A development site at 219 Jay Street, located on the northeast corner of Jay and Chapel Streets in Downtown Brooklyn, was sold in an all cash transaction valued at $2,300,000.
The corner property, comprised of a three and four story vacant former dormitory building, sits on a 49 x 100 lot. Located within a C6-2 zone the property has approximately 30,000 buildable square feet available. The sale price equates to approximately $78 per buildable square foot.
“Demand for development sites is being fueled by peaking rental rates, coupled with the nearly complete absorption of new construction rental product in DoBro,” said Massey Knakal Director of Sales Stephen Palmese who exclusively handled this transaction
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Neighborhoods: Downtown Brooklyn/ Agents: Stephen Palmese