Bridge City Capital Acquires Development Site In Williamsburg, Brooklyn For $54M

A development site located at 555 Broadway in Williamsburg, Brooklyn, has been sold for a total of $54,000,000. The property has a buildable square footage (BSF) of 330,000 with a price per buildable square footage (PPBSF) of $163. The sale was finalized on January 25, 2022.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $54,000,000
• Address: 555 Broadway
• Market: Williamsburg, Brooklyn
• Buyer: Bridge City Capital - Moishe Loketch, Pinny Loketch, Allan Lebovits, and Joel Wertzberger
• Seller: The Collective - Reza Merchant
• Brokers: Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, and Winfield Clifford - JLL

The buyer, Bridge City Capital, was represented by Moishe Loketch, Pinny Loketch, Allan Lebovits, and Joel Wertzberger. The seller, The Collective, was represented by Reza Merchant. The deal was facilitated by brokers Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, and Winfield Clifford from JLL.