Massey Knakal Sells Development Site In Williamsburg
A residential development site at 350 South 3rd Street, located between Keap and Hooper Streetsin Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $720,000.
This residential development site has a footprint of approximately 2,375 square feet. The zoning is R6, which allows a maximum residential FAR of 2.2 and translates to approximately 5,225 square feet of residential development. The sale price equates to approximately $138 per buildable square foot.
The site is located less than six blocks away from the L train at Lorimer Street, four blocks from the J and M trains at Hewes Street, and four blocks away from the Broadway G train.
“Several qualified developers submitted aggressive bids on this property, resulting in a very high sale price for land in this area of Williamsburg, further demonstrating the strong demand in this market,” said Massey Knakal Vice President of Sales Mark L. Lively, who exclusively handled this transaction with Director of Sales Brendan Maddigan.
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.