Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Development Site In Williamsburg

06/12/2013

A development site at 390-392 South 2nd Street, located between Hooper and Hewes Streetsin Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $2,050,000.

The site currently consists of two commercial/industrial buildings on two adjoining residentially zoned lots.  The irregular lots measure approximately 50’ x 132’, combined. The site was delivered vacant, and is in an R6 zone with an FAR of 2.2. It holds approximately 13,860 buildable square feet, and the sale price equates to approximately $148 per buildable square foot.

“There was considerable interest in this property from users and developers, ultimately leading to competitive bids over the asking price,” said Mark L. Lively, who exclusively handled this transaction with 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 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

06/12/2013 - 08:14

Source

Cushman & Wakefield Capital Markets Group New York

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