The Collective Acquires Development Site In Williamsburg/BK For $54.2M

The development site located at 277 Lorimer Street in Williamsburg/BK, New York, was recently sold in a closed transaction. The sale took place on 10/05/2018 and the property was sold for a price of $54,250,000. The asset type of the property is a development site with a total building square footage (BSF) of 250,982. The property was listed with an asking price of $57,500,000 and was purchased by The Collective, represented by Reza Merchant. The seller, Blesso Properties, was represented by Brendan Maddigan and Ethan Stanton. The transaction represents a price per building square footage (PPBSF) of $216.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $54,250,000
• Address: 277 Lorimer Street
• Market: Williamsburg/BK
• City: New York
• Seller: Blesso Properties - Matt Blesso
• Buyer: The Collective - Reza Merchant
• Seller Representative: Brendan Maddigan
• Seller Representative: Ethan Stanton

In addition to the sale of the development site, Brendan Maddigan and Ethan Stanton have also handled the sale of the adjacent Lincoln Savings Bank building earlier this year.