Massey Knakal Sells Development Site In Downtown Brooklyn
A development site at 436-438 Albee Square, located between Fulton and Willoughby Streets in Downtown Brooklyn, was sold in an all-cash transaction valued at $3,000,000.
The site currently consists of a rent stabilized, three-story building measuring approximately 5,808 gross square feet, and an adjacent lot measuring approximately 22’ x 115’. The dimensions of the combined lots are approximately 37.8’ x 115.5’. This property is located in a C6-4.5 zoning and has an FAR of 10.0-12.0 and can accommodate a total of approximately 52,391 buildable square feet.
This site is directly across the street from the development of the Albee Square Mall or “City Point,” which will become one of the largest developments in Brooklyn. It is also located within a three-block radius to all major subway lines servicing New York City.
“City Point will completely redefine the Downtown Brooklyn market, establishing the neighborhood as one rich with culture, artisanal food, fashionable retail and a center for startup technology companies,” said Stephen P. Palmese, who exclusively handled this transaction.
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.