A landmarked development site at 39-53 Jay Street, located between Water and Plymouth Streets in Brooklyn’s Vinegar Hill neighborhood, was sold in an all-cash transaction valued at $25,000,000.
The existing block-through, three-story manufacturing property measures approximately 80,000 square feet, plus a partial basement and an annex building. The property sits on a lot that is approximately 200’ x 155’ and has 30,000 square feet of air rights. The sale price equates to approximately $227 per blended square foot.
The site is located less than two blocks from the F train on one of Vinegar Hill’s widest streets and at the base of the John Street site expansion of the Brooklyn Bridge Park. Vinegar Hill is amidst a major redevelopment and five new projects remain within a two block radius.
“This site has the largest footprint in Vinegar Hill, and possibly in all of the greater Downtown Brooklyn market, which makes it so unique. The ability to offer big box retail could really change the landscape,” said Massey Knakal Director of Sales Stephen P. Palmese, who exclusively handled this transaction with Associate Director of Sales Winfield Clifford.
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Agents: Stephen Palmese