Massey Knakal Sells Development Site In Coney Island
A development site at 783 East 9th Street, located between Foster Avenue and Avenue Hin Brooklyn’s Coney Island neighborhood, was sold in an all-cash transaction valued at $900,000.
This site contains approximately 4,000 square feet on a 40’ x 100’ lot. With approximately 16,000 buildable square feet, there is significant development potential in the parcel, especially considering the scarcity of new residential units in the vicinity. The sale price equates to approximately $56 per buildable square foot.
This property is centrally located, with abundant high quality retail within walking distance on Coney Island Avenue and the major thoroughfare of Ocean Parkway nearby. Public transportation is easily accessible, with the B6, B8, B11, and B68 buses as well as the D, F, B, and Q subway lines in the vicinity.
“The seller was happy to sell an asset that no longer fit their portfolio requirements,” said Massey Knakal Director of Sales Nick Mahedy, who exclusively handled this transaction with Director of Sales Brian R. Hanson. “The buyer will be building an apartment building with 14 units and six parking spaces and is still evaluating whether it will be a condo or a rental building,” Mahedy added.
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.