Massey Knakal Sells Development Site In Crown Heights
A development site at 157 Empire Boulevard, located on the corner of Empire Boulevard and Bedford Avenue, in Brooklyn’s Crown Heights / Lefferts Garden neighborhood, was sold in all-cash transaction valued at $3,100,000.
This site offers a substantial development potential with up to 32,000 square feet of buildable space on a 160’ x 100’ lot. It is ideally located on the corner of two high volume arterial roadways. The Manhattan bound 2 and 5 trains are within five blocks away offering convenient east and west side access within 25 minutes and Prospect Park is only one avenue to the west. The sale price equates to approximately $97 per buildable square foot.
“The sale was highly competitive among storage, hotel and more traditional retail developers,” said Massey Knakal’s Michael Amirkhanian, who exclusively handled this transaction with Edward Gevinski. “It highlights the depth in the market for retail assets in Brooklyn, especially on this bourgeoning commercial corridor which services both Crown Heights and Prospect Lefferts Gardens, two areas experiencing exciting growth right now,” Amirkhanian continued.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.