A development site at 307-311 Union Avenue, located between South 1st Street and South 2nd Street in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $2,250,000.
The mixed-use development site contains two adjoining lots which combined have approximately 15,000 buildable square feet. The property offers 50 feet of frontage on a gentrifying corridor that already has numerous popular bars and restaurants as well as several successful condo projects. The site was previously used for parking. The sale price equates to $150 per buildable square foot.
There are excellent transportation options nearby, with the Metropolitan Avenue G train station, the Lorimer Street L train station, and the Hewes Street J and M train station each just five blocks away from the site.
“The is the fourth property sale within a three block radius to be handled exclusively by Massey Knakal just over the past two months, and at $150 per buildable square foot, it is the highest price we've seen yet,” said Massey Knakal Vice President of Sales Mark L. Lively, who exclusively handled this transaction with Director of Sales Brendan Maddigan.
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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Mark Lively