Massey Knakal Sells Development Site In East New York
A development site at 225 Pennsylvania Avenue, located on the corner of Pitkin and Pennsylvania Avenues in Brooklyn’s East New York neighborhood, was sold in a transaction valued at $5,000,000.
The site contains approximately 47, 250 square feet on a 250’ x 220’ irregular lot. It resides in a residential zone (R5) and commercial (C8-2) zone and is just one block south of the C train at Liberty Avenue Subway Station. The site holds approximately 87,000 buildable square feet with the sale price equating to approximately $57 per buildable square foot.
“This property was delivered vacant and sold to a user who is planning on developing the property for storage use,” said Massey Knakal’s Edward Gevinski, 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 4,700 transactions having a market value in excess of $19 billion.