The full-block development site at 421 Kent Ave in the southern section of Williamsburg, Brooklyn has sold for $54 million.
The property is 2.19 acres and is bound by South 8th Street, South 9th Street, Kent Avenue, and Wythe Avenue. The foreign buyer has the right to build 216 residential units in an as-of-right buildable square footage of approximately 400,000 square feet.
The plans that were approved for the site included construction of 12 individual buildings. Including functional cellar space, below-grade first floor units and a large parking component, this was a project which afforded the buyer with a variety of design options.
"The local buyers simply couldn’t compete on this one,” stated Massey Knakal Chairman Bob Knakal who exclusively handled this transaction with Vice President of Sales Mark Lively.
Schaefer Landing North at 440 Kent Avenue, Brooklyn, NY 11211
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6 active sales listings: $849 per ft² (avg)
3 active rentals listings: $42 per ft² (avg)
9 previous sales listings: $878 per ft² (avg in the last 180 days)
10 previous rentals listings: $41 per ft² (avg in the last 180 days)
7 recorded sales: $735 per ft² (avg in the last 180