents the highest price paid per buildable square foot for a development site in Brooklyn Heights’ recorded history. Over fifty bids were received on this property,” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled this transaction with Vice Chairman and Partner, John Ciraulo.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.