Massey Knakal Sells Mixed-Use Building in Williamsburg
A mixed-use building at 754 Grand Street, located between Graham Avenue and Humboldt Street in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $4,350,000.
The four-story, brick building contains approximately 5,840 square feet and sits on a 24.33’ x 100’ lot. It consists of six vacant residential units and one retail unit. The residential units are in need of renovations and the building possesses approximately 4,000 square feet of additional air rights. Furthermore, a developer can take advantage of the ICAP, J-51 or 421a tax exemption programs. The sale price equates to approximately $745 per square foot.
The building is just two blocks away from the Grand Street L train station, which provides direct access to Manhattan.
“Grand Street is seeing great growth in popularity and this property was well suited to take advantage of this momentum. The price realized is the highest paid on Grand Street for any building under 30’ wide, by 25% more than the next highest sale,” said Massey Knakal’s Brendan Maddigan, who exclusively represented the seller in this transaction. The buyer was represented by Matt Fernandez of Town Real Estate.