A development site at 390-392 South 2nd Street, located between Hooper and Hewes Streets in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $2,050,000.
The site currently consists of two commercial/industrial buildings on two adjoining residentially zoned lots. The irregular lots measure approximately 50’ x 132’, combined. The site was delivered vacant, and is in an R6 zone with an FAR of 2.2. It holds approximately 13,860 buildable square feet, and the sale price equates to approximately $148 per buildable square foot.
“There was considerable interest in this property from users and developers, ultimately leading to competitive bids over the asking price,” said Mark L. Lively, who exclusively handled this transaction with Brendan Maddigan.
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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Mark Lively