A development site located at 191-231 Moore Street, running block through from Seigel Street to Moore Street between White Street and Bushwick Avenue in Brooklyn’s East Williamsburg, was sold in an all-cash transaction valued at $28,250,000 in December 2014 by Massey Knakal, now Cushman & Wakefield.
This development opportunity is an approximately 2.3-acre site located in a dual zone of M1-1/M1-2, which permits a total of approximately 169,497 buildable square feet for retail or commercial development. It features over 1,100 feet of frontage on Moore, Seigel, and White Streets. The site currently consists of five industrial buildings totaling nearly 47,000 square feet. The sale price equates to approximately $167 per buildable square foot.
This site is ideally located in East Williamsburg, surrounded by some of the newest and best received restaurants, art galleries, clothing boutiques, music venues, and technology and manufacturing startups. It is conveniently situated one block from the Morgan Avenue L train.
“This is the first major site in the Industrial Williamsburg area zoned for manufacturing that was successfully marketed for development of retail, hotel and office space. It will go a long way to solidifying the changing nature of the area,” said Cushman & Wakefield’s Brendan Maddigan, who exclusively handled this transaction with Stephen P. Palmese. “The sellers were business and property owners in the neighborhood for over 70 years, and we felt honored when they entrusted us to market their asset," said Stephen Palmese.
Click here for press release
Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Stephen Palmese