Massey Knakal Sells Development Site In DUMBO
A development site at 55-57 Pearl Street, located on the corner of Water Street in Brooklyn's DUMBO neighborhood, was sold in an all-cash transaction valued at $4,250,000.
The development site sits on a 50' x 90' lot. It contains approximately 24,300 buildable square feet, plus approximately 3,500 square feet of air rights from an adjacent property, for a total of 27,800 buildable square feet, with the sale price equating to approximately $150 per square feet.
"Massey Knakal has exclusively represented a total of approximately $107,000,000 in properties in DUMBO this year," said Massey Knakal Director of Sales Stephen 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 4,200 transactions having a market value in excess of $15 billion.