Adam Smith Of MKF Management Leases Development Site At 301 Himrod Street For $550,000

The property asset is a development site located at 301 Himrod Street in Brooklyn, specifically in Bushwick. It features a 16,500 square foot parking lot situated in an R6 zoning district, which allows for a 2.20 FAR, translating to 36,000 buildable square feet as-of-right. The asking rent for this site is set at $550,000, implying a land value of $9,500,000 or $262 per buildable square foot, under a 99-year ground lease.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $550,000
• Address: 301 Himrod Street
• Market: Brooklyn
• Landlord: Adam Smith - MKF Management
• Broker Representatives: DJ Johnston, Henry Hill, Bryan Kirk, Jermaine Pugh & Bobby Lawrence - Matthews Real Estate Investment Services

The transaction involved highly experienced parties on both sides, with DJ Johnston of Matthews Real Estate Investment Services announcing the execution of the lease. The specific terms of the lease remain confidential, and the deal serves as a valuable example for those interested in similar transactions.