A residential development site, located at 599-603 Willoughby Avenue, between Tompkins and Throop Avenues in Brooklyn’s Bedford Stuyvesant neighborhood, was sold in an all-cash transaction valued at $1,900,000.
The existing three-story structure contains approximately 8,725 square feet and sits on a 60’ x 100’ lot. It consists of a house of worship, cafeteria, and office space, as well as a vacant second and third floor that can be converted to apartments or redeveloped to recognize the property’s full potential of approximately 13,200 buildable square feet. The sale price equates to approximately $144 per buildable square foot.
The property is located one block from the G train and a short walk from the J, M, and Z trains, offering access to nearby Williamsburg and Manhattan within 20 minutes.
“In this strong development climate, this is just another example of how we have helped non-profit clients sell real estate assets that no longer meet their needs as an organization, but that have become highly desirable development sites,” said Massey Knakal’s Michael Amirkhanian, who exclusively handled this transaction. “Our client was able to take the proceeds of the sale and trade into a property that better suits the needs of their growing organization and community,” he added.
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Neighborhoods: Bedford Stuyvesant