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

Massey Knakal Sells Mixed-Use Building In Williamsburg

09/04/2013

A mixed-use building at 555 Grand Street, located between Lorimer Street and Union Avenuein Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $1,900,000.

The three-story building contains approximately 4,750 square feet and sits on a 25’ x 100’ lot.  It consists of a ground floor retail space, with full basement, and two floor-through apartments above.  The property also benefits from additional air rights, providing further development potential.  The sale price equates to approximately $400 per square foot.

This property is ideally located near multiple transportation options, including the Lorimer Street L train and the Metropolitan area G train stations.

“Within a month of marketing we were able to identify a qualified buyer for the building, ready to close all-cash and with no contingencies,” said Mark L. Lively, who exclusively handled this transaction with Brendan Maddigan.  “This property has a tremendous amount of potential since the July 2009 zoning change, and the buyer was perfectly situated to take advantage of this,” Brendan 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 4,500 transactions having a market value in excess of $17 billion.

09/04/2013 - 08:01

Source

Cushman & Wakefield Capital Markets Group New York

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