Massey Knakal Sells Development Site In Williamsburg
A development site at 76 Ainslie Street located between Keap Street and Union Avenue in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $3,944,300.
The site currently consists of a single-story factory that contains approximately 5,060 square feet on a 50.58’ x 100’ lot. With an MX8 (M1-2/R6A) zoning, the buildable square footage is approximately 13,662 with the possibility to build up to 18,216 with inclusionary housing. The property was delivered vacant and the sale price equates to approximately $289 per buildable square foot.
The property is located one block from the Union Avenue entrance to the Metropolitan Avenue L and G train station and nine blocks from the Bedford Avenue L train station. The site is an excellent opportunity to develop in a great neighborhood of Williamsburg.
“There was strong interest in this property from developers as new construction is being built all around the area,” said Massey Knakal’s Mark Lively, who exclusively handled this transaction with Brendan Maddigan. “The building itself also offers the possibility of unique retail, and the demand in general for retail in Williamsburg is growing steadily,” Maddigan added.
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.